Customer Relationship Management (CRM) Software Market:
Executive Summary
The customer relationship management (CRM) software market consists of sales of customer relationship management software which helps to build strong relationships with its customers. It analyzes the customer interactions and automates the activities identified with deals, advertising, and client support throughout the customer lifecycle. It causes the organizations to remain associated with their clients and improve productivity and furthermore helps in streamlining work forms. Some of the CRM software include Agile CRM, Recruit CRM, Sales mate CRM, NetSuite CRM.
The global CRM software market was valued at about $25.5 billion in 2018 and is expected to grow to $36.53 billion at a CAGR of 9.4% through 2022.
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The CRM Software market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The North American market is the largest market for CRM Software and is expected to continue to be the largest market during the forecast period.
Increasing number of customers of the organizations and the rising need for customer satisfaction are expected to benefit the customer relationship management software market in the forecast period. Organizations should offer customized services to customers, gain better knowledge of their purchasing habits and other details, develop cross-selling opportunities and create competitive differentiators to retain existing customers and to attract new customers. These drive the demand for the use of CRM software in organizations to understand their customers in a better way and to maintain a good relationship with them. For example, Apollo Hospitals has implemented custom designed CRM software of Veon Consulting which resulted in high user adoption, 27% cut in the timeline of the review process, efficient handling of patient visits and outcome which saved manual efforts by 42%, and effective reporting and dashboards which reduced number of travels by 50%.
Rising number of security concerns are expected to limit the growth of companies in the customer relationship management software market during the forecast period. Security concerns have been increasing in the recent times due to online availability of personal data. CRM and similar software’s store large databases online and these data of customers are accessed by teams around the globe which poses the potential for mistreatment of data. The data in the CRM software and other software’s faces security concerns including corporate/competitive espionage, fraud, ID theft, nations-state espionage and unauthorized sales of data to third-party. These issues restrict the growth of CRM software. For example, CRM software in Bank of America and Citibank were once hacked to steal the user log-in credentials.
Social and Mobile CRM are increasingly integrating social media channels into CRM platforms to offer to its full capabilities on every smart device by having a real-time access at any place or time. This integration helps to achieve greater productivity, better customer experience, and access to more relevant information. Advertisers have embraced social media platforms to associate and share with customers for improving products and perceptions. These also help businesses to manage customer grievances, requests, and inquiries. More number of users can access the data using social and mobile CRM. For example, Wells Fargo has implemented social CRM to engage with the customers and improve their availability. Wells Fargo also uses CRM to solve customer queries.
The EU’s General Data Protection Regulation (GDPR) break the split of regulations for the safety and security of transactions in the European Union (EU). Global Data Protection Regulation has been implemented on May 2018. It imposes stringent requirements for collecting, storing, and managing personal data by businesses. Personal data includes name, email, address, date of birth, personal interests, digital footprints, and more. CRM software also stores similar kind of data and have to follow GDPR. Many companies have been working on GDPR compliance for CRM. For example, Super Office has launched CRM software’s such as privacy by design, privacy lifecycle data management, and managing personal data with CRM to support the customers towards GDPR compliance.
In February 2019, Compass acquired Contractually, Inc. for an undisclosed amount. The transaction is expected to assist Compass from the technology and team behind Contact ally’s industry-leading CRM platform which boosts the improvement and adoption of Compass CRM. Compass CRM is a CRM software developed to increase sales by offering useful insights and unified view of agent’s pipeline and outreach. Contactually, Inc. is a software company involved in the development and distribution of CRM software and contact management solutions. The company was established in 2011 and is headquartered in Washington, DC, United States.
Major players in the market are Salesforce, Microsoft, Oracle, SAP and SugarCRM.
Continuous…
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