Westford,USA, Oct. 19, 2022 (GLOBE NEWSWIRE) -- A customer relationship management (CRM) Market consolidates and manage customer data. CRM systems allow companies to better understand their customers, identify and address customer needs, and build strong customer relationships. Increasingly, businesses are recognizing the value of CRM systems and are investing in improving their customer experience.
The customer relationship management market is expected to grow at a CAGR of 13.4%. The main drivers of this growth are increasing demand from small businesses for streamlined and efficient solutions, increased need for sales pipelines automation, and aggressive competition among companies for qualified leads. This growth is also credited to the increasing demand for agility in business operations, along with the need to manage customer relationships strategically. The market is bifurcated into client base and contact center OEMs.
As per SkyQuest analysis of the global customer relationship management market, the client base segment is predicted to grow at a higher rate owing to the increasing prevalence of digital channels, thereby giving customers an opportunity to interact with vendors through various channels (including phone, web, chat, social media). On the other hand, contact center providers are projected to witness a decline in their share owing to the increased adoption of artificial intelligence (AI) by these organizations.
The customer relationship management market is further sub-divided into three geographies namely Europe, APAC and North America. The European region is expected to witness high growth owing to the growing population and increasing usage of digital channels. In APAC, India and China are expected to be the largest CRM market due to their large population, cheap labor, and widespread adoption of technology platforms such as WhatsApp messenger and Amazon Web Services (AWS). On the other hand, North America dominates this segment owing to its large infrastructure and strong presence of Fortune 500 companies operating in this region.
In short, increasing adoption of omnichannel retailing and digitalization will also boost the customer relationship management market.
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SkyQuest Survey Reveals 38% Consumers are Happy with the CRM Performance
The ever-growing popularity of customer relationship management (CRM) software indicates that organizations are trying to better manage their relationships with customers. The benefits of implementing CRM include improved customer retention, quicker identification of and response to customer issues, and a stronger connection between the company and its customers.
In a survey conducted by SkyQuest on global customer relationship management market, CRM emerged as the top technology priority for companies in 2021. Nearly 47% of respondents said they will increase their investment in CRM software this year, compared with 34% who said they would decrease their investment and 10% who said they would not invest in CRM software at all.
The most popular reasons for increased CRM investments in the global customer relationship management market were improving customer experience (62%), increasing sales and marketing communication effectiveness (41%), reducing churn rate (31%), and improving fraud prevention (28%).
However, we also found some challenges that need to be addressed when implementing CRM. For example, insufficient infrastructure can hamper the effective use of the technology, while regulatory compliance can be a challenge for some organizations.
With CRM becoming increasingly prevalent in firms of all sizes across global customer relationship management market, it's clear that agencies and consultants are in high demand when it comes to delivering top-quality customer experience. However, while there are many options available to organizations, not all approaches provide the best outcomes.
This year's survey of 1,138 CMOs reveals that 71% employ a customer relationship management (CRM) platform, but only 38% say their platform provides them with optimal performance. This suggests that CRM platforms can be improved upon by providing more real-time analytics and greater scalability across all channels. In addition, 73% of respondents say they effectively use social media as part of their CRM strategy, yet only 21% say their social media operation is highly effective.
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Top 5 Players Generate Over 72% Revenue of Global Customer Relationship Management Market
SkyQuest has released its latest report on the customer relationship management (CRM) industry, and it's clear that the top players generate a lot of revenue. According to our study, the five players with the highest revenues in the CRM industry are Salesforce.com, Oracle Corporation, Microsoft Corporation, IBM Corporation, and SAP SE.
These five companies accounted for 72% of all customer relationship management market revenue in 2021, and they're expected to keep generating more money in the future.
These companies have been able to grow their businesses by offering both quality and cost-effective solutions. Their focus on customer relationships has helped them maintain a strong presence in the market.
Other players in the industry are also generating significant revenue. However, due to their smaller size, they are not as well-known as the top five players. These companies include Mitel Inc., JBoss Inc., Hootsuite Limited, SuccessFactors Ltd., GreenPill Ventures Inc., and Iron Yard Silicon Valley LLC. They offer unique solutions that can drive greater competitiveness for those companies that choose to adopt them.
Salesforces has become the de facto platform in global customer relationship management market, powering more than 30% of all CRM implementations. The powerful automation and integrations capabilities of Salesforces make it an attractive solution for small and midsized businesses (SMBs).
But despite its widespread use, there is little public information available on how Salesforces stacks up against other CRM platforms. This SkyQuest report grades Salesforces on 20 key CRM criteria and compares it with leading industry players including market leader Oracle and Facebook’s competing platform Parse.
Overall, we find that Salesforce succeeds in most areas in the customer relationship management market but falls short in a few key areas, particularly when it comes to complex custom integrations and features required by enterprise customers. Overall, however, our evaluation shows that Salesforce provides a comprehensive CRM platform that can be adapted to meet the needs of a wide range of businesses.
Interestingly, we also found that larger organizations are more likely to use Salesforce than smaller organizations. This trend may be due to the company’s pricing model—Salesforce offers a free account with limited features and supplemental arrangements for additional features. Furthermore, SkyQuest found that almost two-thirds (39%) of all customers using a CRM software suite use Salesforce multiple times per week or more often. This suggests that adoption of Salesforce is not restricted to just small businesses in the customer relationship management market; it is being adopted by mid-size and large enterprises as well.
One reason for the popularity of Salesforce is its modularity. This allows different parts of an organization to use different modules without affecting each other’s data or functionality. For example, a company might use the Contact Management module to keep track of customer contacts while using the Lead Management module to manage leads.
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Top Players in Global Customer Relationship Management Market
- Microsoft Corporation
- IBM Corporation
- Sakesforce.com Inc.
- Adobe Systems Inc.
- Infusion Software Inc.
- SugarCRM Inc.
- Zoho Corporation Pvt Ltd.
- Oracle Corporation
- Zendesk Inc.
- SAP SE
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