Customer Intelligence Platform Market

According to Stratistics MRC, the Global Customer Intelligence Platform Market is accounted for $2.47 billion in 2022 and is expected to reach $11.98 billion by 2028 growing at a CAGR of 30.7% during the forecast period. A customer intelligent platform (CIP) is the subsequent level of client data management. It integrates billions of data points from many sources to provide insights, serving and connecting business users in sales, marketing, commerce, and service. To obtain knowledge about consumer demands, motivations, and behaviours, it gathers and analyzes comprehensive customer data from internal and external sources. It then integrates that data to make it analysis-ready. To extract useful information from consumer data, the platform employs advanced analytics that combine human-driven analytics with artificial intelligence or machine learning. A uniform, consistent, dynamic, and individual record of consumers' interactions with the company is automatically created by the platform.

According to the General Data Protection Regulation (GDPR) laws, for customer intelligence platforms, it is necessary for marketers to receive marketing consent from consumers or else they are imposed to a fine of 20 million Euros.


Market Dynamics:

Driver:

Rising customer expectations for personalization

Consumer loyalty and satisfaction are increased by means of consumer intelligence platforms. Customers presently want interactions that are highly tailored, responsive, and pertinent. They want the companies to be aware of their identities, preferences, and previous interactions with business. They reject mass, universal messaging in greater numbers. Despite the proliferation of consumer channels, customers continue to demand smooth interactions regardless of their method of engagement. They don't want to have to repeat all the information to a contact center representative the following morning if they try to finish a transaction on the website tonight. To ease the load and make work easier, they are currently personalizing everything. This personalized element is propelling the market growth.

Restraint:

Compliance with data laws and regulations

Data breaches and cyber attacks pose a serious threat to customer information. Customers entrust businesses with their personal information when they provide it to them, knowing that if it gets into the wrong hands, it might be used against them. The protection of individual privacy rights and the avoidance of data breaches make compliance with data laws and regulations essential. For organizations, protecting customer data must come first. Violent sanctions, including fines and reputational damage, may be imposed for noncompliance. The market's expansion is being hampered by this aspect.

Opportunity:

Raising awareness among end users

Understanding the market has turned into a regular task. This implies that firms in increasingly cutthroat areas like e-commerce, retail, and other consumer-facing ones suffer a great deal from a lack of market understanding. Falling behind the competition just takes a few seconds for disastrous losses. Customer intelligence places a strong emphasis on delivering a continual supply of data that easily transforms into useful insights. Data from customer intelligence is available to improve the user experience. Gathering customer intelligence enables organizations to access crucial data, gain a competitive edge, increase client loyalty, and increase profitability in today's customer-centric environment. The ability of the business units to use predictive and prescriptive analytics in accordance with their plans is further propelling market growth.

Threat:

Poor data quality

Businesses now have access to a never-before-seen amount of customer data, but they frequently don't know what to do with it. The fact that businesses continue to use antiquated systems that prevent them from achieving their data integration, standardization, and quality goals has made matters worse for enterprises. The time and effort spent developing a single customer perspective is useless without accurate and trustworthy data. To make sure that the quality of the data is not declining, it is crucial to keep track of the data sources throughout time. Attempts to develop a single customer perspective are frequently hampered by this problem of poor data quality.

Covid-19 Impact

Numerous businesses needed help in order to ensure that their staff had enough access to reliable data in light of the widespread COVID-19 epidemic. Companies were seen increasing their spending in the infrastructure that allows customers access to the data they have gathered in order to sustain their existing level of commercial activity. Additionally, several different businesses have created remote working strategies depending on the services and goods they provide. As a result, the market has benefited from the COVID-19 pandemic's expansion.

The cloud segment is expected to be the largest during the forecast period

The cloud segment is estimated to have a lucrative growth. Systems for consumer intelligence that are hosted in the cloud offer scalability, flexibility, simplicity of implementation, and cost-efficiency. Because of its low cost and ease of deployment, organizations are particularly interested in employing the cloud as a distribution mechanism. At every point of contact, it may assist organizations in gathering, connecting, and utilizing acquired customer intelligence. Benefits including improved client retention, real-time visualization, and waste reduction are boosting the segment's growth.

