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Companies are seeking the availability of customer data, actionable insights on unstructured datasets, and efficient tools to handle them. The shift from push marketing to pull marketing strategy and industry-wide effort to deliver better content is expected to bolster the demand of the CRM software market over the forecast period.
The CRM Software Market is estimated to grow at a CAGR of more than 15% during the forecast period 2021-2027.
CRM software integrates with the organization’s CRM activities to interpret their measurable responses in terms of effectiveness. Rising technological integrations with CRM software are expected to drive market growth in the near future. Hosted CRM software and integrating social media with CRM software act as a key trend that influences market growth. Moreover, the development of communication technology in the IT industry, automated customer conversations, and robotic process automation is expected to shape the future of customer relations in the market.
The global CRM Software Market is segmented on the basis of Solution, Deployment, Enterprise Size, and Application. These major market segments are further categorized into various sub-segments to study the market in detail.
By Enterprise Size:
Geographically, the global CRM Software Market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. As per the studies, the Asia Pacific CRM software market is anticipated to witness the highest growth over the forecast period, owing to emerging economies such as India and China with large customer base across various industry verticals.
Salesforce.com, SAP SE, Oracle Corporation, Microsoft Corporation, Adobe Systems Inc., Amdocs, Convergys Corporation, Huawei Technologies Co. Ltd, Infor Global Solutions, Inc., SAS Institute Inc., SYNNEX Corporation, NetSuite Inc., and ZOHO Corporation among others are some major players included in the research study of the global Customer Relationship Management Software Market. The market is highly competitive in nature, with a balance of start-ups and well-established companies. Companies are adopting various competitive strategies to withhold the majority of the market share in the global marketplace. For instance, in November 2019, Salesforce and Amazon Web Services, Inc. (AWS) expanded their global strategic partnership. Through this partnership, Salesforce aimed at integrating its cloud offering Service Cloud Voice with Amazon Connect, which reduces call resolution times and helps service organizations to smoothen the operations while providing superior customer service. In February 2019, Compass acquired Contractually, Inc. for an undisclosed amount; as per the agreement, Compass will be assisted by Contractually with the help of the company’s technology and workforce to boost the adoption of Compass CRM.