USD 11.45 Billion
Global CRM Analytics Market Size, Share, Growth Analysis, By Type(Sales Analytics, Customer Analytics), By End-User(BFSI, Health Care), By Deployment(On-premises, Cloud), By Solution(Customer Service, CRM Analytics) - Industry Forecast 2024-2031
Report ID:
SQMIG45A2274 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|
Tables:
120 |
Figures:
72
Global CRM Analytics Market Insights
Global CRM Analytics Market size was valued at USD 11.45 Billion in 2022 and is poised to grow from USD 12.93 Billion in 2023 to USD 34.12 Billion by 2031, growing at a CAGR of 12.9% in the forecast period (2024-2031).
CRM analytics refers to the process of identifying valuable insights about customers that businesses can act on from the data in the CRM database. Using analytics and analytics gives CRM systems greater intelligence in understanding customers and enables customers to make data-driven decisions. The company’s sales team has traditionally managed lead management through customer relationship management (CRM) and data from all human interactions (calls, direct mail, other marketing tools).
Several developments have been announced in the global CRM analytics market, such as the use of speech analytics tools to analyze the massive amounts of unstructured data flowing into the network, with the ability to measure everything from call compliance to sentiment by analyzing in real time. In July last year, Oracle Corporation announced the next generation of Oracle Fusion Middleware. This sales automation application identifies high-quality sales opportunities and guides salespeople to close deals faster. Part of Oracle Fusion Cloud Customer Experience (CX) and powered by artificial intelligence (AI), Fusion Sales automatically provides quotes, offers and product recommendations to salespeople to help increase productivity, close more deals, and build trust with customers.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Customer Service
Fastest Growth
CRM Analytics
Growth Rate
12.9% CAGR
Global CRM Analytics Market ($ Bn)
Country Share for North America Region (%)
Global CRM Analytics Market By Solution ($ Bn)
Global CRM Analytics Market By Solution (%)
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Global CRM Analytics Market Segmental Analysis
Based on the type, the market is segmented into sales analytics, customer analytics, contact center analytics, marketing analytics, and web & social media analytics. Based on the end user, the market is segmented into BFSI, health care, retail, telecom and IT, media and entertainment, and other end users. Based on the deployment the market is segmented into an on-premises cloud. Based on the solution the market is segmented into customer service, CRM analytics. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Analysis by Solution
The customer service segment dominated the market, with a revenue share of 23.7%. The major factors driving the market growth are the increasing need to understand customer behavior and preferences, increasing demand for CRM software and encouraging brands & organizations to continue adopting CRM strategies for better service delivery than comes in real time. Furthermore, increasing use of digital channels combined with artificial intelligence and the use of artificial intelligence to interact with customers and manufacturers is expected to fuel growth during the forecast period.
The CRM analytics segment is expected to grow at a significant CAGR of 13.7% and will register promising growth during the forecast period. With the availability of multiple platforms and increased adoption to integrate analytics features in CRM solutions, it will help businesses gain rich insights from business data. For example, in July 2021, Genesys, a CRM company that sells customer experience and call center technologies to mid-sized enterprises, launched new CRM tools to accelerate innovation for AI-driven customer experiences work, including bots. It includes development, orchestration, open messaging application programming interface (API), and employee development and feedback, which are used across multiple platforms. These features provided by CRM applications will keep the analytics phase running during the forecast period.
Analysis by Deployment
The cloud segment dominated the global market, with a revenue share of 56.1%. Cloud computing offers real-time access, scalability, high flexibility, cost savings, and lower hardware maintenance costs. For example, in March 2021, Adobe launched Adobe Experience Cloud and Adobe Document Cloud to digital modernization can be achieved in all 50 states (Department of Public Social Services (DPSS) and Centers for Disease Control and Prevention). CDC)) announced partnerships with federal agencies. This collaboration enables governments to improve their online presence by redesigning their websites and apps to ensure personalized content. These benefits offered by cloud deployment will keep the sector running for the forecast period.
The on-premises segment is expected to expand at a significant CAGR of 10.5% during the forecast period. According to a CRM customer survey conducted by SelectHub, large companies preferred on-premises compared to cloud-based deployment. With increasing data privacy requirements, the demand for on-premises customer relationship management solutions has increased. Moreover, it remains the first choice of the world’s largest organizations, as they need to store business-critical information on their servers for enhanced data security.
Global CRM Analytics Market By Solution (%), 2022 (%)
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Global CRM Analytics Market Regional Insights
North America is a major contributor to the global CRM analytics market. It is largely due to the growth of data and increased awareness of valuable customer retention. Growing industries such as BFSI, telecommunications and IT, health and life sciences, transportation and logistics are driving the growth of the global CRM analytics market.
Data-driven decision making is also increasing in Canadian market. Cloud business management solutions vendor Sage offered the first Sage data analytics service integration in the cloud for Sage 300 and Sage 100 in the US. and the Canadian market by March 2021. The tool provides users with live sales dashboards and detailed P&L reports.
Asia-Pacific is expected to emerge as the fastest growing regional market at a CAGR of 15.6% during the forecast period. Growing demand for innovative CRM solutions from emerging economies such as China and India to improve customer experience is acting as a catalyst for regional market growth. Expansion of e-commerce industry in Asian countries is expected to hear that India will create demand for CRM solutions. Additionally, the continuing rise of SMBs in countries like India places greater emphasis on deploying customer relationship management solutions as part of their efforts to establish their local and global businesses. Moreover, CRM is available to almost everyone in India, as internet and broadband are widely used across the country and their prices are falling The Indian CRM scenario is also undergoing a dramatic change due to the internet revolution in India.
