CRM Software Market Research Report- Forecast till 2023
While 2020 is being an extremely eventful year for CRM software due to COVID 19, the market is showing some positive instincts, when studied by Market Research Future. As per it, the global CRM software market has the potential to show immense growth, which is recorded at a rate of 6%. The growth period has been estimated from the years of 2017 and 2023.
Top Impacting Drivers
CRM software market is in high growth mode as demand for CRM continues to take a high plunge in recent times. CRM software has the power to manage business processes for companies of any size in easy mode. Nowadays, it is more than just sales opportunities, in which CRM can be a part of the whole customer engagement pipeline. During the coronavirus disease outbreak, the technology giants such as Oracle Corporation, IBM Corporation, SAP AG, Salesforce.com, Adobe Systems Inc., Microsoft Corporation, Convergys Corporation, Amdocs, and Huawei Technologies Co. Ltd is a few investing more in the global CRM software market to strategize and analyze customer interactions amid lockdown, globally.
Customer relationship management software or CRM is emerging as a way for companies to improve customer service, sales, manufacturing, and marketing by capturing customers’ information and gathering the intelligence they need to offer enhanced support and services to their customers. The CRM software market is witnessing a swift growth in the forecast period due to the rising awareness of CRM’s importance for business growth and its benefits such as the ability to manage customer interaction optimally, cost & time effectiveness, and its capability of managing a large amount of information.
In the current time of COVID 19 pandemic, the companies around the world are striving to design and implement new CRM systems to better serve their customers. In the case of point, Dominion Dealer Solutions, a provider of automotive market intelligence solutions, launched its new CRM called Dominion Vision. This business intelligence tool aids with learning customers and their preferences. Also, it helps salespeople connect with the prospects using the best possible and eliminate the need for traditional action plans and lineated workflows.
Furthermore, the rising number of customers of the organizations and the mounting need for customer satisfaction are anticipated to benefit the customer relationship management software market in the forecast period.
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Further, the global CRM software market is studied over various segments of organization size, deployment, application and vertical.
In terms of the organization size segment, the market has included SMEs and large enterprises.
In terms of the organization size segment, the market has included cloud and on premise.
In terms of the application segment, the market has included marketing, sales, customer service, manufacturing, supply chain, social networking, distribution and others.
In terms of the vertical segment, the market has included healthcare, BFSI, IT & telecommunication, manufacturing, energy & utilities and media & entertainment.
The North American region, chiefly the U.S., exhibited the largest share in the market due to numerous solution vendors, both big and small, in the region. While North America is likely to continue to lead the market, European region showed a slightly sluggish growth. It can be associated with the gloomy economic conditions owing to coronavirus pandemic, including Brexit ordeal and mounting public debt that have affected the marketing and IT budgets of the organizations in the region.
The Asia Pacific region is proposed to expand at the highest CAGR over the forecast period, due to the increasing demand from emerging countries like China and India. The development of the e-commerce industry in these economies is the drive for customer relationship management solutions in the region in the coming years. The new scope of a business, a large customer base, and a positive growth prediction are a few factors driving the growth of the Asian Pacific region. In the case of point, Salesforce.com scaled up its operations in June 2019 with an investment of around USD 100 Billion in Japanese start-ups.
Top Market Players
The well known players in the global CRM software market are SAP AG (Germany), Salesforce.com (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Amdocs (U.S.), Adobe Systems Inc. (U.S.), Huawei Technologies Co. Ltd (China), Convergys Corporation (U.S.), SAS Institute Inc. (U.S.), Infor Global Solutions, Inc. (U.S.), The Sage Group Plc (U.K), SYNNEX Corporation (U.S.), IBM Corporation (U.S.), Verint Systems Inc. (U.S.), NICE Ltd. (Israel), SugarCRM (U.S.), NetSuite Inc. (U.S.), IMS Health (U.S.), and Infusionsoft (U.S.).
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Global CRM Software Market Research Report: by Organization Size (SMEs, Large Enterprises), Deployment (Cloud, On Premise), Application (Manufacturing, Customer Service, Social Networking, Supply Chain, and Distribution) and Vertical – Forecast till 2023
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