CRM Software Market Size, Share, Developments Status, Trends and Key Players Analysis, Forecast 2023

Market Highlights

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.

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.

Primary Drivers and Key Challenges

CRM software has emerged as an indispensable tool used by businesses. The mounting need to maintain the position in the dynamic and interconnected world has led to a massive expansion of the industry in recent years. All companies, small or big, are trying to getter a better understanding of customer behavior to enhance their business relationships and also boost sales. The engagement level usually differs from one company to another; however, all companies are striving to address this challenge in order to elevate their market position. This factor is bound to boost the demand for CRM software, helping the market growth in the years to come.

At one point, cost barriers plagued the market, with CRM solutions affordable only by large enterprises. But, with the availability of modern CRM packages tailored as per specific needs, businesses of every size are now reaping the benefits. A significant advantage of using a CRM system includes the smoothening of the client maintenance process, which prompts the rise in the number of returning customers. This is indicative of a solid and gainful organization, which further stimulates market demand across the globe.

The internet of things (IoT) is among the top trends in CRM, which is viewed as the future of customer service. IoT has been a chief reason behind the strong demand for CRM, as it helps CRM function better for organizations, which boosts sales and enhances customer services. An example of this kind of integration includes the ability to study the information obtained from connected devices, wherein any issue is reported and is taken care of remotely instantly.

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Regional Outlook

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.

Segmentation:

MRFR has extensively studied the global CRM software market and has broken it down into segments like organization size, deployment, application, and vertical.

The organization sizes included in the report are small and medium enterprises (SMEs) and large enterprises.

Deployment-wise, the market has been considered for cloud and on-premise.

With respect to the application, the market includes sales, manufacturing, marketing, social networking, customer service, distribution, supply chain, and others.

The vertical-wise segments enlisted in the report are healthcare, BFSI, IT & telecommunication, manufacturing, energy & utilities, media & entertainment, and others.

Prominent Vendors

SYNNEX Corporation (U.S.), Adobe Systems Inc. (U.S.), Convergys Corporation (U.S.), Infor Global Solutions, Inc. (U.S.), SAP AG (Germany), ZOHO Corporation (India), Verint Systems Inc. (U.S.), SugarCRM (U.S.), IMS Health (U.S.), Salesforce.com (U.S.), Microsoft Corporation (U.S.), NetSuite Inc. (U.S.), Infusionsoft (U.S.), The Sage Group Plc (U.K), Oracle Corporation (U.S.), NICE Ltd. (Israel), SAS Institute Inc. (U.S.), IBM Corporation (U.S.), Huawei Technologies Co. Ltd (China), Amdocs (U.S.),are some of the top-performing vendors operating in the worldwide CRM software market.

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