CRM Software Market Size, Share, Trends, Leading Growth Drivers, Opportunities, Key Players, Future Plans and Regional Forecast 2023

The CRM software market is all set to experience automatically increased workflow. Artificial intelligence (AI) is improving in multifarious ways, and its interactions with the organization and individual users are becoming smoother every day.

Market Highlights

The CRM software market is all set to experience automatically increased workflow. Artificial intelligence (AI) is improving in multifarious ways, and its interactions with the organization and individual users are becoming smoother every day. This growing efficiency will help CRM software optimize systems.

The CRM software refers to the technologies that a company can use to maintain business relationships by analyzing the customer interactions throughout the consumer lifecycle and compiling the information of customers across different channels. In a way, CRM software helps the companies to stay connected with their customers and thereby improve profitability, streamlining the work processes.

However, the CRM software market is vulnerable to cybercrimes. Customer relationship management software hoard a considerable amount of personal data of customers which, if breached, can compromise personal information of customers. This has chained many from using this software.

The global CRM Software market is expected to grow up to 35 Bn. by 2023 registering a CAGR of 6% during 2017-2023.

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Regional Analysis:

North America is the largest CRM software market, globally. The region is expected to retain its hegemony throughout the forecast period, marking the largest chunk of the market share. The substantial amount of technological advancements and increased adoption of cloud-based technologies across various industry verticals is the predominant factor accounting for the market growth.

The U.S. and Canada are the dominating markets for CRM in the region owing to the proliferation of smart and connected devices. Moreover, the presence of a well-established infrastructure contributes hugely to the market growth, allowing faster implementation of advanced technologies.

On the other hand, Asia Pacific CRM market is increasing rapidly, becoming one of the most lucrative markets globally. This is because of the development in industrialization and the growing number of business in the region. In developing countries like India and China, catalyze industry growth is expected over the forecast period, which in turn, propel the market growth in the region.

In Europe also, substantial growth is expected in the CRM market because of the increase in the number of corporate offices in the region. The market is increasing due to the rising technological enhancements, and the growing adoption of cloud-based CRM.

Segmentation:

The global customer relationship management software market can be segmented into organization size, deployment, application and vertical.
By deployment, the customer relationship management software market comprises cloud and on-premise.

Application-wise, the customer relationship management software market is segmented into sales, marketing, manufacturing, customer service, social networking, supply chain, distribution, and others.
Based on the organization size, the customer relationship management software market is segmented into small & medium enterprises (SMEs) and large enterprises.

Vertical-wise, the customer relationship management software market includes banking, financial services and insurance (BFSI), healthcare, manufacturing, IT & telecommunication, media & entertainment, energy & utilities, and others.

Market Insight:

The intense competition in the market has led many companies to develop strategies, both tested and unique. Mostly these tactics include merger, acquisition, collaboration, new product launch, and other methods.

For instance, Salesforce.com has made three acquisitions in 2018 alone; Cloucraze, Datorama, and Mulesoft. These acquisitions can help in the expansion of their market portfolio.

Oracle is not far behind in taking definitive steps. It took over Aconex in 2017, and in 2018, it acquired Grapeshot.

Prominent players in the global CRM software market are Salesforce.com (U.S.), SAP AG (Germany), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Adobe Systems Inc. (U.S.), Amdocs (U.S.), Convergys Corporation (U.S.), Huawei Technologies Co. Ltd (China), Infor Global Solutions, Inc. (U.S.), SAS Institute Inc. (U.S.), SYNNEX Corporation (U.S.), The Sage Group Plc (U.K), Verint Systems Inc. (U.S.), IBM Corporation (U.S.), SugarCRM (U.S.), NICE Ltd. (Israel), IMS Health (U.S.), NetSuite Inc. (U.S.), ZOHO Corporation (India), Infusionsoft (U.S.), and others.

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List of Figures

FIGURE 1 Global CRM Software Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Five Forces Analysis Of Global CRM Software Market
FIGURE 4 Value Chain Of Global CRM Software Market
FIGURE 5 Share Of Global CRM Software Market In 2017, By Country (In %)
FIGURE 6 Global CRM Software Market, 2017-2023,
FIGURE 7 Sub Segments Of Organization Size
FIGURE 8 Global CRM Software Market Size By Organization Size, 2017
FIGURE 9 Share Of Global CRM Software Market By Organization Size, 2017 TO 2023
FIGURE 10 Global CRM Software Market Size By Deployment, 2017

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Name: Abhishek Sawant
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Organization: Market Research Future
Website: https://www.marketresearchfuture.com/reports/crm-software-market-4943

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