CRM software as a service (SaaS) has a notable and steady growth forecast with increasing awareness towards the importance of CRM for business development. Ability to manage customer interaction at the optimum levels, cost & time effectiveness, focused customer service, the capability of handling large businesses & client information are the key factors that drive the growth of the CRM software market.
Increasing deployments of CRM software in some of the burgeoning sectors such as banking and financial services are boosting the market growth. Simultaneously, the growing demand for hosted services from small and medium business units is expected to contribute to the market growth. Increasing popularity of social CRM and mobile CRM is another factor predominantly driving the growth of the CRM software market.
“Global CRM Application Software market is valued at USD xx billion in 2018 and it is expected to reach more than USD 55.6 billion by 2025, likely to grow at a CAGR of 12.3 % during the forecast period”
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Cloud Segment Slated to Touch a Value of Nearly USD 29,750 billion in 2025,This signifies a robust CAGR during the forecast period. The cloud segment is estimated to account for nearly half of the revenue share of the deployment segment by the end of the year 2018 and is expected to gain in market share by 2025 over 2018.
BFSI Segment to Exhibit a CAGR of Nearly 14.2% During the forecast Period. The BFSI segment is estimated to account for nearly one-fifth of the revenue share of the vertical segment by the end of the year 2018 and is projected to gain market share by 2025.
North America is the largest CRM software market, globally. The region is expected to retain its hegemony throughout the forecast period, marking the largest chunk of the market share. The substantial amount of technological advancements and increased adoption of cloud-based technologies across various industry verticals is the predominant factor accounting for the market growth.The U.S. and Canada are the dominating markets for CRM in the region owing to the proliferation of smart and connected devices. Moreover, the presence of a well-established infrastructure contributes hugely to the market growth, allowing faster implementation of advanced technologies.
On the other hand, Asia Pacific CRM market is increasing rapidly, becoming one of the most lucrative markets globally. This is because of the development in industrialization and the growing number of business in the region. In developing countries like India and China, catalyze industry growth is expected over the forecast period, which in turn, propel the market growth in the region.
The global CRM software market is dominated by SAP AG, SalesForce.Com, and Oracle. Of these three, SAP AG has emerged as the leader over the years, accounting for a 20% share of the overall CRM software market. Other participants playing a significant role in the growth of the CRM software market include Adobe Systems Incorporated, Microsoft Corporation, The International Business Machines Corporation (IBM), Amdocs, and SAS Institute.
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