CRM software helps businesses manage, organize, and monitor operations to increase customer satisfaction. The adoption of advanced technologies such as the Internet of Things (IoT), artificial intelligence, and big data is expected to drive the demand for CRM software. Cloud-based CRM software is also likely to gain popularity due to its accessibility and integration capabilities.
The Customer Relationship Management (CRM) market has witnessed remarkable growth over the years. In 2021, the market size was USD 57.83 billion, and it is projected to grow to USD 145.79 billion by 2029 at a CAGR of 12.5% during the forecast period, with a projected value of USD 63.91 billion in 2022. The global COVID-19 pandemic has had a significant impact on the market, causing lower-than-expected demand across all regions compared to pre-pandemic levels, resulting in a 10.0% decline in growth in 2020 compared to 2019.
Customer relationship management (CRM) systems are becoming increasingly popular in organizational departments such as sales and marketing, as well as customer service and support.
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By integrating AI, these departments aim to enhance customer experience and feedback and build stronger connections with their customers. For instance, in April 2022, Salesforce, a cloud-based software company, introduced new capabilities such as AI-powered insights for sales, marketing, and service teams across various industries including BFSI, retail, and IT & telecom.
Through the use of CRM analytics, Salesforce customers can easily access relevant datasets, dashboards, and next-best groupings related to their search. This advancement in CRM solutions and services is expected to drive market growth.
Additionally, the increasing use of digital channels by customers to communicate with brands and organizations is likely to further boost the growth of the customer relationship management industry. According to recent surveys by SoftClouds, around 80% of organizations are currently utilizing CRM systems for sales reporting and process automation.
While large corporations have already made substantial investments in their IT infrastructures, Small and Medium Businesses (SMBs) have been limited in their ability to do so due to budget constraints. However, with the help of advanced customer relationship management (CRM) suites, businesses of all sizes can now track sales trajectories, evaluate business performance, and improve their overall digital presence.
As digital transformation continues to impact various industries, businesses are looking to streamline their existing solutions into a single, unified CRM suite that can serve all their needs. This shift towards integrated solutions is expected to drive growth in the CRM market during the forecast period, as more businesses recognize the benefits of using these suites to manage and enhance their customer relationships.
With the rise of social media, enterprises are now adopting social integration with CRM software, giving rise to social CRM as a new channel. Social CRM solutions combine traditional CRM with social media to improve customer engagement for enterprises.
These solutions provide a social platform for evolving businesses’ CRM needs, while also offering flexibility in reach, deployment, and administration. Social CRM incorporates customer decisions into the planning mix and the feedback loop to engage customers with enterprises.
Enterprises are investing in solutions for social monitoring, listening, middleware, management, and measurement, which aim to provide the best customer experience possible. CRM is no longer limited to increasing sales and improving marketing activities but also aims to enhance customer engagement with enterprises.
Investments in social CRM are expected to increase across geographies and verticals, with the need for more business-specific solutions. These solutions will bring together customer data from all sources within enterprises, moving beyond marketing and sales functions into customer-facing departments, thereby improving brand value through better communication and seamless connectivity across all departments.
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