Current global enterprises scenario is highly positive towards customer relationship management or CRM solutions. Increasing usage of social media is also a contributing factor for many enterprises to accept CRM as the new channel for customer engagement and management. Customer Relationship Management solutions provide numerous channels for the businesses to connect and interact with their customers in numerous ways. It comes across as a great social platform for the enterprises. The customer relationship management market is bustling with various advanced solutions for social monitoring, listening, management, middleware and measurement. All these facts have constantly created a buzz and wave of interest amongst the customers as well as investors in this industry.
Once limited to increasing sales and improving marketing campaigns, CRM has numerous other applications now. Along with both these basics, this system focuses on building customer engagement and trust for the businesses. Investment in social customer relationship management has numerous advantages, which seems to have triggered the rise in the investments in this market. The Customer Relationship Management and SCRM markets have a huge segmentation in terms of applications, deployment, solutions, users and geographical demands for these services. The deployment for these services is based on demand, premise and combination of the both. Small and medium businesses (SMB) and enterprises are the basic users of customer relationship management solutions.
CRM solutions include social monitoring, social middleware, social mapping, social measurement and social management. These solutions are applied in various industries including marketing, sales, advertising, customer support, customer care and services. The customer relationship management market is spread across various business verticals ranging from government and education, transportation, logistics, automotive, BFSI or banking, finance and insurance, energy, power and utilities, consumer goods and retail and healthcare. The solutions are essential for all these essentials across various geographical regions of the world. the market will gather interest and more business in various industries with customer facing departments.
As far as forecasting and market trends for the CRM market are concerned, they are highly positive for both customers and businesses. According to the latest market research reports, the Customer Relationship Management market is expected to grow at a CAGR of about 36.5%. This trend is likely to remain constant for the next five years (2013 to 2018). At this rate, the market will reach to $9.08 billion in 2018. It was set on $1.91 billion in 2013. These trends indicate that the CRM solutions will spread their wings across various departments with customer centric approach.
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