Market Size of CRM Analytics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | < 12.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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CRM Analytics Market Analysis
The CRM analytics market is expected to register a CAGR of 12.8% during the forecast period. Increased competition among market players, the need to retain important customers, and the rise of big data are the primary factors accelerating the demand for CRM analytics.
- CRM analytics refers to the process of uncovering valuable insights about customers that businesses can act upon from the data that resides in the CRM database. Integration with analytics makes CRM systems more intelligent at comprehending customers and empowers consumers to make data-driven decisions.
- A company's sales team has traditionally managed lead management using customer relationship management (CRM) and data from all human interactions (calls, direct mail, and other marketing tools).CRM has become a necessity for enterprises of all sizes, similar to the role played by the ERP system in managing supply chain activities.
- Further advancements have been announced in the CRM analytics market, such as leveraging speech analytics tools for analyzing the vast amounts of unstructured information pouring into a contact center, which has the potential to evaluate everything from call compliance to sentiment analysis 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 sellers to close deals faster. Part of Oracle Fusion Cloud Customer Experience (CX) and powered by artificial intelligence (AI), Fusion Sales automatically supplies sellers with quotes, proposals, and recommended steps to assist them in increasing productivity, closing more deals, and instilling confidence among buyers. The introduction of such comprehensive solutions is likely to provide lucrative opportunities for the study market's growth.
- Moreover, the COVID-19 pandemic disproportionately impacted small and microbusinesses, and companies launched CRM applications targeting such companies. For instance, in June 2021, Zoho announced that it began its pipeline-centric CRM for small businesses, which has gained more than 7,500 customers in a year since its launch. Begin is also releasing the latest features, including a mobile pipeline view, to help small businesses enhance customer relationships while recovering from the after-effects of the pandemic.
