The Global Customer Relationship Management Market size is expected to reach $94. 4 billion by 2027, rising at a market growth of 11. 3% CAGR during the forecast period. Customer Relationship Management refers to a technique employed by the companies to improve their current customer relationships along with gaining new customers quickly.
New York, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Customer Relationship Management Market By Component, By Enterprise Size, By Deployment Type, By Application, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06131527/?utm_source=GNW
With the help of customer relationship management, organizations can streamline the communication process with their customer and meet their satisfaction regarding their product or service.
CRM includes direction and guidelines regarding how to carry out the interactions between customer and enterprise along with that it also helps in managing and monitoring all the crucial information. Moreover, this vital information is used to generate leads, boost sales, close deals & maintain customers, develop more tailored customer service, develop more strong relationships, and making processes efficient and simple. In addition, customer relationship management is highly used by sales managers to automate their sales process and monitor the performance of their team.
The increasing demand for implementing Customer Relationship Management (CRM) offerings and solutions through the Software as a Service (SaaS) model is one of the major trends of the market. The demand for CRM solution will witness a spike worldwide due to the aspects like enhancing the scope of digital operations, growing demand for automated engagement with customers, and rising focus on delivering better customer experience & services. In addition, factors like the advent of serverless computing & hybrid cloud computing, advancements in cloud computing technology, and the accessibility of different service models like Infrastructure as a Service (IaaS), SaaS, and Platform as a Service (PaaS) are estimated to bolster the growth of the market during the forecast period.
The outbreak of the global COVID-19 pandemic has changed the ways through which companies operate. The lockdown restrictions and work from home culture due to the pandemic have increased the focus of the companies on effective methods of engaging with their customers in the remote working atmosphere. This is estimated to increase the adoption and usage of CRM solutions by the companies to better serve their customers, boost sales engagement, and improve employee productivity.
Several companies are implementing customer relationship management solution across their customer engagement departments for improving their daily activities, meet customer satisfaction and engage more customers in the competitive market. In addition, CRM vendors are helping organizations in various sectors to accelerate their digital transformation and enhance their customer relationship management capabilities that would further propel the growth of the CRM market.
Based on Component, the market is segmented into Software and Services. The service segment is projected to record the highest growth rate since it establishes an effective connection among the software vendors and customers of CRM software by delivering services like training, implementation, consulting services, and managed services. There is growing adoption of the software that improve the customer satisfaction of several industrial sectors like IT & telecommunication, BFSI, and healthcare, which optimize the value of current customer by fulfilling their requirements and reduce the operational cost. It further propels the adoption of services that helps in handling the software properly.
Enterprise Size Outlook
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. The large enterprises segment acquired the largest share in the market in 2020. It is owing to the presence of various operational departments in large enterprises, where CRM solutions are used to assist in integrating customer data with business process management capabilities and also help companies to manage their marketing, sales, and customer support processes seamlessly.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into Cloud and On-premise. The cloud segment procured the highest revenues share in the market in 2020. Cloud-based solutions are widely adopted & popular due to the various benefits like scalability, high flexibility, cost-efficiency, and low hardware maintenance cost, provided by the SaaS deployment model.
Based on Application, the market is segmented into Customer Service, Customer Experience Management, CRM Analytics, Marketing Automation, Salesforce Automation and Others. By Application, the customer service segment acquired the highest market share in 2020. Factors such as the increasing importance among companies about their customers’ behaviour & preference and growing adoption of the customer service strategies by the companies to offer best service performance in real-time are responsible for this massive growth. In addition, the rising usage of digital channels by the customers to engage with brands & companies is projected to open new growth avenues for the market during the forecast period.
