Cloud Customer Relationship Management Market Introduction
Customer relationship management has been one of the crucial aspects of organization throughout business journey. In today’s digital era it has become imperative for enterprises to build and maintain long term customer relationship with client through automation of front-end business processes and customer touch points. CRM solutions allow end user enterprises to gather, organize, and manage customer information and data to analyse customer buying behaviour and patterns, thereby enhancing overall customer experience at various interactions points.
With increasing migration of end user vertical towards cloud technology and services especially software as a service, demand for cloud-based CRM is increasing at a significant pace. This is boosting growth of cloud CRM market across the globe. Further, growing number of tech savvy customers owing to increasing smart phone and wearable devices is encouraging organizations to offer enhanced digital services to customers, thereby creating new opportunities for cloud CRM solution providers.
- Enhanced customer communication and experience
- Increasing spending on automation of front-end business processes
- Rising adoption of CRM among SMBs
- Enable enterprises to maximize cross-selling and upselling
- Security threats associated with private data
- Lack of acceptance among organizations with complex and legacy IT infrastructure
The global cloud CRM market has been segmented into software type, deployment model, enterprise size, and end user verticals.
- Customer Management
- Contact Center
- Other Software
By Deployment Model
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
By End User Vertical
- IT & Telecom
- Media & Entertainment
- Energy & Utility
- Educational Institutes
- Other End Users
By Regional Outlook
Major regions and countries analysed in the global cloud CRM market are listed below:
- North America (US, Canada, Mexico)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Western Europe (Germany, UK, France, Italy, Spain, Rest of Western Europe)
- Asia Pacific (Japan, China, India, ASEAN, Australia, Rest of Asia-Pacific)
- Eastern Europe (Russia, Poland, Rest of Eastern Europe)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
Of these regions, in 2017, North America was the largest regional market in the global cloud CRM market in terms of spending. US is the major contributor in the North America CRM market accounting for over 70% share of the overall pie. This growth is mainly driven by growing adoption of SaaS model among small and medium businesses in the country. Asian countries such as China and India are projected to emerge as lucrative markets in the global cloud CRM market during the forecast period.
Cloud Customer Relationship Management Market Competitive Landscape
Major vendors operating in the global cloud CRM market are Amdocs, SAGE, IBM Corporation, Microsoft Corporation, Ramco Systems, Oracle Corporation, Zoho Corporation, Salesforce.com inc., SAP SE, and Sugarcrm. These players emphasize more on following price differentiation strategies, thus, introduce SaaS services at cost-effective price. Also, partnerships with leading regional players to enhance existing product portfolio is another strategy followed by key players.
This research report on cloud customer relationship management market would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.