The Global Market for Customer Relationship Management (CRM) Software is Projected to Reach US$48.4 Billion by 2020

Concerns Over High Client Attrition to Drive the Customer Relationship Management Software Market, According to a New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Customer Relationship Management (CRM) Software. The global market for Customer Relationship Management (CRM) Software is projected to reach US$48.4 billion by 2020, driven by growing concerns among enterprises over high customer attrition rates against a backdrop intensifying competition and breaking down of the bonds of customer loyalty.   

The global market for customer relationship management (CRM) software is benefiting from the changing global business environment and economic realities. Key factors, which are reducing customer loyalty, include declining amount of trust in brands, ineffective implementation of loyalty programs, inability of companies to keep up with customer expectations, and increased commoditization of markets and consumer focus on price-to-performance benefits. Against this backdrop CRM is brought to the fore as one of the most effective approaches for creating and maintaining strong customer relations. CRM software adoption will continue to rise at a rapid pace driven by enterprise focus on customer engagement as a key customer relationship strategy, and emergence of social media platforms.

The market is also poised to benefit from the increasing deployment of software-enabled CRM in new emerging industry verticals such as banking & financial services, insurance, hospitality, life sciences, and real estate among others. Social CRM and CRM analytics are expected to experience strong demand in the near to mid-term. Software-as-a-Service (SaaS) CRM represents the largest and the fastest growing segment in the global CRM market. The segment is witnessing significant growth due to increased demand for hosted services from SMBs, as well as a change in trend among large companies to reduce their operational costs. Sales Force Automation (SFA) has evolved over the years into a competitive imperative for several organizations. Key factors spurring interest in SFA include globalization and the ensuing need to integrate front office and back office operations, and the development of Internet infrastructure. Enterprises are also increasingly focusing on integrating big data into their CRM portfolio. By leveraging the big data capability, enterprises can collect detailed and accurate information related to their business operations to reap strategic benefits.

As stated by the new market research report on Customer Relationship Management (CRM) Software, the United States represents the largest regional market worldwide. Asia-Pacific is projected to be the fastest growing market at a CAGR of 13.6% over the analysis period. Growth in the region is buoyed by the establishment of new business entities, high local government emphasis on business development, growing number of mobile workers, and development of broadband Internet.  

Major players in the market include Adapt Software Applications Inc., Adobe Systems Incorporated, Amdocs Inc., Aplicor Inc, Aptean, Cegedim, Concursive Corporation, Convergys Corp., Huawei Technologies Co. Ltd., Infor Global Solutions Inc., Maximizer Software Inc., Microsoft Corporation, NetSuite Inc., Oracle Corp., Salesforce.com Inc., SAP AG, SAS Institute Inc., Selligent SA, SplendidCRM Software Inc., SugarCRM Inc., SYNNEX Corporation, The Sage Group plc, Vtiger, WebCRM, and ZOHO Corporation among others.

The research report titled “Customer Relationship Management (CRM) Software: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of industry segments, trends, growth drivers, restraints, market share, size and demand projections and forecasts in US$ Million/Thousand for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (Australia, China, India, South Korea and Rest of Asia-Pacific), Latin America (Brazil and Latin America) and Rest of World. Major segments analyzed include On-Premise CRM and SaaS CRM. Key functional areas analyzed in the report include Sales Force Automation, Customer Support, Marketing Automation, and e-commerce. The report also offers coverage on mergers, acquisitions, product launches and other strategic industry activities of major global and regional players.