DUBLIN--(BUSINESS WIRE)--Jun 29, 2020--

The Global Customer Relationship Management (CRM) Software Market was valued at US$55.314 billion in 2019.

The major factors that are driving the customer relationship management (CRM) software market growth is the rising competition across the businesses falling under the numerous verticals which are leading towards various approaches for by these organizations to increase their business. This software increases the operational efficiency of the companies as it helps to manage the optimum level of interaction with the customers and helps to handle vast information regarding the clients which is also considered to be a key factor positively impacting the CRM software market growth in the next five years.

The recent outbreak of the novel COVID-19 disease throughout the globe is anticipated to be a key factor that is expected to shape up the growth of the CRM software market during the period of next eight to twelve months. The virus outbreak, which has already been declared a pandemic by the WHO, is difficult to contain which is evident from the exponential increase in the number of confirmed cases across the globe.

However, governments have already enforced strict social distancing and quarantine measures. Also, the mandatory work from home policies that have been implemented in almost every country of the world has led the organizations to tap the potential of the market and deal with their customers in every possible manner they can be it for closing their sales or resolve the issues. Additionally, the crisis has created an environment where the companies are expected to remotely collaborate with their clients, thus providing an impetus for the market to grow during the short run.

Cloud-based deployment to show a notable growth

On the basis of the deployment model, the cloud-based deployment segment is anticipated to show decent growth throughout the forecast period. The major factors that bolster the growth of this segment include the rapid-growth cloud computing across the numerous industry verticals. Furthermore, the burgeoning adoption of SaaS (Software as Service) across the organizations with low budgets due to the high mobility, low infrastructural investments, and also the flexibility in costs.

The on-premise segment is anticipated to hold a considerable share during the next five years owing to various benefits such as full organization control over the activities coupled with the security and the safety of the company's crucial data which is also bolstering the growth of this segment during the next five years.

Large enterprise to hold a considerable share

Based on enterprise size, the large enterprises are projected to hold a considerable share throughout the forecast period on account of higher budget capabilities coupled with the growing focus of the organizations falling under this category to achieve a better return on investments and maintain operational efficiency, by focusing more on customer interaction rather than operational tasks.

The small & medium enterprises segment is projected to show a rapid growth on account of the high adoption of these solutions by the organizations falling under this category in order to attain a competitive edge in the business segment they are operating in as these tools automate business processes so that firms can focus more on important tasks and increase their business, thus positively driving the CRM software demand for this segment.

Competitive Insights

Prominent key market players in the CRM software market include Salesforce, Microsoft Corporation, SAP, Oracle, IBM, and Zoho Corporation among others. These companies hold a noteworthy share in the market on account of their good brand image and product Functions. Major players in the CRM software market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.

Key Developments

  • In April 2020, SugarCRM Inc., announced the launch of its cloud-based platform Sugar Integrate, as an enhancement for its time-aware CX platform, CRM, marketing automation, and customer service. The company aimed to eliminate Data Silos and further help the organizations for achieving a seamless view of the customer's journey.
  • In September 2019, Insightly announced the launch of its latest offering. The first-ever CRM Platform that unifies sales, marketing, and project management.
  • In July 2019, Pipedrive announced the enhancements done by it to its top-rated CRM platform with new AI-enabled capabilities with an aim to help the organizations to achieve their sales goals with the latest AI sales assistant added to this offering.
  • In June 2019, Nimble announced its latest offering NIMBLE 5.0 which is a new relationship management collaboration. This tool will deliver a new UI along with integrations into Office 365 and Azure.
  • In April 2019, Nimble announced the signing of a reseller agreement with its Gold Microsoft Partner SherWeb to deliver a simple CRM for Office 365.

Key Topics Covered

1. Introduction

1.1. Market Definition

1.2. Market Segmentation

2. Research Methodology

2.1. Research Data

2.2. Assumptions

3. Executive Summary

3.1. Research Highlights

4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.4. Industry Value Chain Analysis

5. CRM Software Market Analysis, By Function

5.1. Introduction

5.2. Marketing Automation

5.3. Sales Force Automation

5.4. Customer Service Automation

5.5. Others

6. CRM Software Market Analysis, By Enterprise Size

6.1. Introduction

6.2. Small and Medium

6.3. Large

7. CRM Software Market Analysis, By Deployment

7.1. Introduction

7.2. Cloud

7.3. On-premise

8. CRM Software Market Analysis, By Industry Verticals

8.1. Introduction

8.2. BFSI

8.3. Healthcare

8.4. Retail

8.5. IT and Telecom

8.6. Manufacturing

8.7. Others

9. CRM Software Market Analysis, By Geography

9.1. Introduction

9.2. North America

9.2.1. North America CRM Software Market, By Enterprise Size, 2019 to 2025

9.2.2. North America CRM Software Market, By Deployment, 2019 to 2025

9.2.3. North America CRM Software Market, By Industry Verticals, 2019 to 2025

9.2.4. By Country

9.2.4.1. USA

9.2.4.2. Canada

9.2.4.3. Mexico

9.3. South America

9.4. Europe

9.5. Middle East and Africa

9.6. Asia Pacific

10. Competitive Environment and Analysis

10.1. Major Players and Strategy Analysis

10.2. Emerging Players and Market Lucrativeness

10.3. Mergers, Acquisitions, Agreements, and Collaborations

10.4. Vendor Competitiveness Matrix

11. Company Profiles

11.1. Salesforce.com, Inc.

11.2. IBM Corporation

11.3. Microsoft Corporation

11.4. Oracle

11.5. SAP SE

11.6. Zoho Corporation Pvt. Ltd.

11.7. Insightly, Inc.

11.8. Nimble

11.9. SugarCRM

For more information about this report visit https://www.researchandmarkets.com/r/ti1jjr

Laura Wood, Senior Press Manager

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INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE

SOURCE: Research and Markets

Copyright Business Wire 2020.

PUB: 06/29/2020 09:13 AM/DISC: 06/29/2020 09:13 AM

Copyright Business Wire 2020.