CRM Analytics Market Research Report Information By Type (Sales Analytics and Customer Analytics), Deployment (Cloud and On-premise), Organization Size (Small & Medium Enterprises), End-User (BFSI, Telecommunications and IT, and Retail & Wholesales), and By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032.
ID: MRFR/ICT/3770-HCR | 100 Pages | Author: Ankit Gupta | October 2023
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CRM Analytics Market Overview
CRM Analytics Market Size was valued at USD 8.7 Billion in 2022. The CRM analytics market industry is projected to grow from USD 9.80 Billion in 2023 to USD 25.41 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.65% during the forecast period (2023 - 2032). Constantly evolving trends like the hyper-personalization of customer service, the application of AI and automation, and the implementation of robust social media customer service can help lower costs, boost customer satisfaction, speed up response times, and increase the adoption of customer relationship management (CRM) platforms across various industries are the primary market drivers fostering the market's expansion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
CRM Analytics Market Trends
Growing integration of artificial intelligence is driving the market growth
Market CAGR for CRM analytics is driven by the rising awareness of artificial intelligence. The application of artificial intelligence (AI) is growing swiftly on a scale. Similarly, CRM systems are increasingly required to include AI to improve the customer experience. According to a survey, users of Salesforce, Inc.'s AI-powered CRM product get a competitive advantage. CRM software uses AI features like deep learning, machine learning, and natural language processing to assist businesses in comprehending the psychological state of their clients. This data is managed and used to give solutions to clients, aiding in developing strong customer relationships for organizations. For example, Zoho CRM's Zia and Salesforce's Einstein provide an AI-powered CRM that collects client information via speech technologies. Bots and virtual assistants also use this technology to eliminate human errors and automatically respond to customer reports, data collection, communications, and other duties. As a result, the adoption of AI technology is expected to boost market size in the near future.
Figure 1: Artificial intelligence (AI) market size in a million U.S.D worldwide in 2021 with a forecast until 2030
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The integration of cutting-edge technology across organizational domains to improve operations and value delivery to consumers is projected to be the primary driver of the need for CRM solutions. Businesses also strive to use business strategies and market trends to strengthen their regional presence. This method helps firms deliver a better client experience after data analysis. According to a survey, approximately half of the businesses believed digital transformation enhanced customer experience. As a result, businesses are using CRM systems as part of their shift to customer-centric services. CRM and other integrated solutions that boost customer satisfaction are essential for a swift digital transition. Thus, driving the CRM analytics market revenue.
CRM Analytics Market Segment Insights
CRM Analytics Type Insights
The CRM analytics market segmentation, based on type, includes sales analytics and customer analytics. In 2022, the customer analytics sector dominated the market. The main reasons propelling the market's expansion are the expanding significance of knowing customer behavior and preferences and encouraging brands and organizations to keep using CRM strategies to provide the finest service performance in real-time.
July 2021: Genesys, a software business that sells call center and customer experience solutions to mid- and large-sized enterprises, has launched new tools to enable rapid innovation for AI-driven customer experiences, such as bot development and orchestration, open messaging Application Programming Interface (API), and employee development and feedback, all of which are available across multiple channels.
Additionally, the sales analytics segment witnessed the fastest growth rate in 2022. Customer relationship management (CRM) data are analyzed for sales opportunities, trends, and insights using sales analytics. To better understand the market and guide sales strategy, it studies client behavior, preferences, purchasing habits, and rival activity.
CRM Analytics Deployment Insights
The CRM analytics market segmentation, based on deployment, includes cloud and on-premise. The cloud segment dominated the market, accounting for 69.1% of market revenue (6.00 Billion). It allows users to access client information simultaneously and is accessible from any device. Rising product demand from small and medium-sized businesses is driving the market for cloud-based CRM software. The on-premises segment is expected to grow at a significant CAGR during the forecasted period. The largest organizations in the world continue to prefer the on-premise option because they need to store business-critical data on their servers for increased data security.
Figure 2: CRM Analytics Market, by Deployment, 2022 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
CRM Analytics Organization Size Insights
The CRM analytics market segmentation, based on organization size, includes small and medium enterprises. In 2022, the medium enterprise category held the greatest market share. In medium organizations with various operational departments, customer relationship management solutions help integrate customer data with business process management features and allow users to communicate with their sales, marketing, and customer support processes. During the forecast period, the small enterprise segment is estimated to expand at a noteworthy CAGR. The adoption of several government efforts through digital campaigns, including social media video marketing and search engine marketing, is responsible for the segment's growth.
CRM Analytics End-User Insights
The CRM analytics market segmentation, based on end-user, includes BFSI, telecommunications and IT, and retail & wholesales. In 2022, the retail & wholesales sector held the greatest market share. These retail organizations are moving towards CRM software and solutions to comprehend business growth, industry trends, and customer experience. The IT & telecom segment will propel significantly during the forecast period. IT and telecom customer relationship management systems provide brand equity, avenues for distribution, after-sale service, and customer exclusivity and support.
CRM Analytics Regional Insights
By region, the report offers market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American CRM analytics market area will dominate this market. This is primarily a result of data growth and growing consumer retention awareness. Data-driven decision-making is increasingly being used in Canadian marketplaces across various industries. In March 2021, the US and Canadian markets saw the release of Sage's cloud-first Sage Data and Analytics service integration for Sage 300 and Sage 100.
Further, the leading countries studied in the market report are US, Canada, France, German, Italy, UK, Spain, Japan, China, Australia, India, South Korea, and Brazil.
