Customer Intelligence Platform Market Outlook
According to a new report by Expert Market Research titled, “Global Customer Intelligence Platform Market Share, Size, Analysis, Report and Forecast 2024-2032″,the customer intelligence platform market reached a value of USD 2.37 billion in 2023. Aided by rising competition and changing market dynamics and advancements in customer intelligence technologies, the market is projected to further grow at a CAGR of 27.6% between 2024 and 2032 to reach a value of USD 21.29 billion by 2032.
Customer intelligence platforms refer to a suite of analytical tools that help businesses gather valuable insights from customer data. These insights allow companies to understand their clientele better, predicting future behaviours, identifying opportunities for cross-selling and upselling, and improving overall customer satisfaction. In today’s fiercely competitive business landscape, where consumers have an array of choices, understanding customer behaviour is paramount, and this is precisely where customer intelligence platforms shine.
The swift shift towards digitisation across industries is one of the key customer intelligence platform market trends driving the market. As more businesses migrate online and as e-commerce platforms continue to rise, there’s an influx of customer data that needs to be processed and analysed. With online transactions leaving digital footprints, businesses have a goldmine of data which, when used correctly, can significantly enhance their sales strategies and customer outreach programs.
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Furthermore, the increasing emphasis on personalisation has also significantly influenced the customer intelligence platform market growth. Modern consumers demand tailored experiences. They expect businesses to anticipate their needs and provide relevant offers. The customer intelligence platform helps in segmenting customers, understanding their preferences, and designing marketing campaigns that resonate with individual customer profiles, thereby increasing the chances of conversions.
Moreover, as companies invest more in retaining existing customers in addition to acquiring new ones, understanding the customer journey becomes vital. This boosts the customer intelligence platform market demand as customer intelligence platform provides invaluable insights by tracking customer interactions across various touchpoints, be it on websites, mobile apps, or even offline in physical stores. This holistic view of the customer journey aids businesses in identifying potential pain points and addressing them proactively, thereby enhancing customer loyalty and retention rates.
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As per the customer intelligence platform market analysis, the emergence of AI (Artificial Intelligence) and ML (Machine Learning) in the domain of customer intelligence has further revolutionised the global market. These advanced technologies, when integrated with customer intelligence platforms, can predict future customer behaviours based on historical data. For instance, they can anticipate when a customer might churn or identify when they might be ready for an upsell, allowing businesses to take timely action.
Customer Intelligence Platform Market Segmentation
The market can be divided based on data channel, vertical, deployment type, component, application, and region.
Market Breakup by Data Channel
- Web and E-mail
- Social Media
- Mobile
- Call Centres
- In stores
- Others
Market Breakup by Vertical
- BFSI
- Telecom
- Travel and Hospitality
- Retail and eCommerce
- Healthcare and Lifesciences
- Manufacturing
- Energy and Utilities
- Media and Entertainment
- Others
Market Breakup by Deployment Type
- Cloud
- On-premises
Market Breakup by Component
- Platform
- Services
Market Breakup by Application
- Customer Data Collection and Management
- Customer Behaviour Analytics
- Customer Segmentation and Targeting
- Customer Experience Management and Personalised Recommendation
- Customer Retention and Engagement
- Omnichannel Marketing
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global customer intelligence platform market. Some of the major players explored in the report by Expert Market Research are as follows:
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Accenture PLC
- SAP SE
- Adobe Inc.
- SAS Institute Inc.
- Others
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