Market Highlights
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.
Market Research Future (MRFR) expects the customer relationship management (CRM) software market to attain a CAGR of roughly 6% during the forecast period (2017-2023).
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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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.
Regional Outlook
North America, Asia Pacific (APAC), Europe and Rest of the world (RoW) are the key regions that form the CRM software market.
North America, with the largest share in the global CRM software market, has acquired the top position. The United States (U.S.), along with Canada, leads the regional market, backed by increase in technological advancements along with proliferation of intelligent connected devices. In addition to that, the region is known for its well-established infrastructure that gives way to faster implementation of sophisticated technologies. Also, the rising popularity of cloud-based CRM modules is another important factor that induces market growth in the region.
The APAC market for CRM software has grown significantly over the years, thanks to the increasing use of web-based interfaces as well as social computing. Rising deployment of CRM software in the banking and financial services sector also benefits the regional market. High popularity of social CRM as well as mobile CRM is also working in favor of the APAC market.
Fast uptake of cloud in various industries and high industrialization and urbanization are bound to take the Europe market to greater heights in the upcoming years. Sensing the market opportunities, and the aim to expand their footprint, several companies in the region are indulging in strategies such like collaboration and merger and acquisition. Product innovation is another prominent area of focus for the regional players.
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.
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