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.
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