Software as a Service Customer Relationship Management (CRM) is a cloud-based platform used for delivering centrally hosted CRM analytics applications through a SaaS provider. SaaS CRM software is becoming a popular way for organizations to save money of various processes. SaaS CRM applications offer numerous benefits such as it reduces the initial investment cost, has seamless availability, enhances the collaboration and performance of employees, and ensures backup and security of data. The software is often used in different retail outlets, telecommunication & IT sector, and banks and other financial institutions.
The primary factor boosting the growth of the Global SaaS Customer Relationship Management market includes the growing adoption of SaaS CRM solutions in different organizations, followed by continuous technological advancement to enhance customer satisfaction and experience. Various multinational giants are heavily investing in the IT sector to increase their revenue and to improve business relationships using customer database, which in turn will create new opportunities in the market and subsequently fuel the growth of the Global SaaS Customer Relationship Management (CRM) Market. In addition to this, the growing deployment of cloud computing and SaaS CRM solutions is promoting easy availability of SaaS CRM applications to small and medium enterprises, thereby attracting new consumers to opt for SaaS CRM solutions to enhance their sales operations and improve security level.
SaaS customer relationship management allows efficient management of business operations using the SaaS-based centralized management system. It also provides data about customer behavior patterns by capturing and analyzing customer data from different platforms such as social media and e-mails, which helps the organizations to reframe their marketing strategies as per the changing demand of the consumers. On the other hand, the rising data security concern related to the integration of SaaS CRM software will hamper the growth of the market over the coming years.
Based on organization size, the small and medium enterprises segment is expected to grow at a higher CAGR during the forecast period owing to the rapid increase in the number of start-ups across the globe. Moreover, the growing emphasis of SMEs towards increasing customer engagement and providing better customer experience is encouraging these businesses to opt for SaaS CRM solutions for improved productivity and performance.
Based on the end-user, the retail segment is anticipated to lead the market during the forecast period due to the increasing adoption of SaaS CRM solutions across the retail sector to enhance customer satisfaction & experience, reduce operation cost, and to improve productivity and performance of enterprises. The SaaS CRM applications help in gathering data about the customers to analyze changes in the customer purchasing patterns. It also helps to boost sales, enhance demand & supply planning, and frame marketing & advertising campaigns.
Based on the region, the Asia-pacific region is expected to grow at a higher CAGR during the forecast period. In this region, both small and medium enterprises and large enterprises are heavily investing in CRM to provide better customer experience. The growing trend of start-ups, especially in developing economies such as India, will drastically increase the demand for SaaS CRM solutions as it is pocket-friendly and offers a higher customer retention rate. Moreover, the continuous expansion in the manufacturing sector in Asian countries, including China, Japan, South Korea, and India, will have a positive impact on the SaaS Customer Relationship Management (CRM) market in this region.
Various notable players in the SaaS customer Relationship Management (CRM) market include Adobe Inc., Microsoft Corporation, Oracle Corporation, Salesforce.com, Inc., SAP SE, Amdocs, Pegasystems, Inc., Atos SE, Zoho CRM, and Pipedrive.
- In Mar 2017, IBM corporation and Salesforce announced a Strategic Partnership to develop AI-based solutions for its customers. The strategic partnership aims to deliver solutions to leverage artificial intelligence and enable companies to make faster and smarter decisions.
The Global SaaS Customer Relationship Management (CRM) market has been segmented based on the organization size, end-user, and regions. Based on organization size, the market is segmented into small and medium enterprises, and large enterprises. Based on the end-user, the market is segmented into BFSI, IT & Telecom, Healthcare¸ Retail, Education, Government, Media & Entertainment, Manufacturing, and Others.
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