Asia Predicted to Drive CRM Software Market Growth
Low penetration of software and large domestic demand combine to make India, China, and Indonesia significant potential customer relationship management (CRM) software markets in Asia. The market is expected to reach an estimated $17.5 billion in 2017 with a combined annual growth rate of 7.2 percent during the next five years (2012-2017).
Lucintel, a leading global management consulting and market research firm, has analyzed the global CRM software market and presents its findings in "Global CRM Software Industry Analysis 2012-2017: Trend, Profit, and Forecast Analysis."
The industry research report consists of sales, marketing automation, and customer service and support. It comprises establishments primarily engaged in computer software publishing or publishing and reproduction. The Asia Pacific (APAC) and Rest of the World (ROW) regions witnessed higher growth rate than North America and Europe during the past five years. This was due to growing market sectors, such as banking and financial, hospitality, logistics, real estate, and manufacturing, driving the demand of CRM software in Asian and Latin American countries.
The cloud computing model has made it easier to penetrate these markets as companies increasingly are adopting Internet-based technologies. Strong economic growth in the APAC and ROW regions as well as growth in the services sector have driven companies to invest heavily in CRM software to sustain their business growth and improve productivity.
As indicated in the study, economic growth and new emerging markets, growing service sector, cloud computing, and increasing demand from small and medium enterprises are the major drivers for the industry.