Customer intelligence (CI) is the process of collecting and analyzing information about customers and their activities. This activity helps merchants build deeper and more effective relationships with their customers and improves organizations’ strategic decision-making by providing rich insights into the customer base. CI is a key component of effective customer relationship management (CRM). There are various sources of data for customer intelligence: speech analytics, which is used to monitor telephone conversations between the company and its customers; frontline data capture, which forms part of a CRM software solution; etc. CI provides insights into customers’ experience in interacting with the company and helps in coming up with explanations behind customer activities. CI is a sophisticated tool and has become the mandate across companies. The recent trend of this industry includes a transition from multi-channel customer engagement to omni-channel customer engagement, in which the customer’s entire journey is tracked across all the channels.
Enterprises across various industries are experiencing difficulties in retaining customers, knowing about them, and engaging with empowered customers. To overcome these challenges companies are employing information systems such as customer intelligence, which is driving the customer intelligence (CI) market. Moreover, companies are engaging more and more customers to know more about them, with increasing competition in the industry forcing companies to use customer intelligence system more effectively. In CI, companies need to derive valuable insights from the data available. So they need skilled personnel for this. The shortage of skilled personnel is expected to hinder the growth of the customer intelligence market. Customers have access to more and more information, so they have more choices and more opportunities to broadcast their opinions widely. This is giving the customer intelligence (CI) market opportunities to grow. Emerging technologies, such as big data and advanced analytics, which can analyze information from multiple channels in real time to produce customized offers in fractions of a second are also expected to provide opportunities for growth.
The global customer intelligence (CI) market is segmented on the basis of solutions, services, verticals, and regions. In terms of solutions, the customer intelligence (CI) market can be segmented into web analytics, voice analytics, mobile analytics, social media analytics, and others. The market is classified on the basis of services into consulting, integration, and maintenance segments. On the basis of verticals, the customer intelligence (CI) market is classified into the telecom, BFSI, retail, health care & life sciences, media & entertainment, manufacturing, travel & tourism, utilities, and others segments. The customer intelligence (CI) market segments in terms of geographical regions are North America, Asia Pacific, Europe, Middle East & Africa (MEA), and South America. Asia Pacific region is expected grow at a significant rate in the customer intelligence (CI) market owing to the wide adoption of the Internet, social media, and mobile devices, through which customers are able to express themselves and customer intelligence professionals are able to extract valuable insights from the data.
Industry participants leading the customer intelligence (CI) market with the most significant developments are Microsoft Corporation, SAS Institute Inc., Open Text Corporation, Qlik International AB, Verint Systems, FICO Inc., Information Builders Inc, Angoss Software Corp, IBM Corporation, and SAP SE.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.