Customer relationship management (CRM) software is being increasingly by businesses to drive growth and sustain sales. CRM software enables companies to study customer interactions in real-time. Market Research Future (MRFR) in its recent report mentions that the global CRM software market will witness a healthy growth in the forthcoming. The market is projected to exhibit an impressive 6% CAGR between 2017 and 2023.
Customer information severs a wide range of purpose for companies, as it helps them develop future growth strategies. Besides, businesses can develop a robust customer relationship using CRM software. The global CRM software market has tremendous potential, which is being realized by several tech giants. A significant number of technology companies have entered the market in recent years. In order to expand footprint in the market, many companies are implementing strategies such as merger and acquisition and collaboration. At the same time, product innovation has become a major area of focus for market players.
The growing popularity of social computing and increased adoption of web-based interfaces are some of the key factors supporting the market growth. CRM software is also witnessing a rapid uptake in the BFSI sector. Moreover, increased adoption of hosted services by small and medium-sized enterprises is reflecting favourably on the market.
The market is also benefiting from the arrival of cloud-based CRM modules. The popularity of mobile CRM and social CRM is expected to increase in the forthcoming years. The massive improvement in network infrastructure across the globe and increased importance of real-time monitoring of customer behaviour are some of the important factors that are likely to create lucrative market opportunities in the years to come.
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The segmental analysis of the market has been conducted on the basis of deployment, organization size, vertical and application.
By deployment, the market has been segmented into on-premise and cloud. On the basis of organization size, the market has been segmented into cloud and on-premise. The cloud segment is expected to remain highly attractive during the assessment period. In addition, the segment is also expected to post the strongest growth rate over the next four years. Increased adoption of cloud-based systems is driving the growth of the segment. Based on vertical, the market has been segmented into manufacturing, media & entertainment, BFSI, energy & utilities, healthcare, IT & telecommunication and others. On the basis application, the market has been segmented into marketing, sales, manufacturing, customer service, social networking, distribution, supply chain and others.
Global CRM Software Market: Regional Analysis
Key regions covered in the report include North America, Asia Pacific, Europe and Rest of the world (RoW). Of these, North America is expected to remain a highly profitable market for CRM software during the forecast period. Factors such as technological prowess of the U.S. and fast uptake of cloud in various industries are supporting the market growth in North America. The Asia Pacific CRM software market is also expected to witness healthy growth over the next couple years. Macroeconomic factors such as rapid industrialization, increasing per capita income, and urbanization can be linked with the market growth in the region.
Global CRM Software Market: Key Players
SAP AG (Germany), Salesforce.com (U.S.), Adobe Systems Inc. (U.S.), Convergys Corporation (U.S.), Infor Global Solutions, Inc. (U.S.), The Sage Group Plc (U.K), ZOHO Corporation (India), SAS Institute Inc. (U.S.), SugarCRM (U.S.), IMS Health (U.S.), Oracle Corporation (U.S.), Amdocs (U.S.),Microsoft Corporation (U.S.), NetSuite Inc. (U.S.), Infusionsoft (U.S.), Huawei Technologies Co. Ltd (China), Verint Systems Inc. (U.S.), NICE Ltd. (Israel), IBM Corporation (U.S.) and SYNNEX Corporation (U.S.) are among the leading companies operating in the global market for CRM software.
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