Customer Relationship Management (CRM) Software: Global Markets

Customer Relationship Management (CRM) Software: Global Markets

  • April 2020 •
  • 127 pages •
  • Report ID: 5881917 •
  • Format: PDF
Report Scope:
This report provides an in-depth analysis of the CRM software market and its segments, including solutions, applications, end users and regions.The solutions considered in this report are divided into two parts namely, software and services.

The services are again divided into three main types: consulting, implementation, and training and support.The report discusses the different applications of CRM software to derive specific market estimations.

The types of applications include sales, marketing, eCommerce, and customer services and support.

In terms of deployment, two main types of deployment, on-premises and cloud CRM, are considered.The CRM software adoption is segregated on the basis of organizational size as well.

The end-user segment comprises BFSI, healthcare, retail, IT and telecom, higher education, manufacturing, nonprofit, government, and others (such as energy and utility, media and entertainment, travel and hospitality, and agriculture). The region level study includes North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.

Report Includes:
- 81 data tables and 16 additional tables
- A brief outline of the global market for Customer Relationship Management (CRM) software/solutions
- Analyses of the global market trends, with historical data from 2018, 2019, and projections of compound annual growth rates (CAGRs) for a five-year forecast through 2024
- Discussion of key underlying trends (both current and emerging) related to this technology, industry overview, regional factors and govt. enforced regulations that shape and influence the overall market dynamics
- Assessment of the global competitive landscape with an analysis of market positing and market shares, as well as strategies for key solution providers of CRM software and related cloud computing technologies
- Identification of viable technology drivers through a comprehensive look at various forms of CRM software, application industries, and adoption of CRM solutions across a broad spectrum of industry verticals
- Patent analysis with data corresponding to CRM software design innovations, developments and deployments
- Evaluation of current market size, market forecast, and market share analysis of the leading players of the industry
- Detailed company profiles of the market leading corporations including Adobe Inc., Hubspot Inc., Microsoft Corp., Pegasystems Inc., Verint Systems Inc., and Zoho Corp.

Summary:
CRM is used to manage relations with current and future customers.The market for CRM software has demonstrated continued growth over the last decade and is expected to grow manifold over the next decade.

The primary objective of CRM is to cater to customers better, increase customer retention and improve sales revenue. Previously, CRM has been majorly adopted by large enterprises only, but now- adays due to advent of many pay-per-use SaaS (Software-as-a-Service), CRMs has democratized their implementation in small businesses globally as well.

There is correspondence between sales performance of any company and CRM adoption rates.According to a Sales Operations Optimization Study by Miller Heiman Group, “companies with CRM adoption rates of ?75% have poorer sales teams’ performance.

It manifests in a lower win rate of forecast sales opportunities and a lower quota attainment rate as compared to sales organizations with a higher CRM adoption rate.” Thus, hands-on training on custom built CRM functionality is necessary to ensure all-around CRM adoption and ultimately to improve sales revenue.

The key drivers responsible for the growth of the CRM market includes factors like demand for improvement in customer experience, better customer retention and acquisition, lead management, voice of the customer, and field management.The CRM market comprises a wide range of supplier bases ranging from regional to global vendors who are offering solutions specific to business requirements.

CRM platforms are able to seamlessly operate across various business functions such as sales, marketing, customer support, and various channels including mobile and social media.