The CRM software market size is garnering significant traction across the globe. Growing numbers of businesses and advantages that CRM software provides are the key factors propelling market growth. Besides, the proliferation of cloud deployment and increasing deployments of cloud-based CRM modules foster market growth exponentially.
The CRM or customer relationship management software helps organizations maintain business relationships by analyzing customer interactions throughout the consumer lifecycle and compiling customers' information across different channels. In a way, CRM software helps companies stay connected with their customers, improving profitability and streamlining work processes.
With the increasing use of web-based interfaces and social computing, the CRM software market value is projected to escalate further in the next few years. According to Market Research Future (MRFR), the global CRM software market is estimated to perceive significant revenues gains by 2027, growing at a colossal CAGR during the assessment period (2020-2027).
Conversely, the market growth is impeded due to exceeding complexities associated with the CRM software as the organization size increases. Nevertheless, technological advancement would undoubtedly support the market growth throughout the anticipated period, offering solutions and updates required to rule out shortfalls that the CRM software is having currently.
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Customer Relationship Management Software Market – Segments
The market is segmented into organization size, deployment, applications, verticals, and regions. The organization size segment is sub-segmented into SMEs and large enterprises. The deployment segment is sub-segmented into cloud and on-premise. The application segment is sub-segmented into sales, manufacturing, marketing, customer service, social networking, supply chain, distribution channels, and others.
The vertical segment is sub-segmented into healthcare, BFSI, manufacturing, IT telecommunication, media entertainment, energy utilities, and others. The region segment is sub-segmented into North America, Europe, APAC, and the rest of the world (RoW).
Global CRM Software Market – Regional Analysis
North America dominates the global CRM software market, heading with large technological advancements. Besides, the increased adoption of cloud-based technologies across various industry verticals is a major tailwind behind the regional market growth.
The US and Canada are major markets for CRM software, witnessing the proliferation of smart and connected devices. Moreover, the presence of a well-established infrastructure hugely contributes to the market revenues, allowing faster implementation of advanced technologies.
Customer Relationship Management Software Market – Competitive Analysis
Characterized by the presence of well-established players, the global CRM software market appears to be highly competitive. Matured players incorporate collaboration, acquisition, partnership, expansion, and technology launch to gain a competitive advantage and maintain their positions in the market. These players compete based on pricing and reputation.
Key Players:
Players leading the CRM software market include SAP AG (Germany), Salesforce.com (US), Oracle Corporation (US), Adobe Systems Inc. (US), Microsoft Corporation (US), Amdocs (Israel), Huawei Technologies Co. Ltd (China), Convergys Corporation (US), Infor Global Solutions, Inc. (US), SYNNEX Corporation (US), SAS Institute Inc. (US), The Sage Group Plc (UK), IBM Corporation (US), Verint Systems Inc. (US), SugarCRM (US), IMS Health (US), NICE Ltd. (Israel), NetSuite Inc. (US), Infusionsoft (US), and ZOHO Corporation (India), among others.
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Industry/Innovation/Related News:
Sep.23, 2021 – Gnani.ai, a conversational AI start-up, launched its home-grown voice biometrics software - armour365. The conversational AI and voice security domain claims that the biometric solution caters to all old and new fraud prevention and information security risks. Besides, armour365 can be implemented and integrated into any CRM for seamless authentication without coding or a device interface.
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