CRM Software Market To Touch USD 35 Billion By 2023

According to Market Research Future, the global Customer Relationship Management (CRM) Software market is expected to grow up to USD 35 billion by 2023 registering a CAGR of 6% during 2017-2023. The CRM software market was estimated at USD 24.3 billion globally. The market would be highly competitive and there will be a higher adoption rate in the next couple of years.

It is dominating countries like the USA and Canada due to the proliferation of smart devices, well-established infrastructure and faster implementation of advanced technologies. The adoption of CRM software in the Asia Pacific region is increasing rapidly. The rapid industrialisation and emerging business opportunities are the major reason for the rapid growth of the software market. The developing countries such as India and China will be one of the major markets for the CRM software.

In Europe, there is a huge adoption of cloud-based CRM and the adoption of the software is much higher compared to other continents. The market is gaining its momentum in the European countries due to the rise of corporate offices, technology enhancement and faster technology adoption rate.

Today, CRM software is only helping companies to increase sales and marketing, but also useful in customer engagement and retention. Companies across the globe are adopting the software to reach their target customers in real-time. Companies are coming up with software solutions for social management, social measurement, social monitoring and listening for better customers experience and service to customers.

Emerging strong data protection laws and internet penetration are the major reason for the faster adoption of technologies. Many companies take measures to secure the data of the customers and use technology for better service and retention.

Benefits of using the CRM software.

There are a lot of advantages of using the CRM software. It will not only help the companies but also useful in streamline entire business.

Increasing the sales. Companies can increase sales, which is the lifeline of the business. It will help in tracking both pre-sales and post-sales activities. The marketing team will become more active and productive with having CRM software in place.

Improving the after-sales services. Most of the companies unable to retain their customers due to the post sales services. The software will help to provide efficient service to their customers especially post sales.

Staying connected and strengthening the communications. Many companies find it hard to communicate with their customers. The software will help them streamline the process and stay connected with the customers.

Streamlining the processes. The CRM software is useful in streamlining all the processes including sales & marketing. One application with the entire module will help companies to tune their activities and streamline entire processes.

Optimising the time spent with customers. A CRM solution will help you keep customer acquisition costs down by retaining your existing customers through excellent customer service.

It is the right time for the SMEs and enterprise to adopt CRM Software. Using the application companies can get higher ROI for sure.