Customer intelligence (CI) is the procedure of analyzing & accumulating information about consumers or their activities. It is a technology associated with understanding of customer experience and their insights. It also provides organizations with economically accountable sight of their customer information. It aids the organizations in understanding to their top consumers with their improved economic performance. Most businesses used CI tools to understand the processes associated with what their consumers are doing & why. It is a key component of efficient customer relationship management (CRM). There are many sources of records for customer intelligence for instance the frontline data capture and speech analytics. Frontline data capture is a part of a CRM software solutions. The speech analytics is used to examine the telephone conversations between the company & its customers.
Major capabilities of CI solution include decision management, predictive analytics, real-time scoring, cross-campaign optimization, customer engagement and customer lifetime value segmentation.
According to study, “Customer Intelligence Market, Solutions [Web Analytics, Social Media Analytics, Voice Analytics, Mobile Analytics], Services, Deployment, Industry Verticals, Regions, and Vendor Profiling – Global Market Drivers, Opportunities, Trends, and Forecasts, 2015-2020” some of the major companies currently operating in the customer intelligence market are SAS Institute Inc., Qlik International AB, Open Text Corporation, Tableau Software, Verint Systems, Information Builders Inc., FICO, IBM Corp., Angoss Software Corp, ORACLE Corp., SAP SE, Microsoft Corporation. These companies with the elevated proportion of satisfied consumers have grown more profitably & faster than the average.
Based on product, customer intelligence market is segmented into services and solutions. Based on services, the market is segmented into integration services, consulting services and maintenance services. Based on solutions, market is segmented into social medial analytics, mobile analytics, web analytics and voice analytics. Based on deployment, market is classified into on-premise deployment and on-cloud deployment. Addition, based on vertical, market is defines as BFSI, telecom, manufacturing, retail, media & entertainment, healthcare & life sciences, utilities and travel & tourisms etc. Retail & telecom segment are the major end-user of the CI solution as they invest major share in understanding their consumers.
The customer intelligence market is primarily driven by social media revolution, followed by customer centric market and identifying market trends. Apart from the major benefits, few of the market restraints include delay over realization of ROI, lack of professionals using new and advanced technology & need of the detailed customer data and lack of in house expertise. In addition, some of the other new opportunities in the market include cross sell & up sell, exploring into new markets and market optimization.
The global customer intelligence market is expected to reach US $4,892.0 million, by 2020. The solution segment is probable to grow at a CAGR of 17.6% while the services segment is estimated to grow at a CAGR of 27.0%. In addition, healthcare & life sciences vertical segment is likely to grow at a CAGR of 35.4 % and is the top growing vertical among other verticals throughout the period of 2015-2020. North American region is expected to be most developed market due to the extensive infrastructure and the vendors investing in the market.
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Ankur Gupta, Head Marketing & Communications