The global customer relationship management market is expected to reach USD 81.9 billion by 2025, according to a new report by Grand View Research, Inc. The ability of CRM suites to carry out business with ease is driving the demand for the CRM solution across both big and small companies.
Customer relationship management solutions have managed to exhibit an impressive adoption and growth rate in the last of couple of years despite over 20 years of market presence. This growth trend is expected to continue in the coming years as well owing to numerous benefits of CRM suites, including operational efficiency, reduced cost of marketing, and the ability to complete sales cycle 'on the go'. These solutions have boosted the efficiency of the sales teams by reducing the sales cycle time. Additionally, they have also assisted in increasing revenues while simultaneously making the process of acquiring and retaining customers easier.
One of the most interesting trends observed in the CRM marketplace is the spectacular rise of cloud deployed solutions. While this technology has been in the industry for quite some time, its widespread adoption by small and large businesses was unforeseen. The rise in social CRM and mobility has also been driving the growth of a new genre of customer services and relationship management.
Though the big data and analytics technology has various industrial applications, it has found significant usage in the CRM marketplace. With predictive analysis and customer intelligence gaining traction in the industry, it can be said with certainty that CRM and analytics integration is here to stay. Sales and marketing have been benefiting from these technological advancements alongside customer services, IT, and finance departments gaining equally from access to CRM databases.
The industry is expected to continue its growth stride with dynamic trends, technological proliferation, and innovations over the better part of next decade. As such, the mid-market companies will play a role in changing the product functionalities and their portfolios, which would shape the overall market in the coming years.
Further key findings from the report suggest:
• The industry is marked by the presence of big enterprises including Salesforce.com, Microsoft, SAP, Oracle, and Adobe.
• While business-to-business companies are at the forefront of customer relationship management suite adoption, business-to-consumer companies maintain an upper hand in terms of usage.
• CRM solutions are finding new business avenues including local governments, non-profit organizations, and education sector.
• Connected devices will play a vital role in the changing industry as the demand for mobile applications as the major deployment option is increasing.
• The professional services sector is expected to embrace the solutions available in the market to a great extent as the application scope of these solutions is in line with the services sector.