BANGALORE, India, Nov. 10, 2020
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.
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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Based on regional and country-level analysis, the Customer Relationship Management market has been segmented as follows:
Middle East & Africa
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CRM MARKET SEGMENTATION
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,
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