Significant growth for the global CRM market

Research and Markets recently released a research titled “Customer Relationship Management (CRM) Market, 2014-2025”. The global CRM market is expected to reach 81.9 billion dollars until 2025. The capabilities and effectiveness of CRM solutions have increased their demand by small and large businesses.

According to this research, CRM solutions have proved highly flexible in their adoption as well as their development in recent years. It is expected that this trend will continue to exist in the next years for very specific reasons: operational effectiveness, lower marketing costs, as well as the ability to complete the sales cycle on the go.

CRM solutions have boosted the effectiveness of sales teams, reducing the sales cycle time. In addition, they have significantly contributed to the increase in business revenues, while facilitating the process of gaining new customers and maintaining the existing ones. One of the most important trends, according to the research, in the CRM market is the dramatic increase of cloud solutions. Although this technology has been available in the industry for some time, it is now that its adoption by small and medium businesses is becoming widespread. The same applies to social and mobility CRM, which have led to the development of next-generation customer services and relationships management.

The consolidation of analytics and CRM is an important trend that seems to have been established, given that big data and analytics technology have found their way into the CRM market. In particular, Sales and Marketing have benefited the most from these technological developments, but it is not only them -other departments, such as Customer Service, IT, and Financial have the same high degree of access to CRM databases.

As the research data shows, this sector will continue to grow at a fast pace with technological innovations and profitability throughout the next decade. That being so, small and medium businesses will keep playing their role in adjusting the system’s functions, and, therefore, they will shape the market landscape in the years to come.

Some of the most interesting research findings are the following:

• Even though business-to-business companies are at the forefront of the CRM solutions adoption, business-to-consumer companies take the lead when it comes to their use.
• CRM solutions are finding a new area for development in local businesses, non-profit organizations and education.
• Connected devices will play an important role in the evolving market, given the increasing demand for mobile applications as the main deployment option.
• The professional services sector is expected to embrace the solutions available in the market to a great extent.