CRM Market to Reach $81.9 Billion by 2025
The global customer relationship management (CRM) market is expected to reach $81.9 billion by 2025, driven by growth among big, midsized, and small companies alike, according to a new report by Grand View Research.
The report notes that although CRM solutions have been around for more than 20 years, they have managed to exhibit an impressive adoption and growth rate in just the past few years.
Businesses, the report claims, have been increasing their CRM adoption as they realize numerous benefits, including increased operational efficiency, reduced cost of marketing, and the ability to complete sales cycles on the go. These solutions have also assisted in increasing revenue while simultaneously making the process of acquiring and retaining customers easier.
The report also identifies the spectacular rise of cloud deployed solutions as one of the key trends in the idustry, but it also cites a rise in social CRM and mobility that it says have been driving the growth of a new genre of customer services and relationship management. Connected devices will also play a vital role in the changing industry as the demand for mobile applications increases.
Though the big data and analytics technology has various industrial applications, it has found significant usage in the CRM marketplace as well, according to the report. With predictive analysis and customer intelligence gaining traction in the industry, it can be said with certainty that CRM and analytics integration is here to stay, it said, noting that sales and marketing, customer service, IT, and finance departments have all been benefiting from these technological advancements and gaining equally from access to CRM databases.
Further key findings from the report suggest that while business-to-business companies are at the forefront of CRM suite adoption, business-to-consumer companies maintain an upper hand in terms of usage. Additionally, CRM solutions are finding new business avenues, including local governments, non-profit organizations, and the education sector.