DUBLIN--(BUSINESS WIRE)--The "Global Customer Relationship Management Market By Component, By Enterprise Size, By Deployment Type, By Application, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Customer Relationship Management Market size is expected to reach $94.4 billion by 2027, rising at a market growth of 11.3% CAGR during the forecast period.
- Salesforce.com, Inc.
- Microsoft Corporation
- SAP SE
- Oracle Corporation
- Adobe, Inc.
- Zoho Corporation Pvt. Ltd.
- SugarCRM, Inc.
- Copper CRM, Inc.
- Insightly, Inc.
CRM includes direction and guidelines regarding how to carry out the interactions between customer and enterprise along with that it also helps in managing and monitoring all the crucial information. Moreover, this vital information is used to generate leads, boost sales, close deals & maintain customers, develop more tailored customer service, develop more strong relationships, and making processes efficient and simple. In addition, customer relationship management is highly used by sales managers to automate their sales process and monitor the performance of their team.
The increasing demand for implementing Customer Relationship Management (CRM) offerings and solutions through the Software as a Service (SaaS) model is one of the major trends of the market. The demand for CRM solution will witness a spike worldwide due to the aspects like enhancing the scope of digital operations, growing demand for automated engagement with customers, and rising focus on delivering better customer experience & services. In addition, factors like the advent of serverless computing & hybrid cloud computing, advancements in cloud computing technology, and the accessibility of different service models like Infrastructure as a Service (IaaS), SaaS, and Platform as a Service (PaaS) are estimated to bolster the growth of the market during the forecast period.
The outbreak of the global COVID-19 pandemic has changed the ways through which companies operate. The lockdown restrictions and work from home culture due to the pandemic have increased the focus of the companies on effective methods of engaging with their customers in the remote working atmosphere. This is estimated to increase the adoption and usage of CRM solutions by the companies to better serve their customers, boost sales engagement, and improve employee productivity.
Based on Component, the market is segmented into Software and Services. The service segment is projected to record the highest growth rate since it establishes an effective connection among the software vendors and customers of CRM software by delivering services like training, implementation, consulting services, and managed services. There is growing adoption of the software that improve the customer satisfaction of several industrial sectors like IT & telecommunication, BFSI, and healthcare, which optimize the value of current customer by fulfilling their requirements and reduce the operational cost. It further propels the adoption of services that helps in handling the software properly.
Enterprise Size Outlook
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. The large enterprises segment acquired the largest share in the market in 2020. It is owing to the presence of various operational departments in large enterprises, where CRM solutions are used to assist in integrating customer data with business process management capabilities and also help companies to manage their marketing, sales, and customer support processes seamlessly.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into Cloud and On-premise. The cloud segment procured the highest revenues share in the market in 2020. Cloud-based solutions are widely adopted & popular due to the various benefits like scalability, high flexibility, cost-efficiency, and low hardware maintenance cost, provided by the SaaS deployment model.
Based on Application, the market is segmented into Customer Service, Customer Experience Management, CRM Analytics, Marketing Automation, Salesforce Automation and Others. By Application, the customer service segment acquired the highest market share in 2020. Factors such as the increasing importance among companies about their customers' behaviour & preference and growing adoption of the customer service strategies by the companies to offer best service performance in real-time are responsible for this massive growth.
End User Outlook
Based on End User, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Energy & Utility, Manufacturing and Others. The rising competition across the retail sector is surging the demand for improved CRM software & online systems to help the companies to offer their customers more efficient & effective customer-centric services. Additionally, there is an increasing demand for advanced CRM solutions, which assist various channels for sale processes, provide analyses and comprehensive data-based oversight of customers and their purchasing patterns & preferences.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia Pacific region is expected to exhibit the highest growth rate during the forecast period. The rising demand for advanced and innovative CRM solutions in developing nations like India and China is projected to act as a catalyst for the growth of the regional market.
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