The omnichannel marketing segment is expected to have the highest CAGR during the forecast period

The omnichannel marketing segment is anticipated to witness the fastest CAGR growth during the forecast period. With omnichannel marketing, a business allows consumers and prospects access to its goods, offers, and customer support services across all channels, platforms, and devices. It also focuses on lead nurturing and user engagement. It enables businesses to provide a tailored experience through an easy, welcoming client journey that encourages loyalty and repeat business.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to its continuing technological advancements. With rising technical improvements, the customer intelligence platform players in this sector are expanding significantly. The US and Canada are the two countries that have the most firms using customer intelligence solutions to use consumer data to remain competitive in the market. The raising competitiveness is accelerating the growth of the market in this region.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period. Numerous providers of customer intelligence platforms, including Google, Adobe, SAP, Microsoft, Oracle, and Salesforce, are based in North America. Due to the intense rivalry and demand that are present throughout the North American area, many businesses are aiming for bigger income and business growth. North American businesses prioritize innovation to stay up with the most recent market developments.



Key players in the market

Some of the key players profiled in the Customer Intelligence Platform Market include Accenture PLC, IBM Corporation, SAP SE, Salesforce.com Inc, SAS Institute Inc, Microsoft Corporation, Adobe Inc., Google LLC, Informatica LLC and Oracle Corporation.

Key Developments:

In December 2022, Accenture plc took over Fiftyfive5, a customer insights and advisory business. Through this acquisition, Accenture plc would be able to strengthen its Accenture Song’s capability to aid clients to tap performance marketing data insights to fasten innovation and growth across New Zealand and Australia.

In November 2022, IBM Corporation unveiled the IBM Business Analytics Enterprise. This new software is crafted to aid enterprises to disintegrate data and analytics silos for making data-driven decisions rapidly and steer unpredictable disruptions.

In October 2022, Oracle Corporation expanded its product line of Oracle Unity. Oracle Unity is a Customer Data Platform (CDP). Additionally, Oracle Corporation has introduced 15 baselines artificial intelligence (AI) models to Oracle Unity. Moreover, these added features would be able to aid organizations in consumer packaged goods, automotive, financial services, communications, high-tech, healthcare, and utility industries.

In September 2022, Google LLC took over Mandiant, Inc., a recognized leader in dynamic cyber defense, threat intelligence, and incident response services. Through this acquisition, Google LLC would be able to build great value for its customers and the safety industry. Moreover, this acquisition would allow Google LLC to provide a complete cybersecurity solution.

In May 2022, Informatica Inc., unveiled the Master Data Management-as-a-service. The Master Data Management-as-a-service is deployed on Microsoft Azure to bring the benefit of the scalability delivered by Azure. Additionally, this would further enable Microsoft Corporation and Informatica, Inc., to elaborate cloud abilities jointly to aid its customers to scale rapidly with their digital transformation endeavours to the cloud.

Components Covered:
• Platform
• Services

Deployment Modes Covered:
• Cloud
• On-Premises

Organization Sizes Covered:
• Small Enterprises
• Medium Enterprises
• Large Enterprises

Data Channels Covered:
• Call Centers
• Web & Email
• Social Media
• In-store
• Mobile
• Surveys
• Promotional Data
• Sales Representatives
• Other Data Channels

Applications Covered:
• Customer Data Collection & Management
• Customer Segmentation & Targeting
• Customer Retention & Engagement
• Customer Behaviour Analytics
• Customer Experience Management & Personalized Recommendation
• Omnichannel Marketing
• Other Applications

End Users Covered:
• BFSI
• Telecom
• Manufacturing
• Healthcare & Life Sciences
• Media & Entertainment
• Retail & E-commerce
• Energy & Utilities
• Travel & Hospitality
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances