CRM Analytics Market Size, Share, Growth Analysis, By Type(Sales Analytics, Customer Analytics, Contact Center Analytics, Marketing Analytics), By End-User(BFSI, Health Care, Retail, Telecom and IT), By Deployment(On-premises, Cloud), By Solution(Customer Service, CRM Analytics), By Region - Industry Forecast 2024-2031

Drivers

Leveraging Mobile-friendly Multichannel Capabilities in CRM Solutions to Drive Market

• The increasing use of mobile devices and smartphones has increased the demand for mobile-friendly customer relationship management modules. Customers demand solutions that are accessible and usable on mobile devices, including smartphones and tablets. This is important for businesses that rely on their sales department to be mobile, as customer information and sales tools must be accessed remotely or on the go. Combining multichannel capabilities improves marketing campaigns. By integrating mobile and social media channels, CRM solutions enable businesses to reach customers where they spend their time. This makes campaigns more effective and increases conversion rates. Additionally, the ability to track customer interactions across channels can provide businesses with valuable insights into consumer behavior and preferences, enabling them to create more targeted and effective marketing campaigns.

Retail Business Leading Market

• The global CRM analytics market is expected to expand due to investments by various companies in the rapidly expanding retail sector. For example, IBEF reports that India is witnessing an increase in the number of retail technology companies using digital ledger, inventory management, payments for retail industry -For services such as options, logistics and fulfillment tools. Wiser decision making that leads to greater revenue, greater customer satisfaction, and a more vibrant store overall can be achieved by relying on retail research and hard facts rather than resorting to speculation. According to a survey of more than 350 retailers and brands by Alteryx and RetailWire, 81% say they get customer insights.

Restraints

Lack of Customization to Create Business-related Issues and Disrupt the Market

• Customization, scalability, and standardization are essential components of CRM solutions that businesses need to effectively manage customer relationships. Limited customization resources prevent a business from adapting the application to the specific needs of its customers. This can be very challenging for businesses that require specific features or functions to meet specific needs. Such situations require companies to invest in new custom software or services, which can be costly and time-consuming.

Lack of Standardization

• The use of multiple cloud services from different sources introduces connectivity issues, leading to a lack of standardization. Different solutions use different data models or APIs, which makes it difficult to integrate hybrid systems and data sources. Additionally, businesses demand scalable CRM solutions that accommodate growth and expansion without significant investment in new systems and infrastructure.