End User Outlook
Based on End User, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Energy & Utility, Manufacturing and Others. The rising competition across the retail sector is surging the demand for improved CRM software & online systems to help the companies to offer their customers more efficient & effective customer-centric services. Additionally, there is an increasing demand for advanced CRM solutions, which assist various channels for sale processes, provide analyses and comprehensive data-based oversight of customers and their purchasing patterns & preferences. These developments are estimated to bolster the demand for CRM solutions in the retail industry during the forecast period.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia Pacific region would exhibit the highest growth rate during the forecast period. The rising demand for advanced and innovative CRM solutions in developing nations like India and China is projected to act as a catalyst for the growth of the regional market. In addition, the significant expansion of the e-commerce sector in Asian countries would also contribute to the booming regional market.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunner in the Customer Relationship Management Market. Companies such as SugarCRM, Inc., Salesforce.com, Inc., and Adobe, Inc., and SAP SE are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Salesforce.com, Inc., Microsoft Corporation, SAP SE, Oracle Corporation, Adobe, Inc., Zoho Corporation Pvt. Ltd., Creatio, SugarCRM, Inc., Copper CRM, Inc., and Insightly, Inc.
Recent strategies deployed in Customer Relationship Management Market
Partnerships, Collaborations, and Agreements:
Mar-2021: Adobe collaborated Khoros, a provider of customer engagement software and services. Under this collaboration, Khoros has joined the Adobe Exchange Partner Program as a Premier Partner capabilities integrations over the Khoros platform & the Adobe Experience Cloud to offer connected digital experiences & analytics for the customers.
Jan-2021: SAP SE extended its partnership with Microsoft, an American multinational technology company. This partnership aimed to combine Microsoft Teams with SAP’s intelligent portfolio of solutions. In addition, the partnership also boosts the adoption of SAP S/4HANA on Microsoft Azure. By combining the Microsoft Teams over SAP’s solution portfolio to bring collaboration to the next level, jointly deciding the future of work and allowing the frictionless enterprise.
Dec-2020: Salesforce teamed up with YES Bank, an Indian private sector bank. This collaboration aimed to develop a next-generation technology platform to empower the retail lending business, in line with the Bank’s strategy to boost its retails assets portfolio.
Dec-2020: Copper came into partnership with Square, an American financial services and digital payments company. Under this partnership, the companies came together on a first-of-its-kind integration to maintain invoicing & payments directly inside of Copper CRM. Both the companies’ customers would get the benefit from a native integration, which makes it possible to maintain customers & their payments without switching to different applications.
Nov-2020: Oracle collaborated with Medallia, an American customer and employee experience management company. Under this collaboration, Medallia integrates with Oracle CX Service to enable organizations to know their customer experiences by taking a range of feedback signals, which includes messaging, web surveys, video, and voice analytics after service interactions.
Nov-2020: Zoho formed a partnership with Tata Consultancy Services (TCS). This partnership aimed to offer superior IT Service Management, Customer Relationship Management, and e-Commerce solutions to resolves problems for big businesses. In addition, the partnership also brings together the breadth & depth of Zoho’s product line with TCS’ decades-long experience & domain expertise in technology-led consulting & business integration services.
Oct-2020: Microsoft came into collaboration with C3.ai and Adobe. Under this collaboration, the companies launched C3 AI CRM powered by Microsoft Dynamics 365. It is the first enterprise-class, AI-first customer relationship management solution that is specially developed for industries, combined with Adobe Experience Cloud, and leads customer-facing operations with predictive business insights.
Sep-2020: Adobe collaborated with Sprinklr, a customer experience management platform provider. In this collaboration, Sprinklr joined the Adobe Exchange partner program that consists of integrations with Adobe Experience Manager, Adobe Analytics, and Marketo Engage. Through this collaboration, Adobe users can utilize Sprinklr to know the business impact of their campaigns over social media & messaging channels.
Apr-2020: Creatio formed a partnership with Tata Consultancy Services (TCS), a global IT services, consulting, and business solutions organization. This partnership aimed to enable global enterprises to automate sales, marketing, and services teams so that they can manage with more efficiency & agility and provide an optimal customer experience.
Acquisition and Mergers:
Feb-2021: Copper took over Sherlock, an engagement analytics platform. This acquisition aimed to integrate Sherlock into the Copper platform to boost the mission of offering a CRM, which people actually utilize to make their most valuable business relationships.
Nov-2020: SAP SE acquired Emarsys, a leading omnichannel customer engagement platform provider. Through this acquisition, the companies work together and learn more about each other & create a product line, which is more than the sum of its parts.
