CRM software is a tool used by organizations to manage customer relationships. It helps businesses keep track of customer interactions and data, as well as manage sales and marketing processes. CRM software can be used to improve customer service, increase sales, and boost customer retention rates. When choosing a CRM system for your business, it’s important to consider your needs and budget. There are many different types of CRM software on the market, so it’s important to do your research before making a decision. Make sure to read reviews and compare features before selecting a CRM solution for your business.
The CRM Market size reached USD 58.1 billion in 2021. The market value is anticipated to increase from USD 63.99 billion in 2022 to USD 145.80 billion by 2029 at a CAGR of 12.6% during the forecast duration. This significant growth can be attributed to the rising demand for cloud-based solutions and the need for better customer engagement.
Global companies have realized the importance of customer relationship management. Social CRM is now more accessible, faster and has provided crucial information on business analytics. Enterprises use social CRM to add another channel to their CRM software. Social CRM refers as a social layer added to legacy CRM software solutions. These solutions offer many advantages for enterprises, including transparency, better information sharing, flexibility and increased performance. Social CRM is a tool that allows companies to create customer engagements and improve their brand recognition among customers. Social CRM focuses primarily on customers and creating value within a transparent environment.
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The COVID-19 epidemic has prompted many organizations to devise a plan and work with their customers to determine how they will move forward in the future. There is an increasing need for customer relationship management solutions (CRM). These solutions are used in many industries to improve customer experience and provide automated engagement. Over the forecast period, the market is expected to grow due to the rise of emerging technologies such as cloud computing technology (AI), artificial intelligence (ML), and availability of different service models, including SaaS (Infrastructure as a Service) and Platform as a Service.
According to industry estimates, 91% of organizations that employ more than ten people use customer relation management systems. To improve customer service, feedback and create strong bonds with their customers, sales, marketing, customer services and support are increasingly integrating artificial intelligence-based CRM systems. In the coming years, organizations will be able adopt customer relationship management strategies, such as shifting their marketing strategy from push to pull marketing or accelerating business content.
This market is driven by a rising focus on customer interaction, emerging SMEs, social platforms and the recognition of sharing ideas in real-time. Enterprises are looking for social monitoring, social listening, social middleware, and social management solutions to ensure customers have the best experience possible. Customer Relationship Management today is more than just about improving sales and marketing activities. It’s also about bringing in more customers to the enterprise.
The major players in the CRM software market are IBM Corp., Oracle Corp., Wipro Limited, Tata Consultancy Services Limited, Microsoft Inc., Salesforce.com Inc., NetSuite Inc., Nimble Inc., SugarCRM Inc., SAP SE, Amdocs Ltd., Sage CRM Solutions Ltd., and Ramco Systems Ltd. These companies have gained a strong foothold in the market due to their focus on innovation and providing customers with the best possible experience. With the rising competition in the CRM software market, it is essential for companies to provide their customers with an intuitive and user-friendly solution. They must also focus on delivering value through features such as automation, analytics, and data management.
The benefits of CRM software
CRM or customer relationship management software is a tool that enables businesses to manage customer data. By tracking and recording customer interactions, businesses can better understand customer needs and improve customer satisfaction. CRM software can also help businesses increase sales and grow their customer base.
Some of the benefits of CRM software include the following:
1. Increased Customer Satisfaction: By tracking customer interactions, businesses can identify areas where customers are not satisfied and take steps to improve the situation. This can lead to increased customer satisfaction and loyalty.
2. Improved Sales: By understanding customer needs, businesses can more effectively sell to them. This can lead to increased sales and revenue growth.
3. Enhanced Customer Service: By tracking customer interactions, businesses can identify areas where customers need more assistance. This can lead to enhanced customer service and support.
Notable Industry Development
December 2021: Freshworks Inc. opened Freshdesk Contact Center for a 7-Eleven Store, a global retailer chain. The system can respond quickly to customer issues and offers the same in-store benefits for regular and online customers.
Market Segmentation Evaluated in the Report:
Product Outlook (Revenue, USD Million, 2021-2031)
Cloud
On-Premises
Application Outlook (Revenue, USD Million, 2021-2031)
BFSI
Government
Retail
Healthcare
Manufacturing
Other Applications
Regional Insights
North America (United States, Canada and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)
Key Questions answered in the Customer Relationship Management (CRM) Software Market Report are:
How does the global Customer Relationship Management (CRM) Software Market look like in 2021?
How many companies are currently involved in Customer Relationship Management (CRM) Software development? Which are the most active in the pipeline?
What is the size of the global Customer Relationship Management (CRM) Software market?
Which product segment grabbed the largest share in the Customer Relationship Management (CRM) Software market?
How much revenue will promising Customer Relationship Management (CRM) Software in the market, and development, record to 2032?
How is the competitive scenario of the Customer Relationship Management (CRM) Software market?
Which key factors aid the Customer Relationship Management (CRM) Software market growth?
Which region holds the maximum share in the Customer Relationship Management (CRM) Software market?
Which application segment emerged as the leading segment in the Customer Relationship Management (CRM) Software market?
Which are the prominent players in the Customer Relationship Management (CRM) Software market?
What are the regulatory evidence requirements in each country?
