Published on : May 17, 2016
ALBANY, New York, May 17, 2016: The report provides an in-depth analysis of the global market for CRM software with an emphasis on cloud-based products and cloud applications. The key trends and potential opportunities for enterprises operating in the market are analyzed in the report.
The worldwide market for CRM software has been exhibiting robust growth over the last few years. Apart from reporting an impressive CAGR, the vendors in the market will also gain from the penetration of CRM software solutions in the emerging economies. Factors such as declining customer loyalty and trust in brands, inability of enterprises to cater to the customers’ expectations, ineffective implementation of loyalty programs, and rising commoditization have brought CRM to the fore as the most effective approach for creating and maintaining customer relations. CRM software adoption is expected to continue at a rapid pace with enterprises focusing on customer engagement as their key marketing strategy and the emergence of social media.
The market is also likely to gain from the implementation of software-enabled CRM in industries such as banking and financial services, hospitality, insurance, real estate, and life sciences. Among the segments based on type, the software-as-a-service (SaaS) CRM accounted for the largest share in the market. The increasing demand for could hosted services from SMBs in order to reduce their operational cost also provides lucrative opportunities for enterprises operating in the global CRM software market.
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However, despite witnessing robust growth around the world, the market for CRM software will face restraints due to the rising privacy and security concerns related to sharing data on cloud. Other factors that will restrain the market are the lack of long-term strategies, no guidance, and absence of core CRM teams. Nevertheless, the market is anticipated to gain significantly in the coming years from the emergence of wearable devices, shift from on-premise solutions to cloud-based CRM, and increasing focus on effective cloud-based CRM solutions for security.
The report states that the U.S. will emerge as one of the most lucrative markets for customer relationship management (CRM) software. However in the forthcoming years, Asia Pacific is expected to exhibit growth at the fastest pace. The proliferation of CRM software solutions in the region will be buoyed by favorable government policies, establishment of new business entities, the increasing number of mobile workers, and the expansion of broadband internet.
To present an overview of the prevailing vendor landscape, the report profiles companies such as Salesforce.com, Oracle Corporation, SAP, Verint Systems Inc., International Business Machine Corporation (IBM), and others. These companies are studied on the basis of their product portfolio, strategies adopted, financial overview, and the development status. The strengths and weaknesses of these companies are evaluated in the report. The report also discusses the threats and opportunities that these companies may face in the near future.
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