Growing importance for customer satisfaction is expected to drive the Customer Relation Management (CRM) industry over the forecast period. It includes functions such as data warehouse, opportunity management, sales force automation, and systems that track marketing campaigns.
The solution helps end users to identify the service gap, emerging needs and customer preferences and to accumulate information about customer’s changing needs and behavior. Information collected is used by companies to offer customized products and solutions to their clients.
CRM is the most influential factor in strengthening brand image and building brand loyalty. It enables companies to provide accurate, timely processing of customer orders and request and ongoing management of customer accounts. Increasing use of handheld devices such as smartphones by sales force in various organizations to track customer trends and demand is expected to contribute to industry growth over the forecast period.
Creating cross selling opportunities and creating competitive differentiators may be the key driver of the CRM market. Surging competition among different sector is anticipated to drive revenue growth as companies will be looking to gain competitive edge through enhanced customer service. High level of investment of end-use industry in digital media and customer experience initiative is expected to propel demand for these solutions.
Increased investment in research and development is anticipated to evolve new factors influencing industry growth. Factor such as reliability, agility, scalability and cost may the affect the revenue demand over the next seven years. Government initiatives such as Digital India , which increases the flow of digital information may propel revenue growth.
Increasing demand for Software as a Service (SaaS) is anticipated to be major market driver over the forecast period owing to its cost efficiency. It can often be replaced in very short time and without significant changes to operating expenses or significant capital expenditure. Growing popularity of these solutions among small and medium enterprise may drive its growth over the next seven years.
Growing recognition of social network and importance of customer insight along with customer engagement is expected to drive adoption of social CRM over the forecast period. Industry participants are coming up with solution for social listening, monitoring, measurement, management, and middleware, for delivering best in class customer experience.
Open source customer relationship management software may hinder industry growth. The industry is very competitive and have low entry barrier. Privacy and security concern among companies may hinder growth over the forecast period.
Market can be segmented based on application into sales, customer service and support These solutions are used in various industries including consumer goods & retail, government agencies, utilities, energy, healthcare, banking & financial services, automotive, logistics and transportation.
Asia Pacific is expected to be key regional segment over the next seven years owing to growing popularity of cloud computing and Software as a Service (SaaS) solution. North America is also expected to witness significant growth. Growth of call center, IT outsourcing, US free trade agreement, and technological advancement such as social, On-demand and open source solutions may contribute to regional growth.
Key players include Microsoft Dynamic CRM, SAP, SugarCRM, Oracle Corporation, Salesforce Inc., Amdocs, mGage, Adobe Systems Inc., IBM Inc., SAS, Cegedim, and RightNow Technologies Inc. In February 2014, Oracle Inc announced that it has signed an agreement to acquire Bluekai. In June 2013, Salesforce acquired ExactTaget to enhance email management and marketing automation to its marketing cloud solution. Salesforce also acquired RelatelQ in July 2014, to enhance its product offering. In March 2015, the company announced that it has acquired intellectual property rights and other assets from Stitch to enhance its offerings. In May 2015 SugarCRM Inc. launched the new SugarExchnage for its commercial software to expend the reach and functionality of sugar software. In April 2015 The company also launched its new version Sugar 7.6 of its customer relationship management software. In October 2014, mGage announced release of new mobile customer relationship management platform. This solution will allow one-to-one conversations with customers to enhance their customer experience.
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