The global customer relationship management (CRM) application software is getting boosted due to the changing economic realities and an ever changing global business environment.
Presently, there are a number of factors that are decreasing loyalty amongst the customers, which include decreasing amount of trust in established brands, sloppy implementation of loyalty programs, the inability of the companies to match with the expectation of their customers and an informed consumer whose focus is on price to performance benefits.
Keeping in view such factors, a customer relationship management application software is one of the most potent methods for retaining customers and for creating and maintaining robust customer relationships.
The customer relationship management application software will continue to maintain a steady progress due to increasing focus of the enterprises on the customer engagement which is an important strategy to keep the customers satisfied and due to the emergence of the social media platforms.
According to the assessment of Future Market Insights, the global CRM application software market is forecasted to reach a figure of about USD 62,200 Million in 2022 and is poised to exhibit a robust CAGR in the period of assessment.
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The market in North America is set to dominate the global CRM application software market in terms of value and this trend is projected to sustain itself throughout the assessment period. North America CRM application software market is the most attractive market, growing at a robust CAGR over the forecast period.
According to the projections of Future Market Insights, the cloud segment is expected to reach a value of about USD 34,750 Million in the year 2022. This signifies a robust CAGR during the forecast period of 2017 to 2022. The cloud segment is estimated to account for nearly half of the revenue share of the deployment segment by the end of the year 2017 and is expected to gain in market share by 2022 over 2017.
According to the assessment of Future Market Insights, the BFSI segment is poised to touch a figure of about USD 11,300 Milllion in the year 2022. This signifies a CAGR of nearly 15.0% during the assessment period from 2017 till the year 2022. The BFSI segment is estimated to account for nearly one-fifth of the revenue share of the vertical segment by the end of the year 2017 and is projected to gain market share by 2022 over 2017.
The report also profiles companies that are expected to remain active in the expansion of global CRM application software market through 2022, which include Salesforce.com, Inc., Oracle Corp, SAP SE, IBM Corporation, Microsoft Corp., Adobe Systems, Inc., Genesys Telecommunications Laboratories Inc., Nice Systems Inc., Amdocs Ltd. and Sas Institute Inc.
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The CRM application software market is expected to grow at an 15.5% CAGR from 2022 to 2032
By 2022, CRM application software sales are likely to reach USD 62.2 Billion during the forecast period
Salesforce.com, Inc., Oracle Corp and SAP SE are some leading CRM application software manufacturers in the market.
| Expected Base Year Value (2023) | USD 136.4 million |
|---|---|
| Anticipated Forecast Value (2033) | USD 389.2 million |
| Estimated Growth (2023 to 2033) | 9.4% CAGR |
| Market Size (2023) | USD 8,691.8 million |
|---|---|
| Market Size (2033) | USD 20,450.8 million |
| Market CAGR (2023 to 2033) | 8.9% |
| Market Value (2022) | USD 3,256.2 Million |
|---|---|
| Market Anticipated Forecast Value (2032) | USD 9,643.1 Million |
| Market Projected CAGR (2022 to 2032) | 11.5% |
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CRM Application Software Market
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