Market Research Future (MRFR) Announces the Publication of its Half Cooked Research Report – CRM Software Market Research Report- Forecast 2017-2023.
CRM software market is estimated to exhibit high growth potential during the forecast period owing to its increasing demand across various industry verticals. Rising demand among the enterprises for CRM software is driving the growth of the market. Additionally, innovations and advancements in technology, and increasing demand for social CRM and mobile CRM are adding fuel to the growth of the CRM software market. Also, a large number of companies have been investing a huge amount of capital in strengthening customer relationship management in order to focus more on customer engagement. This ultimately helps in providing better customer service experience.
Salesforce.com, SAP AG, Oracle Corporation, Microsoft Corporation, Adobe Systems Inc., Amdocs, Convergys Corporation and Huawei Technologies Co. Ltd are some of the leading players in the market. SAP has ramped up its digital offerings with digital consumer insight data service, which leverages mobile network data to help marketers pinpoint physical customer behavior and develop effective CRM strategies to respond to buyer preferences and demographic shifts in a moment’s notice. Whereas, Salesforce has acquired Demandware for $2.8 billion, bolstering their ecommerce and retail application offerings. Demandware’s revenues will be counted toward Salesforce’s commerce cloud. The former focusses on offering innovative solutions and keeps up with the fast pace of the technological advancements. Increasing focus on customer engagement and growing demand for deployment of cloud based CRM modules are some of the major factors driving the growth of this market. The focus towards the promotion of implementing cloud based technologies and due to the convenience being provided to the consumers and growing trend of digitization is another factor fueling the growth of the global CRM software market.
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Major Key Players
SAP AG (Germany),
Oracle Corporation (U.S.),
Microsoft Corporation (U.S.),
Adobe Systems Inc. (U.S.),
Convergys Corporation (U.S.),
Huawei Technologies Co. Ltd (China),
Infor Global Solutions, Inc. (U.S.),
SAS Institute Inc. (U.S.),
SYNNEX Corporation (U.S.),
The Sage Group Plc (U.K),
Verint Systems Inc. (U.S.),
IBM Corporation (U.S.),
NICE Ltd. (Israel), IMS Health (U.S.), NetSuite Inc. (U.S.), ZOHO Corporation (India) and Infusionsoft (U.S.).
The global CRM Software Market is expected to grow at a CAGR of approximately 6% during the forecast period 2017-2023.
The global CRM software market is segmented on the basis of organization size, deployment, application and vertical. The application segment is further classified into sales, marketing, manufacturing, customer service, social networking, supply chain, distribution and others. The sales and marketing sub segment are expected to show significant growth owing to the increasing focus on customer engagement in the application. However, the difficulty of migrating data from existing CRM solutions to cloud based CRM modules could be one factor that could cause hindrance in the growth of global CRM software market. Also, other complexities associated with data transfer may hamper the market growth.
According to Market Research Future Analysis, the global CRM software market is estimated to generate revenue of approximately USD 35 billion by 2023 growing at a CAGR of 6% during the forecast period 2017-2023.
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The global CRM software market can be segmented on the basis of organization size, deployment, application and vertical. The vertical is further segmented into BFSI, healthcare, manufacturing, IT & telecommunication, media & entertainment, energy & utilities and others. However, BFSI sub-segment is expected to hold the largest share of the CRM software market owing to the increased competition among the vendors. Moreover, the market is witnessing a considerable growth in the demand for CRM software with increasing adoption of cloud technologies in the healthcare and manufacturing sector. Increasing trend of integrating social media with CRM is another major factor driving the growth of the CRM Software market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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