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.
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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 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 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 CI market is segmented on the basis of solutions, services, verticals, and regions. In terms of solutions, the 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 market is classified into the telecom, BFSI, retail, health care & life sciences, media & entertainment, manufacturing, travel & tourism, utilities, and others segments. The 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 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.
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Industry participants leading the customer intelligence 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.