DUBLIN, March 10, 2023 /PRNewswire/ — The “Customer Intelligence Platform Market by Component, Application (Customer Data Collection & Management, and Customer Segmentation & Targeting), Deployment Mode, Organization Size, Data Channel, Vertical and Region – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The customer intelligence platform market size to grow from USD 1.9 billion in 2022 to USD 7.0 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 29.7%
Several factors, such as the rising need to gain a holistic view of customer data, intensifying need to deliver omnichannel experience, the rising demand for personalized customer experiences, and the shift toward data-driven marketing and advertising.
In addition, heightened adoption of customer intelligence platforms to monitor changes in the market as they occur, and rising investments in customer intelligence platforms by large enterprises, all contribute to the expansion of the customer intelligence platform market.
Services segment to have a higher CAGR during the forecast period
Based on services, the customer intelligence platform market has been segmented into consulting and support, and maintenance services. These services help organizations streamline their marketing operations.
It includes the support offered by customer intelligence platform vendors to assist their customers in using and maintaining customer intelligence platform solutions efficiently. With customer data increasing day by day, organizations are increasingly adopting customer intelligence platform services to address marketing requirements for continuously evolving customer demands.
Cloud deployment segment to have the highest CAGR during the forecast period
Based on deployment modes, the customer intelligence platform market has been segmented into on-premises and cloud. The CAGR of the cloud deployment mode is estimated to be the largest during the forecast period.
Cloud-based customer intelligence platforms offer various advantages, including scalability, adaptability, easy deployment, and cost-effectiveness, which promote the adoption of cloud deployment across organizations. The low cost and ease of implementation have made the cloud a highly desirable delivery mode among organizations.
The SaaS deployment model is generating demand for a cloud-based customer intelligence platform, as it provides scalability and flexibility. The major providers of cloud-based customer intelligence platforms are Oracle, Adobe, and SAP.
SMEs segment to hold higher CAGR during the forecast period
The customer intelligence platform market has been segmented by organization size into large enterprises and SMEs.
SMEs with limited marketing budgets are trying to scale up their business through cost-efficient marketing techniques to generate the most ROI from their marketing spend.
Thus, a customer intelligence platform can help SMEs align with their limited budget and fulfill their business expansion objectives. With instant technological changes and digital transformations disrupting various industries, SMEs are also facing pressure to adjust to the latest trends and use technologically advanced solutions that support their business operations.
Asia Pacific is projected to hold the highest CAGR during the forecast period
Asia Pacific is expected to grow quickly during the forecast period.
Opportunities for smaller customer intelligence platform vendors to introduce customer intelligence platform solutions for numerous sectors have also increased. All these aspects are responsible for the region’s expeditious growth of the customer intelligence platform market.
Companies operating in Asia Pacific continue to focus on improving customer services to drive market competitiveness and revenue growth. China, Japan and India have displayed ample growth opportunities in the customer intelligence platform market.
- Increasing Spending on Marketing and Advertising Activities by Enterprises
- Retail & E-commerce Segment to Register Highest CAGR During Forecast Period
- North America Held Largest Market Share in 2022
- Platform and BFSI Segments Held Largest Shares of North American Market in 2022
- Need to Gain a Holistic View of Customer Data
- Intensifying Need to Deliver Omnichannel Experience
- Rising Demand for Personalized Customer Experiences
- Shift Toward Data-Driven Marketing and Advertising
- Need to Ensure Compliance with Data Privacy Laws and Protect Customer Data
- Development of AI- and ML-based Customer Intelligence Platforms
- Heightened Adoption of Customer Intelligence Platforms to Monitor Changes in Market
- Rising Investments in Customer Intelligence Platforms by Large Enterprises
- Organizational Failures Pertaining to Optimized Use of Customer Data
- Lack of Skilled Workforce
Case Study Analysis
- Understand Increasingly Diverse Customer Base Across Industries
- Create More Personalized and Relevant Interactions
- Analyze Consumer Behavior on All Touchpoints
- Build Better Direct Relationships with Patients
- Provide Real-Time and Automated Customer Service
- Cloud Computing and Customer Intelligence Platforms
- Big Data and Analytics and Customer Intelligence Platforms
Features of Customer Intelligence Platforms
- Customer Service Software
- Marketing Automation Software
- Point of Sale Systems
- E-commerce Platforms
- Customer Relationship Management (CRM) Software
Types of Data Collected for Customer Intelligence
- Demographic Data
- Psychographic Data
- Transactional Data
- Behavioral Data
Regulations and Industrial Standards
- General Data Protection Regulation (Gdpr)
- Health Insurance Portability and Accountability Act (HIPAA)
- International Organization for Standardization/International Electrotechnical Commission 27000 Standards
- Cloud Security Alliance (Csa) Controls
- Governance, Risk, and Compliance (Grc)
- European Union Data Protection Regulation
- Sarbanes-Oxley Act of 2002
- Gramm-Leach-Bliley Act
- European Union Data Protection Regulation
- Can-Spam Act
- Zeta Global
- Tibco Software
- Netbase Quid
- Staircase AI
For more information about this report visit https://www.researchandmarkets.com/r/fgl9d2
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Originally published at https://www.prnewswire.com/news-releases/7-billion-customer-intelligence-platform-markets—global-forecast-to-2027-increasing-need-to-gain-a-holistic-view-of-customer-data-and-shift-toward-data-driven-marketing-and-advertising-301768895.html