In a Rapidly Changing Economic Scenario, Here’s What to Expect in the Global Customer Relationship Management (CRM) Software Market in 2020 & Beyond
The global market for Customer Relationship Management (CRM) Software is projected to reach US$89.9 billion by 2025, driven by the importance of maintaining and creating relationships with customers in running successful businesses.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Customer Relationship Management (CRM) Software market. Report segmentation includes Organization Size (SMEs, and Large Enterprises); Deployment (Cloud, and On Premise); Application (Sales, Marketing, Manufacturing, Customer Service, Social Networking, Supply Chain, Distribution, and Other Applications)).
10 June 10:09 A.M., California/Marketwire/ - According to the new market research report, the global market for Customer Relationship Management (CRM) Software is projected to reach US$89.9 billion by 2025, driven by the importance of maintaining and creating relationships with customers in running successful businesses. Benefits of well implemented CRM include better customer relationships, increased customer loyalty, happy customers are always willing to pay a price premium for superior product experience; customer retention as loyal customers spend over 70% more than new customers; lower customer churn rate; successful brand building and equity; enhanced ability for up-selling and cross-selling; improved revenues, profitability and corporate bottomline. Additionally, in the current competitive market scenario, customer loyalty is hard to gain since competition and rapid commoditization of products and services make switching to other companies easy. This makes CRM even more important in understanding buyer behavior, expectations, and purchase process so as to be able to align the product`s value proposition to the buyers` need.
Among the technologies poised to revolutionize CRM are IoT and blockchain. Convergence of IoT & CRM marks the beginning of the era of integrated IoT wherein enterprises increasingly tie IoT to key digital initiatives. Integrating IoT with enterprise systems, applications, processes and workflows is the foundation to drive efficiency & ROI from IoT investments. Connecting IoT devices to CRM systems can help identify performance glitches in products, setting into motion a new era of proactive customer support. By enabling complete tractability of data, blockchain is also helping revolutionize CRM. The technology enables companies to secure their back-office applications and corporate data in ways hitherto unimagined.
Key Competitors Covered in the Report
Huawei Technologies Co., Ltd.
SAS Institute, Inc.
The Sage Group Plc
Verint Systems, Inc.
Zoho Corporation Pvt., Ltd.
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, Spain, Russia, and Rest of Europe)
Asia-Pacific (Australia, India, South Korea, and Rest of Asia-Pacific)
Latin America (Argentina, Brazil, Mexico, and Rest of Latin America)
Middle East (Iran, Israel, Saudi Arabia, United Arab Emirates, and Rest of Middle East)
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 45244. Among this pool, 3622 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 903 unique participations, a total of 406 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world's only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
Director, Corporate Communications
Global Industry Analysts, Inc.