The CRM software market report by The Business Research Company shows that the increasing number of customers of the organizations and the rising need for customer satisfaction are expected to benefit the customer relationship management software market in the forecast period. Organizations should offer customized services to customers, gain better knowledge of their purchasing habits and other details, develop cross-selling opportunities and create competitive differentiators to retain existing customers and to attract new customers. These drive the demand for the use of CRM software in organizations to understand their customers in a better way and to maintain a good relationship with them.
The global crm software market size will grow from $128.25 billion in 2022 to $148.49 billion in 2023 at a compound annual growth rate (CAGR) of 15.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global crm software market size is expected to grow to $263.1 billion in 2027 at a CAGR of 15.4%.
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Major competitors in the CRM software market include Salesforce, Microsoft, Oracle, SAP, Sugar, Hubspot, Act, lucro CRM and Adobe.
The CRM software market is segmented –
• By Deployment: Cloud CRM, On-Premise CRM
• By Size of Enterprise: Small & Mid-sized enterprises, Large enterprises
• By Application: Sales, Marketing, Manufacturing, Customer service, Social networking, Supply chain, Distribution, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the CRM software market.
CRM (customer relationship management software) software is designed to help the organization provide a unique and seamless customer experience and build better relationships by providing a complete picture of all customer interactions, tracking sales, organizing and prioritizing the opportunities, and facilitating collaboration across different teams.
The “Global CRM Software Market Report 2023” from The Business Research Company is a comprehensive report that covers every facet of a market covering over 60 geographies and over 2500 market segments. The regional and country breakdowns section analyzes the market in each geography and the market size by region and country. Furthermore, it assesses the market’s historical and projected growth and identifies significant trends and strategies that companies can leverage for business expansion.
Source: OpenPR