According to a report published by Grand View Research, Inc.; the global Customer Relationship Management (CRM) market is expected to reach a valuation of around USD 81.9 billion by 2025. Growing demand for automated engagement and enhanced customer experience is anticipated to boost market. Rising scope of digital operations can further drive the market over the forecast period (2018 to 2025).
Adoption of CRM solutions has increased across the big and small companies as it helps improve operational efficiency and reduce marketing costs. Additionally, the ability of customer relationship management solutions to enhance efficiency of sales cycles on the go helps reduce the Return on Investment (RoI). This factor is anticipated to fuel the market growth during the forecast period. Implementation of cloud-based Software as a Service (SaaS)-based solutions is one of the key trends in the market.
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Global Customer Relationship Management market, by application, 2014 – 2025 (USD Million)
The cloud-based solutions are quite popular among small and large businesses. Social CRM is anticipated to gain popularity owing to changing business dynamics. This factor is anticipated to bode well for market growth over the forecast period. Technological advancements such as robotic process automation, automated customer conversations, mobile CRM, and big data, and data analytics are anticipated to further fuel expansion of the market in the forthcoming years.
The worldwide Customer Relationship Management (CRM) market can be segmented on the basis of deployment, enterprise size, application, and region. Based on deployment, the market can be classified into cloud and on-premises. The cloud segment is expected to witness significant growth over the forecast period on account of rising demand from sales and marketing teams. Growing implementation of SaaS-based applications across large and small enterprises due to enhanced flexibility and reduced hardware cost is anticipated to further drive the growth.
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North America CRM market, by deployment, 2015 (%)
On the basis of enterprise size, the market for customer relationship management can be categorized into large enterprises and Small and Medium Businesses (SMBs). Large enterprise was the leading segment in the past due to high budgets for IT and Marketing. However, the SMB segment is anticipated to showcase significant CAGR of 18.0% over the forecast period due to growing popularity of SaaS-based solutions.
As per application, the market can be split into Banking, Financial Services, and Insurance (BFSI); retail; healthcare; IT and telecom; government and education; discrete manufacturing; and others. The telecom and IT segment is anticipated to expand at a rapid CAGR of 16.8% in the forthcoming years. Discrete manufacturing is anticipated to emerge as the second largest segment over the forecast period due to technological developments and adoption of customer-centric processes. Additionally, prominence of CRM in sales cycles and managing customer relations is driving the segment growth.
Geographically, the market for customer relationship management can be divided into Europe, North America, Asia Pacific, South America, and Middle East and Africa (MEA). North America is anticipated to remain the largest regional segment in terms of market share during the forecast period. U.S. is the major regional contributor in this region owing to the presence pf key vendors. Europe has witnessed a slow growth in recent years due to slowdown in the economy, which have major impact on IT and marketing expenditures.
Asia Pacific is anticipated to showcase fastest CAGR of 17.2% during the forecast period. This growth can be associated to increasing demand for CRM solutions from emerging countries such as India and China. Factors such as the presence of a significant customer base and increasing business scope are anticipated to support the regional growth over the forecast period.
Some of the leading companies operating in the Customer Relationship Management (CRM) market include Microsoft Corporation; Netsuite Inc.; Salesforce.com, Inc.; Adobe Systems Inc.; and Bpmonline. The market is marked by frequent mergers and acquisitions of smaller organizations by well-established companies.
The market is anticipated to foresee a tough competition among the vendors. The convergence of several platforms would affect the CRM ecosystem, thereby prioritizing the streamline of routine tasks. Data privacy and authentication are expected to be the major concerns. However, the factors governing deployment ease, ongoing price trends, and business-critical applications are expected to impel adoption of efficient CRM solutions.
Grand View Research has segmented the customer relationship management market on the basis of deployment, enterprise size, application, and region:
Deployment Outlook (Revenue, USD Million; 2014 – 2025)
Enterprise Size Outlook (Revenue, USD Million; 2014 – 2025)
Small and Medium Businesses
Application Outlook (Revenue, USD Million; 2014 – 2025)
Telecom and IT
Government & Education
Regional Outlook (Revenue, USD Million; 2014 – 2025)
- Middle East & Africa (MEA)
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