The CRM or customer relationship management software refers to the technologies that a company can use to maintain business relationships by analyzing the customer interactions throughout the consumer lifecycle and compiling the information of customers across different channels. In a way, CRM software helps the companies to stay connected with their customers and thereby improve profitability, streamlining the work processes.
The proliferation of Cloud deployment along with the increasing deployment of cloud-based CRM modules exponentially fosters the market growth. Growing number of business and advantages that CRM software provides are some of the key factors propelling the market growth. Besides, increasing use of web-based interfaces and social computing are escalating the market growth to ascending levels, driving the growth of 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.
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Characterized by the presence of well-established and small players, the global Market of CRM Software appears to be highly competitive. Matured players incorporate collaboration, acquisition, partnership, expansion, and technology launch to gain the competitive advantage and to maintain their positions in the market. These key players compete based upon pricing and reputation.
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.
July 16, 2018 – CDK Global, Inc. (US), a leading global vendor of digital marketing solutions and integrated information technology to the automotive retail and adjacent industries, announced the acquisition of ELEAD1ONE (US), the leading provider of fully integrated CRM software solutions to automotive dealers in North America. The acquisition is going to help CDK to rapidly address the needs of dealers in today’s evolving marketplace, with ELEAD1ONE’s CRM offering and a fully integrated suite of layered applications.
July 12, 2018 – LF Logistics (US), a global logistics and transportation company announced its collaboration with Lanetix (US), a leading provider of CRM software to empower its global business development teams with advanced opportunity management, and customer on boarding platform.
Using Lanetix’s CRM software, LF Logistics will be able to offer its customers the improved operational visibility into the status of the most important processes such as maintaining the project schedule.
According ro MRFR, The global CRM Software Market is expected to grow at a CAGR of approximately 6% during the forecast period 2017-2023.
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.
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