FACTS AT A GLANCE
Editing: 20; Posted: May 2021
Executive pool: 45244
Companies: 74 – Players covered include Adobe Inc .; AMDOCS Ltd .; Huawei Technologies Co., Ltd. ; IBM Corporation; Inform; Microsoft Corporation; NetSuite, Inc .; NICE Ltd. ; Oracle Corporation; Salesforce.com, Inc .; SAP SE; SAS Institute, Inc .; SugarCRM, Inc .; Synnex Corporation; The Sage Plc Group; Verint Systems, Inc .; Zoho Corporation Pvt., Ltd. and others.
Blanket: All major geographies and key segments
Segments: Size of the organization (SMEs and large companies); Deployment (Cloud and on-site); Application (sales, marketing, manufacturing, customer service, social media, supply chain, distribution and other applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; Spain; Russia; and rest of Europe); Asia Pacific (Australia; India; South Korea; and rest of Asia Pacific); Latin America (Argentina; Brazil; Mexico; and rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and rest of Middle East); and Africa.
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Global Customer Relationship Management (CRM) Software Market To Reach $ 81.9 billion by 2024
Customer relationship management (CRM) software enables easy management of the company’s interactions with existing and potential customers. As a key enabler of CRM deployment, it organizes, automates and synchronizes sales, marketing, customer service and support functions within an organization. Adopting CRM systems can help businesses improve their operational activities in individual silos, collaborate data across multiple departments, and create customer-centric strategies. Amid COVID-19 Crisis, Global Customer Relationship Management (CRM) Software Market Expected To Reach 81.9 billion US dollars by 2024, registering a compound annual growth rate (CAGR) of 11.4% over the analysis period. United States represents the largest regional market for customer relationship management (CRM) software, accounting for an estimated 49.7% share of the global total. The market is expected to reach US $ 43.8 billion before the end of the analysis period. China is expected to spearhead the growth and become the fastest growing regional market with a CAGR of 16.1% during the analysis period.
As the largest and most promising segment of the global enterprise application software market, CRM software continues to gain prominence in various industries as companies turn to adopting customer-centric strategies for improve the customer experience, streamline work processes and improve profits. Driven by the customer-centric approach of businesses and organizations, the demand for CRM software has grown rapidly as the software enables companies to analyze customer patterns in various channels. Additionally, with artificial intelligence and big data playing an increasingly important role in data collection, the importance of CRM software continues to grow. The growing emergence of internet-centric businesses and the ability of CRM software integrated with corporate portals to solve major customer issues is also fueling the growth of the market. Mobile CRM and Social CRM are the notable trends in the global CRM software market driven by the growing penetration of smart mobile devices and the growing user base of social media channels. Such offers are essential for increasing productivity, accessing relevant information and improving the customer experience. A major factor hampering the growth of the CRM software market is the increasing number of security issues that are emerging due to the increasing availability of personal data on online platforms. CRM software vendors are required to comply with data regulations such as GDPR by adding additional privacy features to their offerings.
Although considered to be a mature market, the United States continues to generate significant revenue for the global CRM software market given the growing inclination of companies in the country towards advanced CRM variants such as social CRM and analytics. CRM. Mobile CRM is also growing in popularity, with the country having a large number of mobile workforce around the world. Characterized by positive economic growth, a booming business segment, an increase in the number of new business establishments, especially in the retail sector, and a strong manufacturing and industrial sector in some of the major countries, in particular China and India, will lead to a strong demand for CRM software in the Asia Pacific Region. High penetration of mobile devices, robust deployments of mobile applications and a growing number of mobile workforce will boost the prospects for the mobile CRM market in the region. Following
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