In a recent published report, Kenneth Research has updated the market report for CRM Analytics Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for CRM Analytics Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on CRM Analytics Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The CRM Analytics Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017. Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
Kenneth Research has published a detailed report on Payment Security CRM Analytics Market, which has been categorized by market size as well as growth indicators, and further encompasses detailed market analysis on macro trends and region-wise growth in North America, Latin America, Europe, Asia-Pacific and Middle East & Africa region. The report also includes the challenges that are affecting the growth of the industry and offers strategic evaluation that is required to boost the growth of the market over the period of 2021-2025.
According to Market Research, The Global CRM Analytics Market was valued at USD 6.56 Billion in 2018 and is projected to reach USD 14.46 Billion by 2026, growing at a CAGR of 10.39% from 2019 to 2026.
What are CRM Analytics?
CRM (customer relationship management) analytics consist of all the programming that analyzes and interprets data about customers which is then used by various organizations to help facilitate and streamline better business decisions. As companies have started adopting newer and faster ways to connect with their customers, the opportunity and the need to used the data collected about customers has become increasingly important. As a result, a number of CRM software have been developed that perform customer data analysis to give valuable inputs to the companies for better decision making. CRM analytical tools help in many areas, like service and satisfaction evaluation, verification of user data, to better development pricing policies and improvement the supply chain management.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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Global CRM Analytics Market Outlook
The growing awareness among enterprises to retain their customers by having a comprehensive understanding of consumer behavior and increased competition are few of the major reasons that may accelerate the demand for CRM analytics. Furthermore, increase in big data and the growing need for sales insights are expected to boost the global CRM analytics market growth. CRM analytics offers factual information on overall consumer information, demand for the product, sales process, pricing effectiveness, and customer price sensitivity, which would further fuel the Global CRM Analytics Market growth.
However, lack of awareness on CRM analytics market and concerns over data management & integration might pose major hindrance to the progress of the market to some extent in the forecast period.
Global CRM Analytics Market, Geographic Analysis
The Global CRM Analytics Market is studied on the basis of key geographies Europe, North America, Asia Pacific and Rest of the World. North American region accounts for a major share in CRM Analytics Market, owing to the large volume of data generated due to sophisticated infrastructure and the growing awareness among enterprises to retain their customers.
APAC is anticipated to be the fastest growing region for this market, owing to the emergence of SMEs and rising competition among enterprises to retain their customer base. Furthermore, increasing industries of BFSI, transportation and logistics, telecom and IT, healthcare and life science, and others are driving the growth of the Global CRM Analytics Market.
Global CRM Analytics Market, Segment Analysis
The Global CRM Analytics Market is segmented on the basis of Type, Deployment Mode, End-Use Industry and Geography. On the basis of Type, the Global CRM Analytics Market is classified into Customer Analytics, Sales and Marketing Analytics, Social Media Analytics, Contact Center Analytics and Others. Based on Deployment Mode, the market is divided into On-Premise and Cloud-Based. Lastly on the basis of End-Use Industry, the Global CRM Analytics Market is classified into BFSI, Retail, Telecommunication and IT, Health Care, Energy and Utilities, Transportation and Logistics, Media and Entertainment and Others. Geographically, the market is analyzed across North America, Europe, Asia Pacific and Rest of the World.
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The Global CRM Analytics Market for Marketing Analytics is anticipated to have the largest market share owing to the growing need for the marketing team of any enterprise to evaluate various campaigns across different platforms. In such cases, without the aid of a sophisticated tool in hand, tasks become more complex and tedious. CRM analytics helps various companies to understand the impact of each campaign (on the customers) on the real-time basis and build the sales pipeline accordingly. On the basis of End-Use Industry, Banking, Financial Services and Insurance (BFSI) is expected to be the fastest growing segment, owing to the growing importance of banks to analyze and understand the untapped revenue that can be generated and potential cost saving that can be achieved by using the ‘intelligent analytics’ provided by various CRM software.
Global CRM Analytics Market, Competitive Landscape
The Global CRM Analytics Market is highly fragmented with the presence of a large number of manufacturers globally. Some of the major players include Accenture PLC, Angoss Software Corporation, Infor, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Salesforce, SAP SE, SAS Institute, Inc., Teradata.
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