In today’s world, organizations need to keep in touch with the customers and fulfill the requirements of customers in order to be in competition. To increase the sales and profits of the organization, one must improve the relationship with the customers of the company. Success and increased sales numbers depend on the healthy relationship with customers. But complex business operations always need effective CRM software. To manage and handle the data related to customers, companies now days rely on CRM services and services. 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. CRM is used by companies to improve the relationship with customers by analyzing the customer data throughout the lifecycle of a customer.
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.
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Deployment of customer relationship management services through cloud system is easier and consume less time. Simple and easy installation features of customer relationship management software and services drive this market globally. Competition makes every company think more on customer satisfaction. Emerging small and medium organization in the market into customer satisfaction also drives global CRM services market. To maintain a good relationship with global customer global companies are continuously trying to improve the CRM services and system. The increase in social CRM and mobility is also driving the growth of customer services and relationship management. However, privacy and security concern of customer data restraints the global CRM services market. New technologies such as BYOD (bring your own device) and industry ready CRM services software will fuel this customer relationship management services market globally.
The customer relationship management services market is segmented on the basis of deployment mode, application, vertical and region. Deployment mode segment includes on-premise and cloud. Due to low-cost investment and easy setup, cloud based CRM services software is leading segment in deployment mode. Easy handling and less time for operation make cloud based software preferable over on-premise software. Application segment includes marketing, sales, customer support and services and others. Due to a large number of market share of sales force CRM, sales application is leading segment. Increase in interaction with customers, customer support and service department is also leading in CRM services users. The vertical segment includes BFSI, government, retail, healthcare, manufacturing, and others.
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With more number of the customer base in the manufacturing industry, manufacturing segment is leading in this customer relationship management services market. Due to increasing number of bank accounts and transaction, BFSI is also increased its customer base and is leading segment in this market. Retail and healthcare segments are also leading in CRM services users due to the expansion of its business units. 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, Germany, UK, 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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