Nov-2020: Adobe acquired Workfront, a Lehi, Utah-based software company. This acquisition aimed to offer the customers access to a single system to help in planning, collaboration and governance, which would unwrap the productivity of an organization. It also enabled marketers to not only develop and provide the best customer experiences.
Nov-2020: SugarCRM acquired W-Systems, a CRM and marketing automation solutions and services provider. Through this acquisition, Sugar expanded its capability to fulfil the implementation service demand for its time-aware, AI-powered marketing, sales, and service software, which assist organizations to provide a high-definition customer experience.
Nov-2020: SugarCRM took over Loaded Technologies, a business consulting, CRM strategy and cloud implementation services provider. This acquisition aimed to address the increasing need for mid-market organizations who need a trusted advisor, which can assist them to track and succeed in maximizing and differentiating their customer experience.
Aug-2020: SugarCRM took over Node, an artificial intelligence (AI) platform. This acquisition aimed to help Sugar to fuel its time-aware CX platform by automatically predicting expected results and highlighting early unforeseen challenges & opportunities.
Product Launches and Product Expansions:
May-2021: Insightly unveiled AppConnect, an integration automation tool. This tool is developed to assist customers to develop better integrations and workflows among the IT, finance, HR, marketing, and other business-critical apps on the Insightly platform and over the rest of the company. AppConnect would provide over 500 pre-built connectors to famous business apps like Google Workspace, SAP, Shopify, and many more.
May-2021: Creatio introduced the new version 7.18 of its platform. This version features expert improvements to its low-code/no-code developer platform, business process management (BPM) engine, and united CRM to align marketing, sales, and service.
Apr-2021: Adobe released B2B Edition of Adobe Real-time CDP. Through these B2B improvements, Adobe’s CDP portfolio to support both B2B and B2C use cases with a one, unified profile for each person.
Feb-2021: Oracle introduced new updates to Oracle Cloud Customer Experience (CX). These updates to Oracle Service, Oracle Sales, and Oracle Marketing enables companies to boost sales cycles, solve customer service inquiries instantly and make more engaging loyalty programs, which grows customer lifetime value.
Jan-2021: SugarCRM unveiled SugarPredict, the first data-fueled AI for CRM. This launch provides new levels of prediction precision without the cost, time, and technical expertise typically needed for an organization to take benefits of AI.
Dec-2020: Salesforce introduced Salesforce Hyperforce, a complete re-architecture platform of Salesforce. It is developed to safely and reliably provide the Salesforce Customer 360 that includes Service Cloud, Sales Cloud, Commerce Cloud, Marketing Cloud, Industries and more, on major public clouds. Hyperforce is designed to offer a more powerful and scalable platform to complement the growth & success of Salesforce’s global user base.
Oct-2020: SAP unveiled SAP Customer Data Platform. This platform helps companies to develop individual but anonymized 360-degree customer profiles utilizing the data from various sources in and outside of a company that includes online sources & social channels.
Sep-2020: Salesforce launched Digital 360, which bring together the main components and latest innovations in the Salesforce Customer 360 platform. This launch aims to assist digital leaders to change their customer engagement and boost their growth in the all-digital, work-from-anywhere world.
Apr-2020: Creatio introduced a major update to its platform and products. The Creatio version 7.16 features a broad range of improvement to its key superpowers such as a low-code platform to make everyone a developer, a BPM engine to make processes quicker and integrated CRM to align marketing, sales, and service.
Scope of the Study
Market Segments covered in the Report:
By Enterprise Size
• Large Enterprises
• Small & Medium Enterprises
By Deployment Type
• Customer Service
• Customer Experience Management
• CRM Analytics
• Marketing Automation
• Salesforce Automation
By End User
• IT & Telecom
• Retail & eCommerce
• Government & Defense
• Energy & Utility
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Salesforce.com, Inc.
• Microsoft Corporation
• SAP SE
• Oracle Corporation
• Adobe, Inc.
• Zoho Corporation Pvt. Ltd.
• SugarCRM, Inc.
• Copper CRM, Inc.
• Insightly, Inc.
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