Global CRM Analytics Market By Geography, 2024-2031
- Largest
- Fastest
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Global CRM Analytics Market Dynamics
Drivers
Leveraging Mobile-friendly Multichannel Capabilities in CRM Solutions to Drive Market
- The increasing use of mobile devices and smartphones has increased the demand for mobile-friendly customer relationship management modules. Customers demand solutions that are accessible and usable on mobile devices, including smartphones and tablets. This is important for businesses that rely on their sales department to be mobile, as customer information and sales tools must be accessed remotely or on the go. Combining multichannel capabilities improves marketing campaigns. By integrating mobile and social media channels, CRM solutions enable businesses to reach customers where they spend their time. This makes campaigns more effective and increases conversion rates. Additionally, the ability to track customer interactions across channels can provide businesses with valuable insights into consumer behavior and preferences, enabling them to create more targeted and effective marketing campaigns.
Retail Business Leading Market
- The global CRM analytics market is expected to expand due to investments by various companies in the rapidly expanding retail sector. For example, IBEF reports that India is witnessing an increase in the number of retail technology companies using digital ledger, inventory management, payments for retail industry -For services such as options, logistics and fulfillment tools. Wiser decision making that leads to greater revenue, greater customer satisfaction, and a more vibrant store overall can be achieved by relying on retail research and hard facts rather than resorting to speculation. According to a survey of more than 350 retailers and brands by Alteryx and RetailWire, 81% say they get customer insights.
Restraints
Lack of Customization to Create Business-related Issues and Disrupt the Market
- Customization, scalability, and standardization are essential components of CRM solutions that businesses need to effectively manage customer relationships. Limited customization resources prevent a business from adapting the application to the specific needs of its customers. This can be very challenging for businesses that require specific features or functions to meet specific needs. Such situations require companies to invest in new custom software or services, which can be costly and time-consuming.
Lack of Standardization
- The use of multiple cloud services from different sources introduces connectivity issues, leading to a lack of standardization. Different solutions use different data models or APIs, which makes it difficult to integrate hybrid systems and data sources. Additionally, businesses demand scalable CRM solutions that accommodate growth and expansion without significant investment in new systems and infrastructure.
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Global CRM Analytics Market Competitive Landscape
The global CRM analytics market is experiencing steady growth driven by the increasing adoption of data-driven decision-making techniques across industries. Key players focus on delivering analytics tools and solutions to extract actionable insights from customer data, improve customer relationships, and optimize business strategies. Key drivers include demand for personalized customer experiences, growing consumer expectations, and the need for businesses to gain competitive advantage through data analytics.
Top Player’s Company Profiles
- Adobe
- ClickUp
- Copper CRM, Inc.
- Creatio
- Freshworks Inc.
- Insightly Inc.
- Microsoft Corporation
- monday.com
- Nimble
- Oracle Corporation
- Salesforce.com, Inc.
- SAP SE
- SugarCRM Inc.
- Zendesk
- Zoho Corporation Pvt. Ltd.
Recent Developments
- In September 2022, Turo, a peer-to-peer vehicle sharing marketplace, selects SpringML, Inc. as a partner with Salesforce to develop data-driven solutions, including CRM Analytics and Tableau as well as, to support Turo hosts and visitors worldwide. The relationship has expanded Turo’s approach to using data to drive decision-making across its operations.
- In June 2022, CapSavvy, India's leading modern business consultancy, successfully empowered 100 users across SMEs with its integrated CRM software. CRM software is an affordable solution for small businesses and helps them achieve their goals more efficiently.
- In June 2021, Salesforce.com, Inc. reported $1.5 billion in transactions delivering the new capabilities of Digital 360 to drive next-generation digital experiences, marketing and sales to help companies enhance their digital operations. These capabilities and resources provided by Customer Relationship Management support Customer Relationships Progress of the Ho Management project over the forecast period.
Global CRM Analytics Key Market Trends
- Integrating Artificial Intelligence to Promote Market Possibilities: The use of artificial intelligence (AI) is growing rapidly around the world. Similarly, it is important to integrate AI into customer relationship management to improve the customer experience. According to IDC research, Salesforce, Inc.’s AI-powered CRM system is used to give users a competitive advantage. Software based on AI technologies including deep learning, machine learning, and natural language processing help organizations understand the consumer’s psychological state. Using this data, the software executes and delivers solutions for customers, and helps build stronger relationships with end users. For example, Zoho CRM’s Zia and Salesforce’s Einstein offer AI-powered CRM that uses voice technology to collect customer data. Moreover, bots and virtual assistants use this technology to eliminate human errors and provide automatic responses to customer reports, data collection, emails, and other tasks as a result, AI technology the addition of which is likely to boost the growth of customer relationship management (CRM) market in future.
Global CRM Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Companies across industries are increasingly prioritizing customer-centric strategies to stay competitive. CRM analytics solutions provide organizations with a deeper understanding of customer behavior, preferences and needs, and facilitate personalized marketing campaigns and initiatives. The proliferation of digital technologies has created more data from multiple sources. CRM analytics solutions use big data and advanced analytics techniques like machine learning and predictive analytics to extract meaningful insights. Solutions that can help organizations deliver better customer experiences. By analyzing customer interactions and feedback, companies can identify areas for improvement to increase both customer satisfaction and loyalty. As companies collect and analyze more and more information about customers, data privacy and security concerns have become increasingly apparent.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 11.45 Billion |
| Market size value in 2031 | USD 34.12 Billion |
| Growth Rate | 12.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global CRM Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global CRM Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global CRM Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global CRM Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global CRM Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global CRM Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global CRM Analytics Market Report Snapshots
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