Figure 2: CRM ANALYTICS PRODUCTS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe’s CRM analytics market accounts for the second-largest market share. The demand for software to gather consumer preferences and insights is anticipated to increase as the small and medium-sized businesses in European countries rise. In the European Union, there were projected to be over 23.1 million small and medium-sized businesses (SMEs) in 2022, the vast majority of which were micro-sized businesses with less than nine employees. Further, the German CRM analytics market held the largest market share, and the UK CRM analytics market was the fastest-growing market in the region.
The Asia-Pacific CRM Analytics Market is estimated to expand at the fastest CAGR from 2023 to 2032. Due to the need in the retail sector and the region's increasing use of new technologies, the CRM market is in high demand. In addition, the demographics of nations like China, Southeast Asia, India, and Japan differ in age distribution, population density, and other factors. Moreover, China’s CRM analytics market held the largest market share, and the Indian CRM analytics market was the fastest-growing market in the region.
CRM Analytics Key Market Players & Competitive Insights
Leading market players are largely investing in research and development to expand their product lines, which will help the CRM analytics market, progress even more. The launch of new products, larger-scale mergers and acquisitions, contractual agreements, and collaboration with other organizations are significant market developments in which market participants are engaging to increase their presence. The CRM analytics industry must provide affordable products if it is to grow and thrive in a more competitive and challenging market environment.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the CRM analytics industry to benefit clients and increase the market sector. In recent years, the CRM analytics industry has stipulated some of the most important medicinal benefits. Major players in the CRM analytics market, including Oracle Corporation (U.S.), Accenture PLC (Ireland), Infosys Ltd (India), Salesforce Inc. (U.S.), and others, are attempting to increase market demand by investing in research and development operations.
CapSavvy Consultants is a financial consulting organization based in Mumbai, India. Clients are advised on business strategy, debt syndication, equity fundraising, venture capital funding, financial restructuring, mergers and acquisitions, and business strategy by the firm. CapSavvy also provides virtual CFO services, corporate support services, education services, and SEZ Unit Services. In June 2022, CapSavvy successfully empowered 100 users across multiple SMEs with its integrated CRM Software. CRM software, available in 2021, is a cost-effective option for small enterprises that helps them achieve their objectives more successfully. To ensure internal coordination, lead management, and customer retention, CapSavvy CRM software provides a centralized data-sharing point.
Oracle Corporation is a multinational computer technology company based in Austin, Texas. Database software and technology, cloud-engineered systems, and enterprise software products such as customer relationship management (CRM) software, enterprise resource planning (ERP) software, and enterprise performance management (EPM) software are all sold by the company. In July 2022, Oracle launched the newest edition of Oracle Fusion Sales, a sales automation technology that finds high-quality sales opportunities and leads dealers to close agreements faster. Fusion Sales are powered by artificial intelligence (AI), which automatically offers sellers quotations, proposals, and recommended steps to help them enhance productivity, close more deals, and build buyer confidence.
Key Companies in the CRM analytics market include
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Salesforce Inc. (U.S.)
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Microsoft Corporation (U.S.)
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IBM (U.S.)
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Oracle Corporation (U.S.)
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Infor (U.S.)
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Accenture PLC (Ireland)
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SAP AG (Germany)
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Infosys Ltd (India)
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SAS Institute Inc. (U.S.)
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Angoss Software Corporation (Canada)
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Teradata Corporation (U.S.)
CRM Analytics Industry Developments
September 2022: Dr. Reddy's Laboratories had chosen the IQVIA Orchestrated Customer Engagement platform as its key CRM solution provider for its entire field force in India. Dr. Reddy will roll out IQVIA's OCE application to its entire marketing users and field force in India under the terms of this multi-year agreement to drive more meaningful and impactful customer engagement by seamlessly connecting marketing, sales, medical science liaison, account management, and other functions.
June 2021: Salesforce, the worldwide CRM leader, unveiled new Digital 360 technologies to help businesses go digital and deliver the next generation of commerce, marketing, and digital experiences. Companies can use Salesforce Digital 360 to go digital faster, develop a single picture of their customers, and drive growth.
CRM Analytics Market Segmentation
CRM Analytics Type Outlook
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Sales Analytics
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Customer Analytics
CRM Analytics Deployment Outlook
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Cloud
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On-premise
CRM Analytics Organization Size Outlook
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Small
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Medium Enterprises
CRM Analytics End-User Outlook
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BFSI
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Telecommunications and IT
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Retail & Wholesales
CRM Analytics Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
Report Scope:
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 8.7 Billion |
| Market Size 2023 | USD 9.80 Billion |
| Market Size 2032 | USD 25.41 Billion |
| Compound Annual Growth Rate (CAGR) | 12.65% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Market Competitive Landscape, Revenue Forecast, Growth Factors, and Trends |
| Segments Covered | Type, Deployment, Organization Size, and End-User |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | US, Canada, France, German, Italy, UK, Spain, Japan, China, Australia, India, South Korea, and Brazil. |
| Key Companies Profiled | Oracle Corporation (U.S.), Accenture PLC (Ireland), Infosys Ltd (India), and Salesforce Inc. (U.S.). |
| Key Market Opportunities | Increase in the adoption of cloud-based CRM analytics. |
| Key Market Dynamics | Explosive growth in data generation |
Frequently Asked Questions (FAQ) :
The CRM analytics market size was valued at USD 8.7 Billion in 2022.
The market is projected to grow at a CAGR of 12.65% during the forecast period, 2023-2032.
North America had the major share of the market.
The leading players in the market are Oracle Corporation (U.S.), Accenture PLC (Ireland), Infosys Ltd (India), and Salesforce Inc. (U.S.).
In 2022, the customer analytics sector dominated the market.
The retail sector had the largest share of the market.
Key Questions Answered
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