Customer Relationship Management (CRM) services help an organization to manage its relationship with customers and other businesses. It also helps to methodize the processes and enhance profitability. There is a wide scope for companies that are operating in CRM services. According to Global Newswire, the global CRM market is expected to reach 58.04 billion USD in 2021 and 128.97 billion USD by 2027 by exhibiting a CAGR of 12.1% between 2021 and 2028. According to a report published by Fortune Business Insight, the CRM market stood at 52.64 billion USD in 2021.
The emerge of the CRM market is because of the low-cost cloud platforms and large scale of vendors present in the market. The rise of Artificial Intelligence and IoT also played an important role in the rise of the CRM market.Impact of COVID-19 on CRM services
Many businesses have faced the tragic effect of COVID-19. Several people lost their jobs and serve businesses got forced to shut down. After the outburst of COVID-19, businesses that want to survive to turn themselves to Work from home policies. This further led companies to adopt automated and real-time tracking solutions such as CRM software. We can say CRM markets are getting a benefit from the on-going COVID-19 pandemic.Growth of CRM market
The CRM Markets on-going includes a few factors that have added to the development of the general market in the coming years. Among all factors, the highest affects market development is because of the number of organization strengthening and acquisitions.
There is a massive potential held by CRM in the IT sector, corporate organizations are hoping to team up with CRM traders across the world. In 2017 Adobe Inc. announced that they are collaborating with Microsoft Corporation. This Collaboration was focused on the improvement of an incorporated client relationship with the executives and content management solution. The organizations will hope to combine the assets of both the associations, in an effort to improving the operational execution of the CRM arrangement. This joint effort won't simply profit the organizations however it will also help the development of the CRM markets in the coming years.Forecasted Trends of CRM in 2021
Hope this blog was helpful to understand the future trends, current situation, and growth of the CRM market!
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