Published Date: 14-Jun-2021
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According to a new report Global Customer Relationship Management Market, published by KBV research, 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.
Based on component, the software segment obtained the largest market share in 2020 and is estimated to continue this growth over the forecast period. It is due to the rising adoption of CRM software by various companies to achieve strategic & competitive benefit and better customer retention over their competitors. Additionally, it also assists the industrial sector to engage more customers easily and retain them for a longer period that further fuels the growth of the market.
The CRM analytics market segment is estimated to exhibit promising growth during the forecast period. The rising integration of analytics capabilities in CRM solutions is because companies are looking for some ways of generating rich insights from business data which would spur the growth of the segment. In addition, the growing collection of structured & unstructured data via digital channels is projected to accelerate the adoption of CRM analytics over the forecast period.
The telecom & IT segment would be the fastest-growing segment during the forecast period. CRM solutions in the IT & telecom sector provide distribution channels, brand equity, and customer exclusivity & support and post-purchase service, these benefits help companies to boost their business in the highly competitive market. Additionally, the growing demand for on-time delivery of products is motivating companies to aim at enhancing the efficiency of their business processes. Moreover, the increasing demand for solutions, which enable companies to know about their customers’ purchasing behaviour and accumulate competitive insights would help in supporting the segment growth.
Region-wise, North America emerged as a leading region with the highest market share in 2020. It is due to the presence of key market vendors of CRM in the US and the increasing dependency of the companies across this region on the usage of advanced technologies. It is estimated that North America would continue to maintain its dominance in the CRM market during the forecast period. The ongoing digital transformation across many sectors and industry verticals like retail, banking, and hospitality, would fuel the growth of the CRM market in North America.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Salesforce.com, Inc., Microsoft Corporation, SAP SE, Oracle Corporation, Adobe, Inc., Zoho Corporation Pvt. Ltd., Creatio, SugarCRM, Inc., Copper CRM, Inc., and Insightly, Inc.
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