Authored By: Sarah
24 Jun 2024

 SaaS Customer Relationship Management (CRM) Market Size to grow by USD 59426.56 million between 2023-2027

According to a research report “ SaaS Customer Relationship Management (CRM) Market” by End-user (Retail, BFSI, Manufacturing, Telecom and IT, Others ) Application (Service and Support , Sales, Marketing , E-Commerce ) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 59426.56 million, at a CAGR of  13.43% during the forecast period. In today's business landscape, the adoption of cloud computing and Software-as-a-Service (SaaS) CRM solutions is revolutionizing the way Small and Medium Enterprises (SMEs) manage their customer relationships. SaaS CRM is no longer a luxury but a necessity for businesses in retail, BFSI, healthcare, telecom, and IT sectors. By integrating multiple business functions into a single application, SMEs can streamline operations, reduce costs, enhance decision-making capabilities, and boost sales. Key features of SaaS CRM include better resource management, data consolidation, and improved planning.

Browse market data tables, figures, and in-depth TOC on “SaaS Customer Relationship Management (CRM) Market” by End-user (Retail, BFSI, Manufacturing, Telecom and IT, Others ) Application (Service and Support , Sales, Marketing , E-Commerce ) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2027. Download Free Sample

 

By End-user, the Retail segment is projected to dominate the market size in 2024

In the dynamic business landscape, a SaaS CRM solution plays a pivotal role in facilitating efficient customer issue resolution and upholding service standards. By collecting vital customer data and feedback, these systems enable organizations to address recurring concerns promptly and enhance overall business performance. Additionally, real-time tracking of on-field personnel ensures expedited query resolution, fostering customer trust and loyalty. Notable brands, such as Coca-Cola, harness the power of CRM systems to optimize their customer support operations.

By Application, Service and Support  segment is expected to hold the largest market size for the year 2024

In today's global retail landscape, the adoption of Software-as-a-Service (SaaS) Customer Relationship Management (CRM) solutions is on the rise. Retail businesses are leveraging SaaS CRM to foster superior customer relationships, boost productivity, and generate revenue growth. Amidst intensifying competition, retailers are restructuring investment strategies, expanding through new stores and digital sales channels, mergers and acquisitions, and cloud computing implementation. To capture expanding customer bases, retailers are turning to SaaS CRM solutions.

North America is forecasted to hold the largest market size by region in 2024

In North America, the surge in SaaS CRM adoption can be attributed to enterprises' increasing reliance on public cloud services and the necessity of customer data analysis. Advanced infrastructure and a multitude of cloud service providers, including Microsoft, Salesforce, Oracle, and Adobe, fuel market expansion. Enterprises invest in cloud services to streamline operations via enterprise applications, with SaaS solutions providing web-based access to CRM, ERP, and HRM software via one-click functionality.

The SaaS Customer Relationship Management (CRM) Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Capillary Technologies
  • Cendyn Group LLC
  • DataAegis Software Pvt Ltd.
  • Doxim Inc
  • HCL Technologies Ltd.
  • HubSpot Inc.
  • Infor Inc.
  • International Business Machines Corp.
  • NICE Ltd.
  • Oracle Corp.
  • Pegasystems Inc.
  • Sage Group Plc
  • Salesforce.com Inc.
  • SAP SE
  • SugarCRM Inc.
  • Veeva Systems Inc.
  • Verint Systems Inc
  • Vtiger Systems India Pvt. Ltd.
  • Zendesk Inc.
  • Zoho Corp. Pvt. Ltd.
.

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Research Analysis Overview

In the current economic climate, businesses are seeking ways to mitigate uncertainty and optimize operations. One area of focus is business investment in cloud-based solutions, particularly for Customer Relationship Management (CRM). This market encompasses various business types and specific industries, with specialized solutions tailored to retail and other sectors. SaaS CRM analytics offer personalized experiences, enabling effective retention strategies. Software providers like SoftClouds deliver cloud technology, AI-powered insights, and CRM tools to enhance digital transformation. Work collaboration tools further streamline processes, while cloud server and data storage solutions ensure secure and efficient data management. Subscription-based models offer flexibility and cost savings, making SaaS CRM an attractive option for businesses in today's economic landscape.

Market Research Overview

The SaaS Customer Relationship Management (CRM) market is a significant segment of the digital transformation trend in various business types, including B2C, B2G, and B2B enterprises. The sector's composition is diverse, with numerous specialized solutions available for specific industries. These solutions range from cloud-based CRM analytics and work collaboration tools to omnichannel marketing and AI-powered insights. The level of digitization in CRM is high, with large corporations increasingly adopting cloud technology for their IT infrastructure. Cloud platforms offer affordability, flexibility, and scalability, making them an attractive option for businesses seeking to manage their customer data effectively. Expert opinions suggest that the investment in CRM solutions will continue to grow, driven by the need for forward-looking analysis and actionable data. SaaS CRM analytics, subscription-based models, and data storage solutions are becoming essential components of a business's digital technology strategy. Moreover, the integration of Big data analytics, AI and automation, and the Internet of Things into CRM systems is leading to hyper-personalization and embedded analytics, providing businesses with valuable insights to enhance customer retention and deliver personalized experiences. Key players in the market include Supara, Freshchat, SoftClouds, Lithium, SAP, and VMR industry report. These software providers offer cloud-based offerings, including cloud servers and cloud-based applications, to cater to the evolving needs of businesses in telecommunications, banking, retail, and other sectors.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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