Customer Intelligence Platform Market to Reach $21.7 Billion by 2032

The global customer intelligence platform industry generated $2.15 billion in 2022 and is projected to reach $21.7 billion by 2032, growing at a compound annual rate of 26.3 percent, according to a new report from Allied Market Research.

The report credits an increase in demand for personalized customer experiences, in adoption of advanced analytics and artificial intelligence, and in focus on customer retention and loyalty for the growth. Other contributing factors include the growth of businesses flow of customer data between various departments by integrating with CRM systems, marketing automation tools, and e-commerce platforms.

By deployment mode, the on-premises segment accounted for nearly three-fifths of the global customer intelligence platform market revenue and is expected to maintain its dominance during the forecast period. However, the cloud segment is expected to rack up 27.9 percent compound annual growth.

By enterprise size, the large enterprise segment accounts for nearly two-thirds of the global customer intelligence platform market revenue and is expected to continue doing so through 2032, owing to the fact that it aids large businesses in understanding consumer groups, trends, and patterns by analyzing massive amounts of customer data from numerous sources. At the same time, though, the small and medium-sized segment is expected to portray the fastest CAGR of 29.4 percent throughout the forecast period.

By data channel, the web and email segment accounted for more than one-fourth of the market revenue in 2022 as companies look to track and analyze user behavior on websites, capturing data such as page views, time spent on each page, click-through rates, and conversion rates. The mobile segment, though, is expected to maintain its leadership status throughout the forecast period, exhibiting the fastest CAGR of 30.5 percent as companies look to integrate in-app messaging and push notifications to engage and communicate with customers on their mobile devices.

By end user, the financial services segment contributed to the highest share in 2022, holding more than one-fourth of the global customer intelligence platform market revenue. Tthe retail and e-commerce segment is expected to maintain its dominance during the forecast period and portray the fastest CAGR of 31 percent.

Leading market players identified in the report include IBM, Oracle, Microsoft, Adobe, SAS, Salesforce, Google, Accenture, Informatica, and SAP.