Customer relationship management (CRM) is a term that refers to practices, strategies, and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving customer service relationships and assisting in customer retention and driving sales growth.
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Key Players
The Customer Relationship Management Market report includes players such as Salesforce.com, Microsoft Corporation, SAP SE, Oracle Corporation, ADOBE INC, SugarCRM Inc, Zoho Corporation Pvt. Ltd, Copper CRM, Inc, Insightly, Inc and Sage Group.
Key Trends
Some of the key trends in Customer Relationship Management technology are as follows:
There is a shift from on-premise to cloud-based solutions: More and more businesses are opting for cloud-based CRM solutions as they offer greater flexibility and scalability.
There is an increase in the use of mobile CRM solutions: With the increasing use of smartphones and tablets, businesses are now offering CRM solutions that can be accessed on these devices. This allows salespeople to access customer data even when they are on the go.
There is a growing need for social CRM solutions: With the increasing use of social media, businesses are now incorporating social media into their CRM strategies. This allows them to better engage with their customers and provide them with timely support.
Key Drivers
There are several key drivers of the Customer Relationship Management (CRM) market. First, the CRM market is driven by the need for organizations to manage customer relationships more effectively. With the advent of the Internet and the proliferation of social media, customers are more connected and empowered than ever before. They have access to more information and can easily switch between brands. As a result, organizations need to find ways to differentiate themselves and build strong relationships with their customers.
Second, the CRM market is driven by the need for organizations to reduce costs. With the global economic downturn, organizations are under pressure to reduce costs and improve efficiency. CRM systems can help organizations automate and streamline their processes, which can lead to significant cost savings.
Third, the CRM market is driven by the need for organizations to improve their decision-making. With the vast amount of data that is now available, organizations need to be able to make sense of it all and use it to make better decisions. CRM systems can help organizations collect, organize, and analyze data, which can give them the insights they need to make better decisions.
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Market Segments
The Customer Relationship Management Market is segmented into component, deployment mode, organizational size, and region. By component, it is bifurcated into software and service. Depending on deployment mode, it is categorized into on-premise, cloud, and hybrid. On the basis of organization size, it is categorized into large scale and small and medium size enterprises. Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
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