Customer Relationship Management Market Introduction
Maintaining customer loyalty, customer retention, and building effective and long-term relationships with client are becoming top most priorities for enterprises to survive competition in both local and global markets. Majority of the organizations are moving towards digital business models and investing on customer relationship management (CRM) solutions and services in order to automate front-end business processes and become more customer-oriented. CRM is a system that enables end user enterprises to collect, organize, and manage the customer information and enhance overall customer experience at various customer touch points. CRM solutions help organizations to improve relationship with existing customers, retaining them, and finding new prospective customers.
Growing awareness among SMEs across developing regions such as Asia Pacific, Latin America, and Eastern Europe are increasing the uptake of CRM software and services at a significant pace. SMEs are increasingly spending on deployment of cloud-based CRM software and services to reduce IT related cost, enhance scalability, and improve customer satisfaction. This, in turn, is projected to fuel growth of the CRM market across the globe.
Proliferation of smartphones, and increasing usage of social networking is offering new opportunities for major CRM vendors to introduce cost-effective and advanced mobile-based CRM and social CRM solutions in the global CRM market.
- Enhanced customer relationship and experience at various interaction points
- Growing digitization and adoption of connected devices and solutions
- Rising adoption of CRM in SMEs
- Enables end user organizations to maximize cross-selling and upselling
- Security and privacy threats associated with confidential data
- Lack of acceptance among enterprises with complex and legacy IT infrastructure
Customer relationship management market scope consists of different level of segments including market classification by offering, deployment model, end user vertical.
- Customer management
- Contact Center
- Other Software
- Implementation & Integration
- Training & Support
- Other Services
By Deployment Model
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
By End User Vertical
- Educational Institutes
- IT & Telecom
- Media & Entertainment
- Energy & Utility
- Other End Users
By Regional Outlook
Major regions and countries analysed in the global CRM market are listed below:
- North America (US, Canada, Mexico)
- Asia Pacific (Japan, China, India, ASEAN, Australia, Rest of Asia-Pacific)
- Eastern Europe (Russia, Poland, Rest of Eastern Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Western Europe (Germany, UK, France, Italy, Spain, Rest of Western Europe)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
Among regions, North America dominated the global CRM market in terms of revenue share in 2017. US is the major contributor in the North America CRM market accounting for over 70% share of the overall pie. Asia Pacific to emerge as one of the lucrative regional market in the global CRM market in coming years.
Customer Relationship Management Market Competitive Landscape
Lured by a growing enterprise resource planning software adoption, key CRM vendors based in U.S. and Europe CRM vendors are concentrating on emerging regional markets such as Asia Pacific and Latin America. Major Asian countries targeted by prominent players are China and Australia. However, global players offering CRM solutions and services are facing stiff competition from domestic software providers. Aggressive price differential strategies and deep knowledge of local business are major factors making CRM market in emerging countries intensely competitive. Prominent players identified in global CRM market are Acquia, Amdocs, Lithium, IBM, Jive Software, Microsoft, Netsuite, Pegasystems, Ramco Systems, SAGE, Nimble, Oracle, Salesforce, SAP, and Sugarcrm. Other emerging players offering advanced CRM solutions and services are Allegiance, Tracx, Nextprinciples, Contactually, ITC Infotech, and Nearstream.
This research report on 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.