Customer Relationship Management Services Market Set for Rapid Growth, to reach around $30.40 Bn by 2022

Zion Market Research has published a new report titled “Customer Relationship Management Services Market by Deployment Mode (On Premises and Cloud) for Applications (Marketing, Sales, Customer Support and Services and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2022”. According to the report, the global customer relationship management services market was valued at approximately USD 4.80 billion in 2016 and is expected to reach approximately USD 30.40 billion by 2022, growing at a CAGR of around 36% between 2017 and 2022.

 

Customer relationship management refers to practice and strategies that companies use to analyze customers data and interaction in order to retain customers and increasing sales. CRM is used by companies to improve the relationship with customers by analyzing the customer data throughout the lifecycle of a customer. CRM system gives information about customer while contact happens between company and customer by different channels like company’s website, telephone, live chat, direct mail, marketing materials and social media. A staff that faces customers also provides information about the customer like personal information, purchase history, buying behavior and buying preferences in CRM system.

 

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As organizations are concentrating more on improving sales force, CRM plays very vital role in improving sales force. To understand the behavioral aspects of consumer, companies have to engage with the customers while customer interaction. As companies are focusing on customer engagement, this factor drives the CRM services market globally. Competition makes every company think more on customer satisfaction. Emerging small and medium organization in the market also drives global CRM services market. Simple and easy installation features of customer relationship management software and services drive this market globally. Every region of the world has a different customer base in terms of taste, behavior, and choice. To maintain a good relationship with the global customer, companies are continuously trying to improve the CRM services and system. This factor is also driving the global CRM services market. Every organization has its separate business units. Solution related to customer relationship management services for these business units will fuel the customer relationship management services market. However, customer data security is the main concern for organizations. Privacy and security concern of customer data restraints the global CRM services market. Bring your own device (BOYD) is the system adopted by few companies in order to improve CRM system and manufacturers of CRM software are looking this as opportunities in CRM services market.

 

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The customer relationship management services market is segmented on the basis of deployment mode, application, vertical and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2016 to 2022. Deployment mode segment under this study includes on premises and cloud. Application segment includes marketing, sales, customer support and services and others. The vertical segment includes BFSI, government, retail, healthcare, manufacturing, and others. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America and the Middle East and Africa with its further bifurcation into major countries including U.S., France, UK, Germany, China, India, Japan, and Brazil.

 

The report covers detailed competitive outlook including company profiles of the key participants operating in the global market. Key players profiled in the report include IBM Corp., Oracle Corp., Wipro Limited, Tata Consultancy Services Limited, Microsoft Inc., Salesforce.com Inc., NetSuite Inc., Nimble Inc., SugarCRM Inc., SAP SE, Amdocs Ltd., Sage CRM Solutions Ltd. and Ramco Systems Ltd.

 

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