Growing Adoption Of Advanced Analytics And Artificial Intelligence AI Influencing The Growth Of Customer Intelligence Platforms Market: Cognitive Market Research

Customer Intelligence Platform Market Overview 

Product Overview and Scope of Customer Intelligence Platform

A customer intelligence platform (CIP) is a type of software that helps various organizations to understand the needs and behaviors of their customers. It helps in the aggregation of customer-related data. CI platform then further analyses the collected data with the application of artificial intelligence and human-driven analytics. It makes a highly personalized process to improve customer experiences (CX) and preferences. This helps in customer retention and loyalty, which indirectly affects the overall growth of the organization. Customer intelligence helps in increasing the sales and revenues of the company. Moreover, it allows for real-time data to reach the customer's preferences and interests in different personas. 

Customer intelligence allows to track and develop customer relationship activities in several ways. It helps in tracking and generating customer journeys through data-driven decisions. Customer intelligence function across all the domains of the organization for better understanding and immediate responses to any queries of customers. Additionally, the marketing department, sales, IT, and production departments can discover specific needs and features owing to the customer's engagement in those products. Customer intelligence platforms give a 360-degree view of customers to get the best out of the massive data collected. 

Customer intelligence through flexible technologies helps the organization improve its performance. It expands cross-selling and up-selling by lowering marketing costs. It also helps in identifying customers at risk and simultaneously takes action. Moreover, by proving real-time data it helps the company to quickly respond to customer needs and preferences and improve their decisions. Many tools and software have wide applications in customer-intelligent platforms. Several databases provide actionable insights to better understand the customers and further drive their future engagements with the company. 

Customer Intelligence Platform Market – Global Industry Analysis

Market Drivers

• Growing adoption of advanced analytics and Artificial intelligence (AI):

The growing usage of sophisticated analytics and artificial intelligence (AI) is one of the key drivers influencing the market growth of customer intelligence platforms. The phrase "advanced analytics" describes the use of sophisticated techniques and tools to process enormous amounts of data and provide insightful knowledge. Artificial intelligence (AI) is the development of intelligent machines that perform activities that previously needed human intelligence, such as natural language processing, machine learning, and predictive analytics. Customer intelligence systems use these cutting-edge analytics and AI technologies to collect and analyze customer data from many sources, such as social media, customer interactions, website interactions, and transaction history. These technologies also identify the patterns and insights that would be difficult for humans to detect. By applying these technologies, businesses are better able to comprehend the preferences and behavioral patterns of their clients. This makes it possible for businesses to create marketing plans and choices that are data-driven and relevant to customers. 

One of the key benefits of advanced analytics and AI in customer intelligence platforms is the generation of real-time insights. Traditional consumer analysis methods usually involve time-consuming manual tasks. However, because of advanced analytics and AI, businesses can now examine customer data in real-time, allowing them to respond quickly to changing consumer preferences and market trends. This real-time analysis helps businesses personalize their marketing strategies, improve client connection, analyze real-time customer experience, customer optimization, and boost consumer satisfaction. Owing to the aforementioned aspects advanced analytics and artificial intelligence boosted the market.

• A rise in the demand for individualized consumer experiences:

The increased demand for tailored customer experiences is one of the primary drivers responsible for expansion of customer intelligence platforms (CIP). In today's intensely competitive business world, customers now demand from the businesses they come across personalized attention and advice that is tailored to their needs. Due to the shift in consumer expectations, businesses must now gather and analyze large amounts of data on their clients in order to fully understand their preferences, behaviors, and needs. CIPs are created to fill this demand by giving businesses the supplies and tools they need to efficiently gather, process, and use consumer data. These platforms let businesses gather data from a range of sources, including transaction histories, website interactions, social media interactions, and contacts with customer care. By gathering and analyzing this data, CIPs provide businesses with priceless insights into specific customers' preferences, buying patterns, and engagement activities. Businesses utilize this information to create marketing campaigns that are extremely targeted, make specific product recommendations, and create standout customer experiences. When customers feel heard and valued, they are more likely to stay with a company and make repeat purchases. Personalization also enables businesses to develop stronger relationships with their customers, which increases client loyalty and advocacy.

Global Customer Intelligence Platform Revenue by Regions (2018-2023)

Global Customer Intelligence Platform Revenue and Market Share (%) by regions (2018-2023)

Global customer intelligence platform market was valued at USD 1.83 Billion, in 2022 and is expected to grow at a CAGR of 28.5% over the forecast period, from 2023 to 2030.

