Market Highlights
The global CRM software market is projected to witness a rapid growth during the forecast period owing to increasing emergence of cloud-based technologies and increasing benefits of the internet of things. Moreover, increasing demand for CRM software across various industry verticals such as BFSI, healthcare, manufacturing, retail and IT & telecommunications is driving the growth of the global market.
COVID-19 Outbreak Impact on CRM Software Market
The customer is the topmost priority for enterprises across all markets. Hence, the enterprises’ relationships with their customers built through the years, will prove beneficial for the enterprises during the COVID-19 pandemic. Customer Relationship Management (CRM) software enables organizations to analyze customer interactions throughout the product or consumer lifecycle. The software is specifically designed to gather all the customer information such as call logs, pipeline data, sticky notes, product and service preferences, appointments, and so on. CRM software offers several benefits such as enhanced customer relationship management, minimized data entry operations, smooth pipeline functionality, steady business growth, higher revenue generation, and informed customer communication, among other benefits. Furthermore, CRM enables businesses to stay connected with customers and streamline operations accordingly.
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Segmentation:
The global CRM software market is segmented on the basis of the organization size, deployment, application and vertical. The organization size segment is classified small and medium enterprises and large enterprises. However, the large enterprises segment is expected to hold the largest market share of the CRM software market. Whereas, the small and medium enterprises segment is expected to grow at the highest rate across the globe over the forecast period. This is owing to the increasing demand for deployment of cloud based CRM modules from small and medium enterprises segment.
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Regional Analysis
The global CRM Software Market Analysis by geography is segmented into North America, Europe, Asia Pacific, and Rest of the World. The North America market is expected to witness a significant growth and hold the largest share of the global market during the forecast period. The U.S and Canada are anticipated to drive the growth of the North American CRM software market owing to the presence of large number of established key players such as Salesforce.com, Oracle Corporation, Microsoft Corporation, Adobe Systems Inc., Amdocs and Convergys Corporation in this region. Due to the sustainable and well-established economies in the region, the market is likely to show immense growth in the coming future. Additionally, North America also has a well-established infrastructure, which allows higher penetration of devices and ultimately provides better connectivity. The growth in the market is also attributed to increasing focus of business organizations towards digital marketing and growing adoption of CRM software by small and medium organizations. CRM helps in enhancing the implementation of a digital marketing strategy. In the global CRM software market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the growing focus on customer engagement and increasing implementation of cloud based technologies across different countries in the region.
Key Players
Some of the prominent players in the global CRM software market: Salesforce.com (U.S.), SAP AG (Germany), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Adobe Systems Inc. (U.S.), Amdocs (U.S.), Convergys Corporation (U.S.), Huawei Technologies Co. Ltd (China), Infor Global Solutions, Inc. (U.S.), SAS Institute Inc. (U.S.), SYNNEX Corporation (U.S.), The Sage Group Plc. (U.K), Verint Systems Inc. (U.S.), IBM Corporation (U.S.), SugarCRM (U.S.), NICE Ltd. (Israel), IMS Health (U.S.), NetSuite Inc. (U.S.), ZOHO Corporation (India) 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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