Sarasota, FL, Sept. 20, 2017 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Customer Relationship Management Services Market by Deployment Mode (On-Premises and Cloud) for Applications (Marketing, Sales, Customer Support and Services and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2022”. 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.
Customer relationship management refers to practice and strategies that companies use to analyze customer data and interaction in order to retain customers and increasing sales. CRM is used by companies to improve the relationship with customers by analyzing the customer data throughout the lifecycle of a customer. 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. A staff that faces customers also provides information about the customer like personal information, purchase history, buying behavior and buying preferences in CRM system.
Browse through 43 Market Tables and 27 Figures spread through 110 Pages and in-depth TOC on "Global Customer Relationship Management (CRM) Services Market: Global Industry Forecast 2016 – 2022”.
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As organizations are concentrating more on improving sales force, CRM plays very vital role in improving sales force. To understand the behavioral aspects of consumer, companies have to engage with the customers while customer interaction. As companies are focusing on customer engagement, this factor drives the CRM services market globally. Competition makes every company think more on customer satisfaction. Emerging small and medium organization in the market also drives global CRM services market. Simple and easy installation features of customer relationship management software and services drive this market globally. Every region of the world has a different customer base in terms of taste, behavior, and choice. To maintain a good relationship with the global customer, companies are continuously trying to improve the CRM services and system. This factor is also driving the global CRM services market. Every organization has its separate business units. Solution related to customer relationship management services for these business units will fuel the customer relationship management services market. However, customer data security is the main concern for organizations. Privacy and security concern of customer data restraints the global CRM services market. Bring your own device (BOYD) is the system adopted by few companies in order to improve CRM system and manufacturers of CRM software are looking this as opportunities in CRM services market.
The customer relationship management services market is segmented on the basis of deployment mode, application, vertical and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2016 to 2022. Deployment mode segment under this study includes on-premises and cloud. Application segment includes marketing, sales, customer support and services and others. The vertical segment includes BFSI, government, retail, healthcare, manufacturing, and others.
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North America retains its top position in global CRM services market due to a large number of vendors of CRM software. Increase in third-party CRM service providers in North America makes this regional market leader. Increase in adoption of cloud-based software solutions in business operations makes North America market leader in customer relationship management market. Increase in adoption of social CRM such as social listening, social middleware, social management and social measurement by North American companies drives CRM services market in this region. Increase adoption of CRM software such as salesforce CRM, Infusionsoft, Zoho CRM and Ontraport drives this market in North America.
Increase in providing personalized customer-centric services by Asia pacific companies take this region in the second position in global CRM services market. Increasing e-commerce industry involvement in developing countries like India, China, and Japan and increase in e-commerce customers drives this market in this region. Growing involvement of SMBs in CRM services and social CRM services also drives this market in Asia Pacific region. Increase in awareness of potential benefits of CRM services software across the Asia Pacific region is expected to grow the market during the forecast period. Rapid economic development in the region, increasing citizen prosperity is playing a key role in the growth of this market.
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Latin America, Middle East, and Africa have moderate growth for customer relationship management services during the estimated five years. Adoption of bringing your own device (BYOD) and industry ready CRM software will fuel CRM services market in this region. Shifting to new technologies such as social CRM drives CRM services market in this region. 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.
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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The report segments CRM services market into:
Global CRM Services Market: Deployment Mode Segment Analysis
- Cloud
- On-Premises
Global CRM Services Market: Application Segment Analysis
- Marketing
- Sales
- Customer Support and Services
- Others
Global CRM Services Market: Vertical Segment Analysis
- BFSI
- Government
- Retail
- Healthcare
- Manufacturing
- Others
Global CRM Services Market: Region Segment Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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