CAGR of 12.34%, CRM Software Market to hit USD 100.63 Billion in 2028, Says Brandessence Market Research

LONDON, March 31, 2022 /PRNewswire/ -- The CRM Software Market Size is expected to record a valuation of USD 100.63 Billion by 2028, Registering to Accelerate at a 12.34% CAGR, According to the most recent study by Brandessence Market Research & Consulting Pvt ltd.

The Global CRM Software Market size was Valued at USD 44.57 Billion in 2021. Rising prevalence of Covid-19, increasing need for customer engagement, and growing development in cloud technology are some of the major factors driving the growth of Global CRM Software Market.

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The Covid-19 pandemic which has been a bane for many businesses but a boon for the CRM market. Because of the social distancing norms, a lot of organizations have adopted the work from home module for its employees. This has led to shift of all conventional on field marketing to online modules and CRM has ameliorated the hardships faced by online modules as it provides marketing and interacting platform between customers and business management. Hence, Covid-19 has lead to increase the demand of CRM solutions and services.

Global CRM Software Market Dynamics:

One of the major factors driving the growth of the global CRM software market is rising prevalence of Covid-19. For instance, according to the World Health Organization (WHO), on February 11^th, 2022, there are about 404,910,528 confirmed cases of COVID-19 and 5,783,776 deaths, globally. Due to the Covid-19 pandemic, the government imposed lockdown conditions which result in a shutdown of all business sectors. Hence, most of the companies offered work from home to their employee. During this pandemic, the number of people working from home are exponentially increased. Work from home has resulted in converting all offline business operations including the sales and marketing avenue in a mode that is compatible in remote locations. The increase in CRM usage due to increase in Covid-19 which has led to work from home can be seen in a blog in SuperOffice which states that use CRM has increased. Therefore, the inevitable work form homes conditions have resulted growth of CRM Software market as it provides a suitable online sales and marketing platform.

In addition, another major factor supplementing the growth of global CRM software market is increasing need for customer engagement. Customer is the main stakeholder of any business. Hence answering to customers any and every need, improving post sales services and considering customer feedback has been an avenue which provides great profits to the businesses. CRM stores all the customer information for management in one location which can help in finding out preferences and needs of customers and assist them accordingly. CRM also stores customer feedback and complaints which can be reviewed by the business management. For instance, as per the report by Hubspot, the businesses can grow revenues between 4% and 8% above their market when they prioritize better customer service experiences. Software CRM provides a setting to improve customer experience vastly. The improvement of customer services can be seen in a report by nomlays which states that CRM improves customer experience and hence sales by 40 %.

CRM Software Manufacturers: Some of the key players for CRM Software are

• Microsoft Corporation
• SugarCRM Inc.
• Zoho Corporation Pvt. Ltd
• Insightly Inc.
• Copper CRM, Inc.
• Salesforce.com, Inc.
• Oracle Corporation
• SAP SE
• ADOBE INC.
• And More

Global CRM Software Market Segmentation:

By Component:

• Software 
• Services

By Deployment Mode:

• On-Premise
• Cloud
• Hybrid

By Organizational size:

• Large Scale 
• Small & Medium Scale  

By Application:

• Customer Service
• Customer Experience Management
• CRM Analytics
• Marketing Automation
• Salesforce Automation
• Other

By Industry Vertical:

• BFSI
• Healthcare
• Energy & Utility
• IT & Telecommunication

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Recent Development:

Freshworks Launched Unified Product Suite for Start-Ups: On November 11^th, 2021; Business software provider Freshworks announced Freshstack, a unified customer relationship management (CRM) offering for customer support, sales, and marketing teams at startups, as it doubles down on its efforts to grow its pipeline of young, but fast-growing customers.

Pipeliner Launched Kepler, a New Version of its CRM Solution: On September 2^nd, 2021; Pipeliner CRM announced the launch of Kepler, the 4.0 version of its sales enablement tool and CRM software. The update brings a suite of new project management capabilities, key account management functionalities, and Salesforce Automation tools to the company's platform, which will help Pipeliner's clients create a unified revenue engine.

Kylas Launched in India to Help SMBs Grow: On June 2nd, 2021; Kylas, a Customer Relationship Management (CRM) product launched in India. Kylas will help small and medium businesses streamline their sales efforts, engage with customers effectively and grow faster. Kylas was launched with a dream to make excellent CRM software open to small companies so the attention is on restoring their organizations without the extra burden of expanding its innovation.

Reginal Analysis:

North America is expected to dominate the global CRM software market within the forecast period attributed to the rapidly increasing number of organizations, rising adoption of advanced technologies and presence of key players in this region. One of the main factors is rising adoption of advanced technologies in the North America region attributed growth of the market. For example; in May 2021, SugarCRM launched Artificial Intelligence (Al) controlled SugarPredict that works for promoting, service, and sales groups.

SugarPredict gives lead scoring utilizing Al to examine transformation and commitment data from SugarMarket and allows the stage to accomplish the work. Presence of key companies also drives the market in this region. For example; in November 2020, Microsoft Corporation declared a strategic alliance with C3.ai and Adobe Systems, Inc. to give progressed and AI- powered CRM arrangements. This best in class offering is relied upon to give enhanced predictive capacities.

On Special Requirement CRM Software Market Report is also available for below region:

North America

• U.S, Canada

Europe

• Germany, France ,U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

• South_Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

• Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

• Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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