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CRM Software Market 2018 by Development, Trends, Key Driven Factors, Segmentatio
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CRM or customer relationship management software refers to strategies or technologies a company uses to analyze customer interactions throughout the consumer lifecycle. CRM software is designed to compile information of customers across different channels with a basic goal to maintain business relationships. It helps the companies to stay connected with their customers and improve profitability and also helps in streamlining work processes.
Technology giants such as IBM Corporation, Oracle Corporation, Salesforce.com, SAP AG, Microsoft Corporation, Adobe Systems Inc., Amdocs, Convergys Corporation and Huawei Technologies Co. Ltd are a few major players in the global CRM software market. Salesforce acquired Demandware for $2.8 billion, bolstering their ecommerce and retail applications offerings. Demandware’s revenues will be counted toward Salesforce’s commerce cloud. As a part of a similar strategy, Adobe acquired Livefyre, a content curation and audience engagement developer that gives brands access to billions of pieces of user generated content that can be streamed in real-time, right to their sites, ads, emails, TV, digital billboards, and apps.
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Increasing use of web-based interfaces and social computing are major factors driving the growth of the global CRM software market. Furthermore, increasing deployment of CRM software in banking and financial services sector is boosting the growth of the market. Also, growing demand for hosted services from small and medium business units is set to drive the growth of the CRM software market. Increasing popularity of social CRM and mobile CRM is another factor responsible for fueling the growth of the global CRM software market.
The global CRM Software Market is expected to grow at a CAGR of approximately 6% during the forecast period 2017-2023.
The global CRM software market is segmented by organization size, deployment, application and vertical. Based on the organization size, the market is segmented into SMEs and large enterprises. Based on the organization size, the market is segmented into cloud and on premise. Based on the application, the market is segmented into sales, marketing, manufacturing, customer service, social networking, supply chain, distribution and others. Whereas, based on the vertical, the market is segmented into BFSI, healthcare, manufacturing, IT & telecommunication, media & entertainment, energy & utilities and others.
Some of the 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) and Infusionsoft (U.S.).
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The global CRM software market is studied in Asia Pacific, North America, Europe, and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period. The growth of market in North America is attributed to technological advancements and increased adoption of cloud based technologies across various industry verticals.
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