Customer engagement and management play vital role in the success of any small or large organization. As a result, businesses from all parts of the world are increasingly providing major attention to customer relationship management. Various CRM solutions are receiving positive feedback from different enterprises in the world. Growing use and significance of social media also plays a vital role in the current scenario. Global customer relationship management market is aiming to grow at a healthy CAGR in the near future. This is a vital sign of success for this relatively new market, which is already making waves across the customers as well as investors.
CRM Market Synopsis
Customer relationship management is a carefully developed model to manage various levels of interactions between the company and its current and future customers. This model relies on various technologies and advanced solutions that help in the process of organization, synchronization, automation, customer service, marketing, technical support and sales. The advanced solutions provided by the customer relationship management market include middle-ware, social monitoring, measurement and management. CRM solutions were limited to improving marketing campaigns and increasing sales channels. However, growing advantages, demands and technological advancements in this field the spread of applications is also rising with each passing day.
Customer relationship management and social customer relationship management are the two basic segments of the global CRM market. Both these segments are divided further, based on the types of applications, deployment, solutions, users, business verticals and geographic demands. Based on applications, customer relationship management segment is divided into customer support and services, marketing, sales and other solutions. Both CRM and social CRM segments are divided into three types based on the types of deployment. These types include on premise, on demand and hybrid. On demand services include PaaS and SaaS.
- Users: Based on the types of users, SCRM market is segmented into small and medium businesses or SMBs and large enterprises.
- Solutions: SCRM industry is divided into five segments, namely, monitoring, middleware, measurement, mapping and management.
- Verticals: Healthcare, academia, BFSI, automotive, transportation, logistics, government, energy, utilities, retail, consumer goods and IT
In-depth analysis of the aforementioned segments of exclaims that the market for CRM solutions will continue making waves across the world. According to market research reports, social customer relationship management market is expected to grow at a CAGR of over 36% from 2013 to 2018. During the span of next four to five years, the industry is poised to become worth more than $9.08 billion in 2018, which is presently (2013) poised at $1.91 billion. Customer relationship industry on the other hand is expected to rise at a steady CAGR of over 7% during the same span. At these estimated figures, the market will become worth $24.22 billion by the end of 2018. As of 2013, the market is worth $17.19 billion. Increasing use of social middleware, management, mapping, etc,; technological advancements in the industry and rising demand from different geographic regions of the world (including North America, Europe, Asia Pacific and rest of the world) are driving the global market.