DUBLIN--(BUSINESS WIRE)--The "CRM Software Global Market Report 2022, By Deployment, Size of Enterprise, Application" report has been added to ResearchAndMarkets.com's offering.
The global CRM software market is expected to grow from $106.23 billion in 2021 to $123.51 billion in 2022 at a compound annual growth rate (CAGR) of 16.3%. The market is expected to reach $216.63 billion in 2026 at a CAGR of 15.1%.
The customer relationship management (CRM) software market consists of sales of customer relationship management software which helps to build strong relationships with its customers. It analyzes the customer interactions and automates the activities identified with deals, advertising, and client support throughout the customer lifecycle. It causes the organizations to remain associated with their clients and improve productivity and furthermore helps in streamlining work forms. Some of the CRM software include Agile CRM, Recruit CRM, Sales mate CRM, NetSuite CRM.
The main deployment types of customer relationship management (CRM) software are cloud CRM and on-premise CRM. Cloud CRM refers to CRM software in which the application and data are stored, or hosted, on the CRM provider's own servers in a datacenter and accessed via an internet browser. The software are used by small and mid-sized enterprises, large enterprises for sales, marketing, manufacturing, customer service, social networking, supply chain, distribution, and others.
Increasing number of customers of the organizations and the rising need for customer satisfaction are expected to benefit the customer relationship management software market in the forecast period. Organizations should offer customized services to customers, gain better knowledge of their purchasing habits and other details, develop cross-selling opportunities and create competitive differentiators to retain existing customers and to attract new customers.
These drive the demand for the use of CRM software in organizations to understand their customers in a better way and to maintain a good relationship with them. For example, Apollo Hospitals has implemented custom designed CRM software of Veon Consulting which resulted in high user adoption, 27% cut in the timeline of the review process, efficient handling of patient visits and outcome which saved manual efforts by 42%, and effective reporting and dashboards which reduced number of travels by 50%.
Rising number of security concerns are expected to limit the growth of companies in the customer relationship management software market during the forecast period. Security concerns have been increasing in the recent times due to online availability of personal data.
CRM and similar software's store large databases online and these data of customers are accessed by teams around the globe which poses the potential for mistreatment of data. The data in the CRM software and other software's faces security concerns including corporate/competitive espionage, fraud, ID theft, nations-state espionage and unauthorized sales of data to third-party. These issues restrict the growth of CRM software. For example, CRM software in Bank of America and Citibank were once hacked to steal the user log-in credentials.
Social and Mobile CRM are increasingly integrating social media channels into CRM platforms to offer to its full capabilities on every smart device by having a real-time access at any place or time. This integration helps to achieve greater productivity, better customer experience, and access to more relevant information. Advertisers have embraced social media platforms to associate and share with customers for improving products and perceptions.
These also help businesses to manage customer grievances, requests, and inquiries. More number of users can access the data using social and mobile CRM. For example, Wells Fargo has implemented social CRM to engage with the customers and improve their availability. Wells Fargo also uses CRM to solve customer queries.
Major players in the customer relationship management (CRM) software market are
- Salesforce
- Microsoft
- Oracle
- SAP
- Sugar
- Zoho
- Pipedrive
- Hubspot
- Act
- Infusionsoft
- Apptivo
- Sage
- Salesboom
- Base
- Insightly
- Adobe
- Genesys Telecommunications laboratories
- Nice systems
- Pega systems
- Verint systems
- Zendesk
- Freshsales
- BPM online
- InfoFlo
- Amo
- vCita
- Monday.com
- Maximizer
- Hotjar
- nimble
Key Topics Covered:
1. Executive Summary
2. Customer Relationship Management (CRM) Software Market Characteristics
3. Customer Relationship Management (CRM) Software Market Trends And Strategies
4. Impact Of COVID-19 On Customer Relationship Management (CRM) Software
5. Customer Relationship Management (CRM) Software Market Size And Growth
5.1. Global Customer Relationship Management (CRM) Software Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Customer Relationship Management (CRM) Software Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Customer Relationship Management (CRM) Software Market Segmentation
6.1. Global Customer Relationship Management (CRM) Software Market, Segmentation By Deployment, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Cloud CRM
- On-Premise CRM
6.2. Global Customer Relationship Management (CRM) Software Market, Segmentation By Size of Enterprise, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Small & Mid sized enterprises
- Large enterprises
6.3. Global Customer Relationship Management (CRM) Software Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Sales
- Marketing
- Manufacturing
- Customer service
- Social networking
- Supply chain
- Distribution
- Others
7. Customer Relationship Management (CRM) Software Market Regional And Country Analysis
7.1. Global Customer Relationship Management (CRM) Software Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Customer Relationship Management (CRM) Software Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
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