Global Customer Intelligence Platform Market Segmentation Analysis

By Deployment Mode

•    Cloud Based
•    On-Premise

By Components

•    Platform
•    Services

By Organization Size

•    Large Enterprises
•    Small & Medium Size enterprises

By Data Channels

•    Web
•    Social Media
•    Email
•    Call centers
•    Others

By Application

•    Customer Data Collection and Management
•    Customer Experience Management
•    Customer Behaviour Analytics
•    Customer Segmentation and Targeting
•    Omnichannel Marketing
•    Personalized Recommendation
•    Others

By End-users

•    BFSI
•    Government & Defence
•    Retail & E-commerce
•    Healthcare
•    Energy & Utilities
•    Manufacturing
•    Media & Entertainment
•    Others

Related Reports

•    Business Intelligence Market 
•    IT services Market
•    Big Data Analytics Market 
•    Global Enterprise Data Management Market
•    Data Center Market
•    Data Center Infrastructure Management (DCIM) Market 
•    Business Analytics Market

By enterprise Size 

Based on enterprise size, the market is segmented into small and medium enterprises (SMEs) and large enterprises. In 2022, large enterprises held the largest market share. The increasing need for customer intelligence platforms to understand the key changes associated with the management of data in several verticals such as retail and e-commerce, BFSI, and healthcare has driven the segment growth and is expected to further drive the market growth.

Global Customer Intelligence Platform Market Share (2022), by enterprise size

Source: Cognitive Market Research

On the other hand, SMEs are projected to grow with the highest CAGR during the forecast period. The development of small businesses coupled with the availability of IT services with affordable prices is triggering segment growth of customer intelligence platform market. 

Key Players

•    International Business Machines (IBM) Corporation
•     Accenture
•    SAP SE,
•    Salesforce, Inc.
•    SAS Institute Inc.
•    Google LLC
•     Adobe Inc.
•     Microsoft Corporation
•    Oracle Corporation.
•     Informatica Inc.
•    Others

Global Customer Intelligence Platform Manufacturers Profiles/Analysis

IBM Corporation

IBM Corporation Basic Information, Manufacturing Base, Sales Area, and Competitors

Business Segment/ Overview:

IBM Corporation is a U.S.-based technology company. The company offers computer hardware, middleware, and software, and provides hosting and consulting services in areas ranging from mainframe computers to nanotechnology. The company operates through four business segments including software, consulting, infrastructure, and financing. 

?    The software segment comprises two business areas as a hybrid platform & solutions and transaction processing
?    Its consulting segment provides industry expertise and capabilities in business transformation and technology implementation. Consulting designs and builds open, hybrid cloud architectures and optimizes key workflows and business processes with IBM and ecosystem partner technologies. Consulting comprises three business areas such as business transformation, technology consulting, and application operations. 
?    The infrastructure segment provides solutions for the hybrid cloud and is the foundation of the hybrid cloud stack. Infrastructure comprises two business areas including hybrid infrastructure and infrastructure support.
?    Financing facilitates IBM clients’ acquisition of information technology systems, software, and services through its financing solutions. The financing comprises the following two business areas such as client financing and commercial financing

Software Testing Product Types Specification

Business Strategy

IBM has a significant focus on strategic inorganic development through acquisition and mergers to strengthen its product portfolio. For instance, the company acquired Databand.ai to strengthen its software portfolio across data, AI, and automation to address the full spectrum of observability. IBM Corporation focuses on innovation and develops new innovative products and solutions. For instance, the company launched new AI-enabled solutions such as the IBM Environmental Intelligent Suite, to make its clients more sustainable over time. Additionally, it has launched a new IBM Z and cloud modernization center for the acceleration of the hybrid cloud. The company is involved in collaboration with various companies for the development of various solutions. Also, the company is investing a huge amount in research & development activity to develop new technologies and improve its existing ones, ensuring that the company stays in the vanguard of technological innovation that helps enterprises achieve their digital transformations. 

Moreover, the company is providing customer service management in the form of renewal, maintenance, installation & updating. Furthermore, it is engaged in inorganic investments in critical hybrid cloud and sustainability software assets, such as Instana, Turbonomic, and Envizi. In consulting, the company has also been aggressively acquiring the expertise its clients demand to support their digital innovation including 7Summits, Taos, BoxBoat Technologies, and BlueTab Solutions. IBM Corporation completed 15 acquisitions in 2021.

S.W.O.T Analysis

Strength

• Robust geographic presence
• Diversified product portfolio
• Significant investment in R&D

Weakness

• The solutions that IBM offers are too costly

Opportunity

• Significant inorganic development through acquisitions
• Focus on emerging markets
• Growing software solutions worldwide

Threats

• Currency fluctuation
• Competitive pressure