Dublin, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The "Customer Information System Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global Customer Information System (CIS) market is poised for robust growth, with a projected Compound Annual Growth Rate (CAGR) of 12.99% during the forecast period from 2023 to 2028.
This growth is primarily driven by a shift towards enhanced customer satisfaction and the adoption of integrated solutions that combine Customer Relationship Management (CRM) with dynamic databases featuring user-defined fields.
Key Highlights
- Companies are focusing on reducing customer response times and providing sales personnel with comprehensive customer data and associated documents, enhancing problem understanding. Customer Information Systems (CIS) offer real-time access to customer database data, elevating service quality and speeding up issue resolution by eliminating duplicate data entries.
- The market is witnessing a trend of vendors integrating information extracted from documents into CRM software. This integration enhances analytical support by combining documents with contextual information like proposals, contracts, correspondence, and emails.
- The emergence of digital technology has transformed customer interactions in the utility sector. Efficient CIS solutions are needed to optimize utility meter-to-cash processes and enable various client communication channels, including call centers and interactive voice responses.
- Data privacy concerns pose a challenge to CIS adoption, as system breaches could lead to legal repercussions and harm to brand reputation. Despite this challenge, the outbreak of COVID-19 has catalyzed remote work and collaborations, impacting the market positively.
Market Trends
- Retail Sector Growth: CIS solutions play a crucial role in the retail sector, handling tasks such as planning, inventory control, budgeting, customer information maintenance, sales target management, and point-of-sale transactions. Affordable and adaptable CIS solutions are being developed to cater to organizations of all sizes.
- Consumer Information Management: Data analysis about existing and potential customers is crucial for better understanding and nurturing customer relationships. Compliance with local privacy laws often influences data management strategies, with a focus on improving customer data quality and completeness.
North American Dominance: North America is a major adopter of CIS software, especially in the utility and energy analytics sectors. Integration of CIS as a Service (CaaS) solutions is a growing trend, offering cost advantages over traditional implementations.
A selection of Companies Mentioned in this report includes
- Oracle Corporation
- Fluentgrid Limited
- IBM Corporation
- Wipro Limited
- Cayenta CIS
- Gentrack Group Limited
- SAP SE
- Itineris NV
- Hydro Comp Enterprises Ltd
- Open International LLC
Conclusion
The Customer Information System (CIS) market is set for substantial growth, driven by a focus on customer satisfaction and the integration of advanced technologies. The adoption of CIS solutions in various sectors, including retail and utilities, is expected to propel market expansion. North America is positioned as a dominant market for CIS adoption, with innovative trends like CIS as a Service gaining traction. Despite data privacy challenges, the CIS market is well poised for significant advancements in the coming years.
For more information about this report visit https://www.researchandmarkets.com/r/b22ctn
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