Market Analysis:
The global CRM software market growth will reach USD 35 billion at a 6% CAGR by 2023, states the latest Market Research Future (MRFR) report.
Drivers
Integration of Social Media with CRM Software to Boost Market Growth
The integration of social media with CRM software as well as hosted CRM software will boost the market growth over the forecast period.
Opportunities
Use of AI in CRM Systems to offer Robust Opportunities
The use of AI across digital technologies is rapidly growing across the world. The demand to use AI with CRM systems similarly is increasing to augment customer experience. Artificial technologies like natural language processor, deep learning, and machine learning help CRM software to understand the customer’s emotional state. This will offer robust opportunities for the market over the forecast period.
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Restraints
Lack of Security to act as Market Restraint
The lack of security regarding the privacy of customer information may act as market restraint over the forecast period.
Challenges
High Installation Cost to act as Market Challenge
The high initial and installation cost of CRM software may act as a market challenge over the forecast period.
Market Segmentation
The global CRM software market is bifurcated based on vertical, application, deployment, and organization size.
By organization size, the large enterprises will lead the market over the forecast period.
By deployment, the cloud segment will dominate the market over the forecast period.
By application, the customer service segment will spearhead the market over the forecast period.
By vertical, the BFSI segment will have the lions share in the market over the forecast period.
COVID-19 Analysis
The COVID-19 outbreak has transformed the ways organizations work. The restrictions followed by the lockdown and the trend of work from home have increased the focus of enterprises on effective techniques to engage with their customers in the remote working atmosphere. This is likely to boost the use and adoption of CRM solutions by companies to serve customers better, improve employee productivity, and boost sales engagement.
Regional Analysis
North America to Maintain Winning Streak in CRM Software Market
North America will maintain the winning streak in the CRM software market over the forecast period. Growing demand in US and Canada for rising technological enhancements and also proliferation of intelligent connected devices, the presence of a well-established infrastructure that enables faster implementation of advanced technologies, the growing adoption of cloud based CRM modules, the presence of several key CRM vendors in the US, several enterprises and businesses relying on the use of advanced technologies, continued digital transformation across industry verticals and industries including hospitality, retail, and banking, the increasing use emerging technology like industrial automation and machine learning, major shift of businesses towards digital transformation, the region being the hub for different industrial verticals like energy and utility sector, IT and telecom, and healthcare are adding to the global CRM software market growth in the region.
Key Players
Eminent players profiled in the global CRM software market report include 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.).
Industry Updates
Act-On Software has launched its latest native CRM integration for Zendesk Sell. This native integration will allow Zendesk Sell users in using the marketing automation technology solutions of Act-On for engaging with prospects, personalizing their marketing efforts, accelerating sales cycles, and improving how they generate, nurture, and qualify leads through the sales cycle.
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