CRM Software Market Growth Rate, Business Opportunities and Competition

Posted by Ehtesham Peerzade on March 25th, 2020

Market Highlights

In its recently published research report, Market Research Future (MRFR), asserts that the global CRM software market is thriving and poised to grow exponentially over the review period, recording a substantial market valuation of USD 35 billion and a healthy CAGR of approximately 6% in the forecast period.

Drivers and Restraints

Increasing the use of web-based interfaces and social computing are significant factors driving the growth of the global CRM software market. Furthermore, increasing the deployment of CRM software in the banking and financial services sector is boosting the growth of the market. Also, the growing demand for hosted services from small and medium business units is set to drive the growth of the market. The mounting popularity of social CRM and mobile CRM is another factor responsible for fueling the growth of the global CRM software market. The market is also benefiting from the arrival of cloud-based CRM modules. The popularity of mobile CRM and social CRM is slated to increase in the forthcoming years. The massive, massive improvement in network infrastructure across the globe and the increased importance of real-time monitoring of customer behavior are some of the essential factors that are likely to create lucrative market opportunities in the years to come.

Segmentation:

The global CRM software market trends are analyzed by deployment, organization size, application, and vertical. Based on the organization size, the CRM software market is segmented into SMEs and large enterprises. Based on the organization size, the CRM software market is segmented into the cloud and on-premise. However, the cloud-based deployment sub-segment is expected to hold the maximum market share of the CRM software market and is also slated to grow at the highest rate over the forecast period owing to the rising deployment of cloud-based CRM modules. Based on the application, the CRM software market is segmented into sales, marketing, manufacturing, social networking, customer service, supply chain, distribution, and others. Although, based on the vertical, the market is segmented into healthcare, IT & telecommunication, manufacturing, media & entertainment, BFSI, energy & utilities and others.

Regional Analysis

The geographical analysis of the global market has been conducted in four major regions, covering North America, the Asia Pacific, Europe, and the rest of the world (Latin America, the Middle East, and Africa).

It has been noted that North America is projected to account for the largest share of the market, whereas the Asia Pacific is projected to grow at the fastest rate over the forecast period. The expansion of the market in North America is due to technological advancements and increased adoption of cloud-based technologies across various industry verticals. The developed economies of U.S. and Canada are leading the North America market due to rising technological enhancements and the proliferation of smart connected devices in the region. Additionally, the region has a well-established infrastructure, which enables for faster implementation of advanced technologies. Additionally, the growing adoption of cloud-based CRM modules is another major factor driving the growth of the market in the region.

Competitive Analysis

The top market players functioning in the global CRM software market as identified by MRFR are SAP AG (Germany), Salesforce.com (U.S.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Amdocs (U.S.), Adobe Systems Inc. (U.S.), Convergys Corporation (U.S.), Infor Global Solutions, Inc. (U.S.), Huawei Technologies Co. Ltd (China), SAS Institute Inc. (U.S.), The Sage Group Plc (U.K), SYNNEX Corporation (U.S.), Verint Systems Inc. (U.S.), SugarCRM (U.S.), IBM Corporation (U.S.), NICE Ltd. (Israel), NetSuite Inc. (U.S.), IMS Health (U.S.), ZOHO Corporation (India), and Infusionsoft (U.S.), among others. The major market players are expected to adopt numerous business growth strategies to sustain the competitive dynamics and their position in the globe market, which is also expected to contribute towards the overall market growth for CRM software over the review period.