Customer relationship management (CRM) software refers to a type of enterprise software that comprises a wide range of applications as well as software that will aid companies in managing customer interaction, support, and data, automating sales and marketing, and accessing and managing key business information with respect to partners, vendors, and employees.
The CRM software market
today holds immense business opportunities and advantages, providing invaluable insights on customers and improving operational efficiency.
Providing a comprehensive study on the global CRM software market, the research report not only monitors but also evaluates the various trends impacting the worldwide industry. With the help of numerous qualitative and qualitative research tools, the report presents the big picture, highlighting geographical and application-based categories that ensure high growth of the CRM software market.
By offering key insights provided by industry experts and analysts within the CRM software market, the report aims to ensure that clients devise well-informed and accurate business strategies, thereby leading to the overall development of the CRM software market across the globe.
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Overview of the customer relationship management (CRM) software market
Identifying 2012 to 2018 as the forecast period, the research report indicates that the CRM software market presented a slow growth rate at the beginning of the forecast period, but has since then gained a rapid momentum. Despite the fact that the CRM software market has reached maturity in many developed regions of the world, the fact remains that this technology has been gaining widespread acceptance and adoption in developing economies. The presence of many local participants, such as those in Asia Pacific, signals the growth of the CRM software market in numerous parts of the globe.
CRM software can be segmented into four key categories based upon its application: sales, marketing, customer service and support, and others. This software finds usage in multiple industrial verticals such as healthcare, consumer goods and retail, government and academia, energy, utilities, and power, banking, financial services, and insurance, and automotive, transportation, and logistics.
CRM software may be used by large enterprises or even small and medium businesses (SMB), and on the basis of deployment type, may be segmented into on premise, on demand (PaaS and SaaS), and hybrid. A key factor that stimulates the use of CRM software in many of these enterprises is the surging competition among industries. Recognizing the benefits that CRM software brings, companies have been investing huge amounts of capital in strengthening customer relationship management. Trends such as integrating social media with CRM software and hosted CRM software have also lent their support in fueling the growth of this market.
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On the other hand, the willingness and acceptance on the part of enterprises still remains a matter of concern. Apart from this, privacy and security concerns have threatened to stall the growth of the CRM software market. Nevertheless, vendors have been developing the Bring Your Own Device (BYOD) ecosystem and solutions for problems specific to a business, and this is anticipated to help the CRM software market maintain its growth over the forecast period.
Companies mentioned in the research report
The global CRM software market is dominated by SAP AG, SalesForce.Com, and Oracle. Of these three, SAP AG has emerged as the leader over the years, accounting for a 20% share of the overall CRM software market. Other participants playing a significant role in the growth of the CRM software market include Adobe Systems Incorporated, Microsoft Corporation, The International Business Machines Corporation (IBM), Amdocs, and SAS Institute.