CRM Analytics Market to Double by 2025
The CRM analytics market was valued at $7.96 billion in 2019 and is expected to reach a value of $16.42 billion by 2025, growing at a compound annual rate of 12.8 percent, according to a report by Mordor Intelligence.
The analyst firm defines CRM analytics as applications used to assess customer data to facilitate and streamline business choices. The technology can also be used for online analytical processing (OLAP) through the usage of data mining. CRM analytical tools also rely on profitability analysis, event monitoring, what-if scenarios, and predictive modeling, to help measure the usefulness of customer-related processes and eventually provide customer categorization.
While the retail industry is the primary user of CRM analytics, Mordor also noted that other industries, including financial services, telecommunications, information technology, healthcare, transportation, logistics, and a few others are fueling market growth.
North America contributed to the largest market share, mainly due to data growth and increased awareness of the need to retain valuable customers.
The CRM analytics market is highly competitive and consists of several major players, including Accenture, IBM, Infor, Microsoft, Oracle, and Salesforce, according to the report, which noted that these major players are focusing on expanding their customer bases across foreign countries and leveraging strategic collaborative initiatives to increase market share and profitability.