Market Highlights

In its recently published research report, Market Research Future (MRFR), asserts that the global CRM software market is thriving and poised to grow exponentially over the review period, recording a substantial market valuation of USD 35 billion and a healthy CAGR of approximately 6% in the forecast period.

Primary Drivers and Key Challenges

CRM Market Share 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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Segmentation:

The global CRM software market is analyzed by deployment, organization size, application, and vertical. Based on the organization size, the CRM software market is segmented into SMEs and large enterprises. Based on the organization size, the CRM software market is segmented into the cloud and on-premise. However, the cloud-based deployment sub-segment is expected to hold the maximum market share of the CRM software market and is also slated to grow at the highest rate over the forecast period owing to the rising deployment of cloud-based CRM modules. Based on the application, the CRM software market is segmented into sales, marketing, manufacturing, social networking, customer service, supply chain, distribution, and others. Although, based on the vertical, the market is segmented into healthcare, IT & telecommunication, manufacturing, media & entertainment, BFSI, energy & utilities and others.

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.

Competitive Analysis

The top market players functioning in the global CRM software market as identified by MRFR are SAP AG (Germany), Salesforce.com (U.S.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Amdocs (U.S.), Adobe Systems Inc. (U.S.), Convergys Corporation (U.S.), Infor Global Solutions, Inc. (U.S.), Huawei Technologies Co. Ltd (China), SAS Institute Inc. (U.S.), The Sage Group Plc (U.K), SYNNEX Corporation (U.S.), Verint Systems Inc. (U.S.), SugarCRM (U.S.), IBM Corporation (U.S.), NICE Ltd. (Israel), NetSuite Inc. (U.S.), IMS Health (U.S.), ZOHO Corporation (India), and Infusionsoft (U.S.), among others. The major market players are expected to adopt numerous business growth strategies to sustain the competitive dynamics and their position in the globe market, which is also expected to contribute towards the overall market growth for CRM software over the review period.

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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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