Bharat Book Bureau Provides the Trending Market Research Report on “Customer Relationship Management (CRM) Software Global Market Report 2020-30”under Information Technology Category. The report offers a collection of superior market research, market analysis, competitive intelligence and Market reports.
Global Customer Relationship Management Software Market Report 2020-30: Covid 19 Impact and Recovery provides strategists, marketers and senior management with the critical information they need to assess the global customer relationship management softwrae market as it emerges from the Covid 19 shut down.
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Where is the largest and fastest growing market for the customer relationship management softwrae? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Customer Relationship Management Softwrae Market Global Report from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
• The Market Characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the Covid 19 virus and forecasting its recovery.
• Market segmentations break down market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of Covid 19 for all regions, key developed countries and major emerging markets.
• Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Markets Covered: 1) By Deployment: Cloud CRM; On-Premise CRM
2) By Size of Enterprise: Small&Mid sized enterprises; Large enterprises
3) By Application: Sales; Marketing; Manufacturing; Customer service; Social networking; Supply chain; Distribution; Others
Companies Mentioned: Salesforce; Microsoft; Oracle; SAP; Sugar
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Major players in the customer relationship management (CRM) software market are Salesforce, Microsoft, Oracle, SAP and SugarCRM.
The global crm software market is expected to decline from $49.3 billion in 2019 to $49.2 billion in 2020 at a compound annual growth rate (CAGR) of -0.2%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 10% from 2021 and reach $63.6 billion in 2023.
The customer relationship management (CRM) software market consists of sales of customer relationship management software which helps to build strong relationships with its customers. It analyzes the customer interactions and automates the activities identified with deals, advertising, and client support throughout the customer lifecycle. It causes the organizations to remain associated with their clients and improve productivity and furthermore helps in streamlining work forms. Some of the CRM software include Agile CRM, Recruit CRM, Sales mate CRM, NetSuite CRM.
The CRM Software market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The North American market is the largest market for CRM Software and is expected to continue to be the largest market during the forecast period.
In February 2019, Compass acquired Contractually, Inc. for an undisclosed amount. The transaction is expected to assist Compass from the technology and team behind Contact ally's industry-leading CRM platform which boosts the improvement and adoption of Compass CRM. Compass CRM is a CRM software developed to increase sales by offering useful insights and unified view of agent's pipeline and outreach. Contactually, Inc. is a software company involved in the development and distribution of CRM software and contact management solutions. The company was established in 2011 and is headquartered in Washington, DC, United States.
Rising number of security concerns are expected to limit the growth of companies in the customer relationship management software market during the forecast period. Security concerns have been increasing in the recent times due to online availability of personal data. CRM and similar software's store large databases online and these data of customers are accessed by teams around the globe which poses the potential for mistreatment of data. The data in the CRM software and other software's faces security concerns including corporate/competitive espionage, fraud, ID theft, nations-state espionage and unauthorized sales of data to third-party. These issues restrict the growth of CRM software. For example, CRM software in Bank of America and Citibank were once hacked to steal the user log-in credentials.
Social and Mobile CRM are increasingly integrating social media channels into CRM platforms to offer to its full capabilities on every smart device by having a real-time access at any place or time. This integration helps to achieve greater productivity, better customer experience, and access to more relevant information. Advertisers have embraced social media platforms to associate and share with customers for improving products and perceptions. These also help businesses to manage customer grievances, requests, and inquiries. More number of users can access the data using social and mobile CRM. For example, Wells Fargo has implemented social CRM to engage with the customers and improve their availability. Wells Fargo also uses CRM to solve customer queries.
The EU’s General Data Protection Regulation (GDPR) break the split of regulations for the safety and security of transactions in the European Union (EU). Global Data Protection Regulation has been implemented on May 2018. It imposes stringent requirements for collecting, storing, and managing personal data by businesses. Personal data includes name, email, address, date of birth, personal interests, digital footprints, and more. CRM software also stores similar kind of data and have to follow GDPR. Many companies have been working on GDPR compliance for CRM. For example, Super Office has launched CRM software's such as privacy by design, privacy lifecycle data management, and managing personal data with CRM to support the customers towards GDPR compliance.
Increasing number of customers of the organizations and the rising need for customer satisfaction are expected to benefit the customer relationship management software market in the forecast period. Organizations should offer customized services to customers, gain better knowledge of their purchasing habits and other details, develop cross-selling opportunities and create competitive differentiators to retain existing customers and to attract new customers. These drive the demand for the use of CRM software in organizations to understand their customers in a better way and to maintain a good relationship with them. For example, Apollo Hospitals has implemented custom designed CRM software of Veon Consulting which resulted in high user adoption, 27% cut in the timeline of the review process, efficient handling of patient visits and outcome which saved manual efforts by 42%, and effective reporting and dashboards which reduced number of travels by 50%.
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