The global CRM software market is anticipated to tread forward at a steady pace during the forecast period of 2017-2023. In the recent years, the business world has observed many advancements. Major players in this industry are on the lookout for better technologies that aid them to develop their business. This is one of the major factors that work in the favor of the global market for CRM software.
Customer relationship management software is an essential business software that has helped enterprises across the globe to interact with their customers a lot more efficiently. It can perform a number of important tasks like handling customer data, maintaining an amicable client-business relationship and storing sensitive business data. This software also has a part in streamlining the sales processes of organizations. On the whole, this software can enhance the productivity and effectiveness of any given commercial set-up.
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Major Key Players
- SAP AG (Germany),
- Salesforce.com (US),
- Oracle Corporation (US),
- Adobe Systems Inc. (US),
- Microsoft Corporation (US),
- Amdocs (US)
- Huawei Technologies Co. Ltd (China),
- Convergys Corporation (US),
- Infor Global Solutions, Inc. (US),
- SYNNEX Corporation (US),
- SAS Institute Inc. (US),
- The Sage Group Plc (UK),
- IBM Corporation (US),
- Infusionsoft (US),
- Verint Systems Inc. (US),
- SugarCRM (US),
IMS Health (US), NICE Ltd. (Israel), NetSuite Inc. (US), and ZOHO Corporation (India) are some of the prominent players profiled in MRFR Analysis and are at the forefront, competing in the Global CRM Software Market.
Acknowledging the exponential accruals the market witnesses currently, Market Research Future (MRFR) has recently published a study report giving out the complete Market prognosis up till 2023. In its analysis, MRFR asserts that the global CRM Software market is expected to grow up to 35 Bn. by 2023 registering a CAGR of 6% during 2017-2023.
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.
Market Insight and Trends:
The intense competition in the market has led many companies to develop strategies, both tested and unique. Mostly these tactics include merger, acquisition, collaboration, new product launch, and other methods.
For instance, Salesforce.com has made three acquisitions in 2018 alone; Cloucraze, Datorama, and Mulesoft. These acquisitions can help in the expansion of their market portfolio.
Oracle is not far behind in taking definitive steps. It took over Aconex in 2017, and in 2018, it acquired Grapeshot.
The CRM software market is all set to experience automatically increased workflow. Artificial intelligence (AI) is improving in multifarious ways, and its interactions with the organization and individual users are becoming smoother every day. This growing efficiency will help CRM software optimize systems.
CRM software can now fill in data fields by analyzing available firmographic and demographic information. This will empower the software with better decision-making capability and drowning the waiting time for response considerably.
The global CRM software market is segmented by organization size, deployment, application and vertical. Based on the organization size, the market is segmented into SMEs and large enterprises. Based on the organization size, the market is segmented into cloud and on premise. Based on the application, the market is segmented into sales, marketing, manufacturing, customer service, social networking, supply chain, distribution and others. Whereas, based on the vertical, the market is segmented into BFSI, healthcare, manufacturing, IT & telecommunication, media & entertainment, energy & utilities and others.
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North America is the largest CRM software market, globally. The region is expected to retain its hegemony throughout the forecast period, marking the largest chunk of the market share. The substantial amount of technological advancements and increased adoption of cloud-based technologies across various industry verticals is the predominant factor accounting for the market growth.
The U.S. and Canada are the dominating markets for CRM in the region owing to the proliferation of smart and connected devices. Moreover, the presence of a well-established infrastructure contributes hugely to the market growth, allowing faster implementation of advanced technologies.
On the other hand, Asia Pacific CRM market is increasing rapidly, becoming one of the most lucrative markets globally. This is because of the development in industrialization and the growing number of business in the region. In developing countries like India and China, catalyze industry growth is expected over the forecast period, which in turn, propel the market growth in the region.
In Europe also, substantial growth is expected in the CRM market because of the increase in the number of corporate offices in the region. The market is increasing due to the rising technological enhancements, and the growing adoption of cloud-based CRM.
- Technology Investors
- Research/Consultancy firms
- Technology Solution Providers
- Government Bodies
- Regulatory agencies
LIST OF FIGURES
FIGURE 1 Global CRM Software Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Five Forces Analysis of Global CRM Software Market
FIGURE 4 Value Chain of Global CRM Software Market
FIGURE 5 Share of Global CRM Software Market in 2017, by country (in %)
FIGURE 6 Global CRM Software Market, 2017-2023,
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