The global Customer Intelligence Platform Market size is projected to grow from USD 1.9 billion in 2022 to USD 7.0 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 29.7% during the forecast period, according to a new report by MarketsandMarkets™. The rising demand for personalized customer experiences, the shift toward data-driven marketing and advertising, and rising investments in customer intelligence platforms by large enterprises are some key factors expected to boost the market growth.
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By component, the platform segment to hold the largest market size during the forecast period
Customer intelligence platform is the next step in customer data management. It serves and connects business users across sales, marketing, commerce, and services, connecting billions of data points across disparate sources of data to uncover insights. Significant resources have been invested by companies in analytics but they realize that they must also invest in data governance and management or risk making decisions on bad data, leading to bad results. To deliver the more automated, personal, and predictive services customers expect, organizations need a customer intelligence platform driven by AI and machine learning to manage and analyze data from multiple disparate sources at volumes and at speeds no human can match. Increasing use of AI and ML capabilities to develop predictive models will drive the market of customer intelligence platforms.
By services, support & maintenance segment to hold the largest market size during the forecast period
Support and maintenance services include the assistance provided by professionals to implement and maintain customer intelligence platform solutions. These services include assistance for troubleshooting, upgradation of existing software, problem-solving, emergency response management, software maintenance, proactive services, and technical support provided by customer intelligence platform vendors. Customer intelligence platform vendors offer IT professionals, data scientists, platform architects, system integrators, and data management experts who provide support and maintenance services. They also provide one-on-one personalized training and courses for the implementation of the leading technologies, tools, and best practices. These help organizations manage, maintain, and build their data platforms and infrastructure.
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North America to hold the larger market size during the forecast period
North America is expected to be the largest contributor to the Customer Intelligence Platform Market. The region is led by the US and Canada. Both countries have invested substantially in R&D activities, contributing to the development of new technologies. The Customer Intelligence Platform Market in North America has been further segmented into the US and Canada. Organizations, especially in the US, have started using customer data from various data sources to stay competitive in the market. North America is home to multiple customer intelligence platform vendors, such as Microsoft, Oracle, Teradata, and SAP. Due to high competition and demand prevailing across the North American region these companies are targeting higher revenue and business expansions.
The major vendors in the Customer Intelligence Platform Market include IBM (US), Oracle (US), Microsoft (US), Adobe (US), SAS (US), Salesforce (US), Google (US), Accenture (Ireland), Informatica (US), SAP (Germany), Verint (US), Teradata (US), Zeta Global (US), TIBCO (US), NICE (Israel), TransUnion (US), Alida (Canada), Algonomy (US), NetBase Quid (US), NGDATA (Belgium), Zeotap (Germany), ActionIQ (US), Amperity (US), UserIQ (US), Datashift (Belgium), Staircase AI (US), Terminus (US), and Lifesight (Singapore).
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