BANGALORE, India, Nov. 10, 2020 /PRNewswire/ -- A new Customer Relationship Management (CRM) Market Research Report published on Valuates Reports in Enterprise Technology Category. The report contains segmentation by Type (On-premise, Cloud), by Application (BFSI, Retail, Healthcare, IT & Telecom, Discrete Manufacturing, Government & Education, Others). It also covers Global Opportunity Analysis and Industry Forecast to 2026.
The global Customer Relationship Management market size is projected to reach USD 25320 Million by 2026, from USD 23740 Million in 2020, at a CAGR of 1.1% during 2021-2026.
Major factors driving the CRM market size are, increasing emphasis on consumer experience, emerging SMEs, social media and the awareness of real-time sharing of ideas.
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TRENDS INFLUENCING THE CRM MARKET SIZE
The CRM software market size is driven by the growing use of web-based interfaces and social computing. Also, the growing deployment of CRM software in the banking and financial services sectors is fueling the CRM market size.
Growing demand from small and medium business units for hosted services is also expected to drive the CRM market size.
Accessibility is one of the key factors increasing the growth of the CRM market size. Businesses want real-time access to customer data, with mobile and cloud solutions leading the way. From customer service and email marketing to personalization, companies now expect to connect platforms and technologies with customer data to provide a more personalized experience.
Another factor responsible for fuelling the CRM market size is the growing popularity of social CRM and mobile CRM. After cloud-based SaaS distribution, social CRM is expected to become the next most sought-after functionality in the market due to changing consumer dynamics. As per Salesforce.com, due to growth in every industry powered by digitally-enhanced operations, offerings, and relationships, more than 60 percent of global GDP will be digitized.
In addition, the future of customer relations management market size will be influenced by the advancement of communication technologies in the IT industry, mobile CRM, automated customer conversations and robotic process automation.
Other factors that fuel the demand for CRM market size are mature customer service, automated engagement, improved customer experience, and increased digital operations scope.
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CRM MARKET SHARE
Based on the region, North America is expected to hold the largest CRM market share due to numerous CRM solution vendors.
Asia-Pacific is expected to witness the highest growth during the forecast period. This rapid growth is attributed to increasing demand from emerging countries, such as China and India.
During the forecast period, the growth of the e-commerce industry in these economies is expected to boost customer relationship management solutions. Some of the factors driving the CRM market size in the Asia Pacific region are the industry's increasing scope and a broad customer base.
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By Region
Based on regional and country-level analysis, the Customer Relationship Management market has been segmented as follows:
North America
- United States
- Canada
Europe
- Germany
- France
- U.K.
- Italy
- Russia
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- Southeast Asia
- India
- Australia
- Rest of Asia-Pacific
Latin America
- Mexico
- Brazil
Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Rest of Middle East & Africa
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CRM MARKET SEGMENTATION
By type
- On-premise
- Cloud.
By Application
- BFSI
- Retail
- Healthcare
- IT & Telecom
- Discrete Manufacturing
- Government & Education
- Others.
TOP COMPANIES IN THE CRM MARKET
Based on our analysis, it is expected that the CRM market will experience strong competition between large conventional suppliers and emerging suppliers.
The integration of multiple channels would also impact the marketplace. The streamlining of routine activities would gain priority. Also, to extend their presence in new markets and sectors, CRM vendors are investing in Independent Software Vendors (ISV) and strategic System Integrators (SI's).
Some of the top companies in the CRM market include,
- Salesforce
- Oracle
- SAP
- Adobe Systems
- Genesys Telecommunications Laboratories
- Microsoft
- Nice Systems
- Verint Systems Inc.
- Pegasystems
- IQVIA.
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SIMILAR REPORTS
- Banking CRM Software Market Research Report 2020 - 2026, Segmented by type Cloud, On-Premise, by Application Small and Medium Enterprises (SMEs), Large Enterprises and by various regions.
- Healthcare CRM Market Research Report 2020 - 2021, Segmented by type Stand-alone Systems, Integrated Systems, by Application Hospitals, Clinic, Others and by various regions.
- Telecom CRM Market Research Report 2020 - 2026, Segmented by type Software, Service, Others, by Application Small-Sized Enterprises, Medium-Sized Enterprises, Large-Sized Enterprises and by various regions.
- Higher Education CRM Software Market Research Report 2020-2026, Segmented by Type Cloud Based, On-Premises, by Application Training Organizations, Universities, Others and by various regions.
- Financial Services CRM Software Market Research Report 2019 - 2025, Segmented by Type Cloud Based, Web Base, by Application Large Enterprises, SMEs and by various regions.
- Cloud CRM Market Research Report 2020 - 2026, Segmented by Type Customer Service, Manufacturing, Social Network, Supply Chain, Distribution, by Application Large Enterprise, SMEs and by various regions.
- SaaS-based CRM Software Market Research Report 2020 - 2026, Segmented by Type Cloud Based, On Premises, by Application SMEs, Large Enterprise and by various regions.
- CRM Analytics Market Research Report 2020 - 2026, Segmented by Type Sales Analytics, Customer Analytics, Contact Center Analytics, Marketing Analytics, Web & Social Media Analytics. By application Large Enterprises, Small and Medium Businesses and by various regions.
Click Here to Find Similar Reports on CRM Market Reports
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