How Is The Global Customer Information System Market Defined?
A customer information system (CIS) is a database designed to store and manage crucial customer information, such as contact information, purchase history, and preferences, to enhance customer relationship management (CRM) strategies. It enables businesses to track and analyze customer interactions, improving personalized services and overall customer satisfaction.
Customer Information System Global Market Report 2024 provides data on the global customer information system market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The customer information system market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Customer Information System Market Size Expected To Change, And What Are The Growth Rate Projections?
The customer information system market has grown steadily, increasing from $1.29 billion in 2023 to $1.46 billion in 2024 at a CAGR of 13.0%. Historical growth was influenced by data accuracy improvements, user interface enhancements, security upgrades, scalability, and CRM integration. The market is forecasted to reach $2.41 billion by 2028 at a CAGR of 13.4%, driven by AI-driven predictive analytics, enhanced mobile accessibility, IoT integration, and advanced personalization capabilities. Emerging trends include hyper-personalization, explainable AI, decentralized identity management, real-time edge computing, and digital twin technology.
Which Drivers Are Accelerating Growth In The Customer Information System Market?
The increasing global consumption of utilities is expected to spur the growth of the customer information system market. This consumption, which includes electricity, water, gas, and other essential services, is rising due to infrastructure investments, industrialization, and shifting consumer behaviors. A customer information system helps efficiently manage and track utility usage, improving service delivery and resource management. According to the International Energy Agency (IEA), total US electricity consumption rose by 3.2% in 2022, with the residential sector experiencing a 2.6% increase and the commercial sector seeing a 4.7% increase compared to 2021. As utility consumption rises, the customer information system market continues to grow.
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What Are The Core Segments Of The Global Customer Information System Market?
The customer information system market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment: Cloud, On-premises
3) By Service: 24/7 Assistance Services, Product Update Services, Repairing And Testing Services
4) By End-user: Water And Wastewater Management, Energy And Utility, Electricity And Power Management
Which Emerging Trends Are Reshaping The Customer Information System Market Size?
Major companies in the customer information system market are focusing on technological innovations, such as cloud-based data platforms, to enhance their competitive position. A cloud-based data platform is a comprehensive system hosted on cloud computing infrastructure that allows organizations to store, manage, process, and analyze large volumes of data. As companies strive to optimize operations and improve customer experiences, they depend on cloud-based data platforms for efficient data management. For example, in January 2023, AGL, an Australian energy company, launched a customer data platform using Microsoft Cloud. This platform empowers consumers by offering greater control over their data. AGL uses the Microsoft Cloud to facilitate secure data exchange, creating opportunities for machine learning-powered bill forecasting, open banking integration, and suggestions for more efficient energy use.
What Is The Largest Region In The Customer Information System Market?
North America was the largest region in the customer information system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the customer information system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
