Pune, India, Feb 11, 2021 (GLOBE NEWSWIRE) – The global CRM market size is projected to reach $ 113.46 billion by the end of 2027. The integration of advanced concepts like AI and IoT will benefit the growth of the overall market in the coming years. According to a report published by Fortune Business Insights entitled “Customer Relationship Management (CRM) – Market Size, Share and COVID-19 Impact Analysis, By Components (Software, Services), By Deployment (One-Premises, Cloud), By Company Size ( large corporations, SMEs), by application (marketing and sales automation, customer management, lead generation and loyalty, customer support and contact centers, others), by vertical (banking, financial services and insurance (BFSI), manufacturing, IT and telecommunications, retail and Consumer Goods, Healthcare, Transportation & Logistics, Others) and Regional Forecast, 2020-2027 “, the market was valued at $ 47.79 billion in 2019 and will have a CAGR of 11.6%. during the forecast period 2020-2027.
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Customer Relationship Management (CRM) is a platform that organizations and companies can use to manage their relationships with customers and other companies. The increasing acceptance of software as a service in numerous industries will open up several growth opportunities for companies active in the CRM market. The availability of open source and low-cost cloud platforms will lead to wider product adoption around the world. The presence of several large providers will contribute to the growth of the market in the coming years. The increasing investments in the development of advanced CRM and the efforts to integrate the latest concepts such as artificial intelligence and IoT will work in favor of market growth. The ability of customer relationship management to simplify business management and operations will bode well for the growth of the market in the years to come.
The adoption of CRM solutions has increased during the Covid-19 pandemic
The recent coronavirus outbreak in the Customer Relationship Management (CRM) market has caused great panic among people and businesses around the world. Given the rapid spread of the disease, governments have enforced strict lockdowns and recommended social distancing practices. As a result, several companies had to close. Several companies have implemented guidelines for working from home. It is found that CRM software has helped these organizations function seamlessly. The CRM market will therefore benefit from the ongoing Covid-19 pandemic.
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An increasing number of business partnerships will arise in favor of market growth
The Customer Relationship Management (CRM) market recently comprises several factors that have contributed to the growth of the overall market in the years to come. Of all the factors, the increasing number of corporate mergers and acquisitions had the greatest impact on market growth. Given the huge potential of CRM in IT, companies want to partner with CRM providers around the world. In November 2017, Adobe Inc. announced the collaboration with Microsoft Corporation. The companies stated that this collaboration was aimed at developing an integrated solution for customer relationship management and content management. The companies will seek to combine the resources of both organizations to improve the operational performance of the CRM solution. Adobe Marketing is used in conjunction with Microsoft Dynamics 365. A move that will help companies reach a wider consumer base in the long run. This collaboration will not only benefit the companies, but also support the growth of the entire CRM market in the years to come.
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North America is experiencing significant growth; The increasing product acceptance of large companies in this region will be a good sign of market growth
The Customer Relationship Management (CRM) market report analyzes the latest market trends in five major regions including North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. The North American market is expected to play a dominant role among all regions in the coming years. The increasing use of these solutions by large corporations, particularly in the United States, will favor the growth of the regional market. As of 2019, the North American market was valued at $ 15.84 billion, and that value is expected to grow significantly in the years to come. The market in Europe will grow with the presence of several large CRM providers in countries such as Germany, the UK and France.
List of Companies Featured in Customer Relationship Management (CRM) Market Report:
- Copper CRM, Inc. (San Francisco, California)
- Creatio (Boston, Massachusetts)
- Freshworks, Inc. (California, USA)
- HubSpot, Inc. (Massachusetts, USA)
- Infor, Inc. (New York, USA)
- Infusion Software, Inc. (Keap) (Arizona, USA)
- Insightly, Inc. (California, USA)
- Microsoft Corporation (Washington, USA)
- Oracle Corporation (California, USA)
- Pipedrive (New York, United States)
- Salesforce.com, Inc. (California, USA)
- SAP SE (Walldorf, Germany)
- SugarCRM (California, USA)
- Teamgate.com (London, UK)
- Zoho Corporation Pvt. Ltd. (Tamil Nadu, India)
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Industry developments:
July 2019 – Pipedrive announced that it will add AI capabilities to its existing CRM software. By integrating AI, Pipedrive will seek to improve its CRM solutions and then acquire a broader customer base.
Contents:
- introduction
- Definition by segment
- Research methodology / approach
- Data sources
- Summary
- Market dynamics
- Macro and microeconomic indicators
- Drivers, restrictions, opportunities and trends
- Effects of COVID-19
- Short term effects
- Long-term effect
- Competitive landscape
- Business strategies adopted by key players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Market share analysis and matrix for global customer relationship management (CRM), 2019
- Key market insights and analysis by segment
- Global Customer Relationship Management (CRM) Market Size Estimates and Forecasts (Quantitative Data), by Segment, 2016-2027
- By component (value)
- After provision (value)
- By company size (value)
- After application (value)
- Marketing and sales automation
- Customer management
- Lead generation and customer loyalty
- Customer service and contact center
- Others (social media management, CRM analytics, etc.)
- To vertical (value)
- Banking, Financial Services and Insurance (BFSI)
- Manufacturing
- IT and telecommunications
- Retail and consumer goods
- Health care
- Transport and logistics
- Others (government, media and entertainment, education, etc.)
- By region (value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Table of contents continued …!
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