The global customer intelligence platform market is experiencing growth due to factors such as an increase in demand for personalized customer experiences, the growth in adoption of advanced analytics and AI, and a surge in focus on customer retention and loyalty.
PORTLAND, Ore., Aug. 1, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Customer Intelligence Platform Market by Component (Platform and Services), Deployment (On-Premise and Cloud), Enterprise Size (Large Enterprises and Small and Medium-sized Enterprise), Data Channel (Web and Email, Social Media, Mobile, Call Centers, In Store, and Others), Application (Customer Data Collection and Management, Customer Segmentation and Targeting, Customer Experience Management, Customer Behavior Analytics, Omnichannel Marketing, Personalized Recommendation, and Others) and End User (BFSI, IT and Telecom, Retail and E-commerce, Healthcare, Government, Manufacturing, Travel and Tourism, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global customer intelligence platform industry generated $2,149.36 million in 2022 and is estimated to reach $21,682.84 million by 2032, exhibiting a CAGR of 26.3% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities
The global customer intelligence platform market is experiencing growth due to factors such as an increase in demand for personalized customer experiences, the growth in adoption of advanced analytics and AI, and a surge in focus on customer retention and loyalty. However, the limited processing power of mobile devices hampers market growth to some extent. Moreover, the increase in availability and affordability of mobile devices is expected to provide lucrative opportunities for market growth during the forecast period.
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Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $2,149.36 Million |
Market Size in 2032 | $21,682.84 Million |
CAGR | 26.3 % |
No. of Pages in Report | 476 |
Segments covered | Component, Deployment Mode, Enterprise Size, Data Channel, Application, End User and Region |
Drivers | Increase in demand for personalized customer experiences |
Growth in adoption of advanced analytics and AI | |
Surge in focus on customer retention and loyalty | |
Opportunities | Rising importance of omnichannel customer engagement |
Restraints | Lack of data quality |
Challenges in data integration |
COVID-19 Scenario
- The COVID-19 pandemic had a positive impact on the global customer intelligence platform industry, because it had reshaped customer preferences and needs. Customers are now more concerned with contactless interactions, convenience, and safety. By providing functions like contactless payments, virtual queuing, curbside collection and delivery tracking, intelligent platforms can profit from these particular circumstances.
- Furthermore, customers are increasingly conscious of data privacy and security issues as a result if the COVID-19 pandemic increased reliance on digital platforms. CIP can establish a competitive edge and gain customer trust if they can show an enduring dedication to data privacy and security. Thus, it has a positive impact on the growth of the global customer intelligence platform market.
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The platform segment to maintain its lead position during the forecast period
By component, the platform segment held the largest share in 2022, garnering more than two-thirds of the global customer intelligence platform market revenue, and is expected to maintain its lead position during the forecast period. Owing to businesses flow of customer data between various departments by integrating with CRM systems, marketing automation tools, and e-commerce platforms, the market grows significantly. However, the services segment would showcase the fastest CAGR of 29.0% during the forecast period. Due to the highest growth, offering the tools and capacities to gather, analyze, and interpret data addresses this issue by empowering businesses to make data-driven decisions and propel growth.
The on-premise segment to maintain its dominance during the forecast period
By deployment mode, the on-premise segment to held the largest share in 2022, accounting for nearly three-fifths of the global customer intelligence platform market revenue, and is expected to maintain its dominance during the forecast period. Owing to the company's complete control over the design and set-up of the platform as well as their client data, it propels market growth significantly. However, the cloud segment would display the fastest CAGR of 27.9% throughout the forecast period. Businesses can use advanced analytics, AI, and machine learning capabilities to acquire insightful data and create customer-centric strategies by providing scalability, flexibility, and simplicity of access.
The large enterprise segment to rule the roost by 2032
By enterprise size, the large enterprise segment contributes to the highest share in 2022, accounting for nearly two-thirds of the global customer intelligence platform market revenue, and is expected to rule the roost by 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. On the other hand, the small and medium-sized enterprise segment would portray the fastest CAGR of 29.4% throughout the forecast period. This is due to giving small businesses the tools they need to gather, examine, and interpret client data from a variety of sources so they can make informed decisions.
The mobile segment to maintain its leadership status throughout the forecast period
By data channel, the web and email segment accounted for more than one-fourth of the global customer intelligence platform market revenue in 2022. Owing 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. On the other hand, the mobile segment is expected to maintain its leadership status throughout the forecast period. The same segment would also exhibit the fastest CAGR of 30.5% throughout the forecast period, owing to integrating in-app messaging and push notifications to engage and communicate with customers on their mobile devices.
The BFSI segment to maintain its dominance during the forecast period
By end user, the BFSI segment contributed to the highest share in 2022, holding more than one-fourth of the global customer intelligence platform market revenue. This is due to improved consumer engagement and satisfaction, personalization boosts client loyalty and retention. On the other hand, the retail and e-commerce segment is expected to maintain its dominance during the forecast period. The same segment would also portray the fastest CAGR of 31.0% throughout the forecast period. Owing to obtain deeper insights into consumer behavior, automate personalized recommendations, and enhance the overall customer experience by utilizing the potential of AI and ML.
Asia-Pacific garnered the major share in 2032
By region, North America garnered the highest share in 2022, contributing to more than one-third of the global customer intelligence platform market revenue. owing to the increase in rapid advancements in technology such as artificial intelligence and machine learning. However, the Asia-Pacific region is projected to retain its dominance by 2032. The same region would also cite the fastest CAGR of 29.8% during the forecast period. The growth is attributed to enabling businesses to derive actionable insights from large datasets, uncover hidden patterns, and predict customer behavior.
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Leading Market Players:
- International Business Machines Corporation
- Oracle Corporation.
- Microsoft Corporation
- Adobe Inc.
- SAS Institute Inc.
- Salesforce, Inc.
- Google LLC
- Accenture
- Informatica Inc.
- SAP SE
The report analyzes these key players in the global customer intelligence platform market. These players have adopted various strategies, such as expansion, new product launches, partnerships, and others, to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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