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.
Valley Cottage, NY -- (SBWIRE) -- 03/22/2018 -- Customer relationship management application software includes applications for sales automation, automation of marketing and customer service and support management like email automation. There are different types of customer relationship management applications available through cloud delivery like social media management, activity and participant management and customer experience management. Customer relationship management application software are being increasingly used by the enterprises to increase their sales by retaining their customers and netting new customers. Customer relationship management software helps companies to identify their most valuable customers and make a customer rewards systems and personalized communication with them in order to get increased customer engagement and conversions. Customer relationship management application software are also used to increase the efficiency of the sales processes and to minimize the costs of sales. It also helps in servicing the customer in a faster and a more efficient manner, giving personalized attention to the most valued customers. In addition, a customer relationship management application software helps enterprises to make swift tactical decisions pertaining to established and emerging market trends.
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The global CRM application software market is slated to touch a value of about US$ 62,200 Mn in the year 2022 and display a robust CAGR during the assessment period.
4 Forecast Highlights on Global CRM Application Software Market
As per the forecast of Future Market Insights, the on-premise segment is slated to touch a value of nearly US$ 27,450 Mn in the year 2022. This represents a robust CAGR during the assessment period of 2017-2022. The on-premise segment is estimated to account for more than half of the revenue share of the deployment segment by the year 2017 and is forecasted to lose market share by 2022 over 2017.
As per the forecast of Future Market Insights, the retail segment will reach a value of nearly US$ 6,840 Mn in the year 2017. This represents a robust CAGR growth during the forecast period. The retail segment is forecasted to account for more than one-fifth of the total revenue share of the vertical segment by the end of the year 2017 and is expected to gain in market share by 2022 as compared with the year 2017.
As per the forecast of Future Market Insights, the marketing automation segment is slated to reach a value of about US$ 14,100 Mn in 2022. The marketing automation segment is expected to lose market share by the end of the year 2022. The largest share is contributed by the North America region in the marketing automation segment.
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Future Market Insights forecasts the mainframe segment to exhibit a compound annual growth rate (CAGR) of nearly 10.0% from 2017 to 2022.
The report has also included the profiles of some of the leading companies in the CRM application software market like IBM Corporation, Oracle Corp, Sas Institute Inc., Salesforce.com, Inc., Adobe Systems, Inc., Amdocs Ltd., Microsoft Corp., Genesys Telecommunications Laboratories Inc., SAP SE and Nice Systems Inc.