CRM Software Market – Overview:
CRM or customer relationship management software refers to strategies or technologies a company uses to analyze customer interactions throughout the consumer lifecycle. CRM software is designed to compile information of customers across different channels with a basic goal to maintain business relationships. It helps the companies to stay connected with their customers and improve profitability and also helps in streamlining work processes.
Technology giants such as IBM Corporation, Oracle Corporation, Salesforce.com, SAP AG, Microsoft Corporation, Adobe Systems Inc., Amdocs, Convergys Corporation and Huawei Technologies Co. Ltd are a few major players in the global CRM software market. Salesforce acquired Demandware for $2.8 billion, bolstering their ecommerce and retail applications offerings. Demandware’s revenues will be counted toward Salesforce’s commerce cloud. As a part of a similar strategy, Adobe acquired Livefyre, a content curation and audience engagement developer that gives brands access to billions of pieces of user generated content that can be streamed in real-time, right to their sites, ads, emails, TV, digital billboards, and apps.
Increasing use of web-based interfaces and social computing are major factors driving the growth of the global CRM software market. Furthermore, increasing deployment of CRM software in banking and financial services sector is boosting the growth of the market. Also, growing demand for hosted services from small and medium business units is set to drive the growth of the CRM software market. Increasing popularity of social CRM and mobile CRM is another factor responsible for fueling the growth of the global CRM software market.
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Market Players & Growth Strategies
Some of the most renowned and important brands of this market can be listed as Amdocs, NICE Ltd, Verint Systems Inc., SAP AG, SYNNEEX Corporation, Sage Group Plc, Microsoft Corporation and SugarCRM. To stay ahead in the competitive arena, these players use various growth strategies like strategic alliances, expansions and acquisitions.
The global CRM Software Market is expected to grow at a CAGR of approximately 6% during the forecast period 2017-2023.
February 27, 2018: Just recently Imagineer Technology Group, a renowned player in the investor relations and fund marketing software industry declared a probable alliance with Synap Software Labs a company that provides cloud based investment research & account management applications. Their merger is believed to be a great news for the CRM software industry as both these giants will work together towards the betterment of the market.
The worldwide CRM software market has been segmented into three distinct parts. They are listed as below:
Applications: Social networking, manufacturing, customer service, supply chain and distribution.
Organization size: Large enterprises and SMEs.
Deployment: On-premise and on-cloud. Out of the two, the cloud based deployment method has the upper hand. It is projected to expand at an impressive as more and more enterprises are choosing this deployment method for their business.
Region-wise, the market has its reach across various areas of the world like North America, Asia Pacific, Europe and Rest of the World. The market players in these regions are constantly coming up with innovative techniques and products to beat the competition.
North America Will Have An Edge Over the Other Regions
Out of the aforementioned regions, North America holds the largest market share and will continue to do so in future as well. It is a well-deserved lead as this region is bustling with technological advancements, possesses a well-designed infrastructure that makes accepting new technologies convenient. Moreover, advanced intelligent connected devices are being used extensively in this region. This in-turn proves to be advantageous for the market.
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