Customer intelligence is the type of BI used for collection of the customer data and analyze it. It is an emerging technology for better understanding of the customer experience insights. It also offers organizations with financially accountable view of their customer information. It helps organizations in understanding their top customers with their improving financial performance. Businesses are using CI as a method to understand what their customers are doing and why. Nowadays, CI solutions are integrated with CRM software for better tracking and give consolidated results.
The customer intelligence market is expected to have a CAGR of 20.4% during the period 2015-2020, mainly driven by adoption of vertical specific solution across end users. Telecom and retail segment are the major end-user of the CI solution as they invest a lot in understanding their customers. The global customer intelligence region market is analyzed by six regions - North America, Western Europe, Asia-Pacific, Central Eastern Europe (CEE), Middle East & Africa and Latin America. North America is the most matured markets owing to its extensive infrastructure and the number of companies investing in the market.
One of the major trend in the market is a swift transition from multi-channel customer engagement in Omni-channel customer engagement. The customer's entire journey is tracked across all channels in order to create a consistent, enhanced customer experience. With the emergence of technologies like big data, advanced analytics, which analyses information from multichannel (web, mobile applications, social media, Voice over customer) in real-time to produce customized offers in a split of a second. However, the lack of professionals to understand the technology and use the customer data will impact the growth of the market in the developing regions.
The organizations adopt a customer intelligence solution to increase revenue share, attract new customers, increase customer retention and modify or introduce new products, optimize operations. Major capabilities of customer intelligence solution are predictive analytics, decision management, real-time scoring, customer engagement, cross-campaign optimization, customer lifetime value segmentation. Some of the major market players include IBM, Oracle, Qilk, SAS, SAP, and Tableau.