Tracing the Future of Customer Intelligence Platforms Due to Rising Integration of Machine Learning

Customer intelligence has become an inseparable part of the sales and marketing departments of almost all businesses. Customer intelligence basically refers to the collection and analysis of customer data so that the business can take informed decisions and align their marketing strategies accordingly. The platform which offers this customer intelligence utility is called a customer intelligence platform.

Customer intelligence platform and machine learning

Customer intelligence platforms leverage the power of data analytics to collect data, sift through it, process and analyze it, and present it in a form that the businesses can use efficiently. The insights provided by these platforms give the business an idea about the customers’ details, interests, preferences, and needs. For this, these platforms need to structure the incoming data properly while storing it for faster analysis. Machine learning and Artificial Intelligence help exactly in this aspect.

Customer intelligence platforms which leverage the power of machine learning resolve issues related to unstructured data in a more efficient manner. Such platforms match data points that are identical and pull out the information about the customers, accordingly, thus giving the business insights about the customer and his/her preferences. Also, machine learning helps in enriching the quality of data by inserting indicators for businesses to look for which can help them to determine the customer's interest.

Dynamics of the customer intelligence platform market

Customer intelligence platforms are extensively used in different sectors such as e-commerce, financial sector, healthcare, travel and tourism, retail, etc. As a result, there is a high demand for these platforms to increase customer engagement. A report published by Allied Market Research highlights this very fact and points out that the customer intelligence platform market is expected to grow at a stunning CAGR of 26.3% in the 2023-2032 timeframe. Moreover, increasing demand for personalized marketing campaigns and predictive analytics from businesses across the globe have further led to widespread adoption of customer intelligence platforms. Also, the growing significance of omnichannel customer engagement will create numerous growth opportunities for the market in the forecast period.

Apart from these factors, the presence of multinational companies like SAP SE, Oracle Corporation, Google LLC, etc., has led to massive competition in the industry. Furthermore, these companies are engaging in strategic alliances to consolidate their position in the market. For instance, Accenture, in December 2022, acquired Fiftyfive5, a customer insights provider. As per the statement released by Accenture, this acquisition will help the company to expand its business in Australia and New Zealand. At the same time, many other companies, too, are launching their own products which are helping them to gain a space in the market. In December 2022, Dialpad, a cloud communication platform provider, announced the launch of an AI-powered customer intelligence platform.

To summarize, the customer intelligence platform is in a state of flux due to various factors. The adoption of advanced technologies like machine learning and the increasing popularity of such platforms across various sectors are the primary reasons. Additionally, strategic alliances and product launches by the companies in the market are creating growth opportunities for the market.

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