The Global Customer Relationship Management (CRM) Software Market is expected to grow at a CAGR of around 14.8% during the forecast period, 2022-27, says MarkNtel Advisors in their recent research report. The factors responsible for the market growth are the increasing use of customer relationship management software in small & medium scale enterprises globally. In addition, the growing efforts towards automation of marketing & sales activities and reducing the overall cost of delivering services such as complaint management, customer helpdesk, and other service requests. Hence, this results in escalating the demand for the CRM software market.
Moreover, the implementation of new technology & tools such as voice-based CRM tools, artificial intelligence (AI), and machine learning can enable experiences that are highly personalized, frictionless, and easy to navigate. Furthermore, the increasing adoption of Bringing Your Device (BYOD) ecosystem due to the surge in the use of smartphones as well as high operational efficiency & less operational cost of the CRM software would grow the CRM software market in the coming years.
Additionally, the introduction of flexible pricing models, such as spot pricing, volume-based, value-based, etc., are also contributing to the rapid adoption of CRM among small & medium enterprises (SMEs).
Healthcare Segment Held a Significant Share in the Global CRM Software Market
Based on end-users, the market is divided into Healthcare, E-commerce & Retail, BFSI, IT & Telecom, Government, and Others. Among them, the healthcare end-users captured a notable share in the Global CRM Software market. Healthcare customer relationship management provides a variety of services & tools that can improve & optimize communication between healthcare providers & patients. These tools include text messages, messaging services, online forms, comment forms, and emails. They help to ensure correct information & services to the patients by automating billing, optimizing resource management, improving overall customer experience, etc. Hence, this resulted in increasing the growth of the Global CRM Software market.
In addition, the rising shift towards online products ordering & the increasing demand for CRM software across pharmaceutical companies has positively impacted the market growth of the healthcare sector in the previous few years. As a result, the healthcare industry captured a significant market share during 2017-2021.
Furthermore, the factors responsible for the growth of CRM in healthcare are growing demand to improve the patient experience & increasing demand for more effective marketing campaign solutions in the healthcare industry. Moreover, the increase in demand for customer relationship management software among pharmaceutical companies as well as the shift towards online product ordering drives the growth of the healthcare CRM software market.
Europe to Witness Substantial Growth in the Years to Come
Geographically, Europe Customer Relationship Management (CRM) Software market experienced significant market growth during 2017-19. The factors responsible for market growth are rising digital transformation of the business operations supported by various government initiatives & massive investments by the UK, Germany, Spain, etc., in the utilization of CRM solutions for providing better customer experiences. However, in 2020, due to the imposed lockdown by the governments of countries such as Italy, the UK, and Russia, resulted in shifting customers’ behavior towards the online platform to benefit the services from various sectors like healthcare, banking, e-commerce, etc.
Hence, this encouraged companies to boost their efforts in enhancing customer relationships & providing efficient customer services, prompting them to make extensive use of CRM software, reveals MarkNtel Advisors in their research report, "Global Customer Relationship Management (CRM) Software Market Analysis, 2027."
Key Market Competitors
According to MarkNtel Advisors, the leading players in the Global Customer Relationship Management (CRM) Software Market are Aurea Software Inc., Infor Inc., Microsoft Corporation, Oracle, Salesforce, Pegasystems, SAP, SAGE Group, Sugar Customer Relationship Management (CRM), Zoho Corporation, HubSpot, NetSuite, IBM Corporation, Copper Customer Relationship Management (CRM) Inc., Adobe System Inc.
Key Questions Answered in the Study