Research Nester released a report titled “SaaS Customer Relationship Management (CRM) Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers the detailed overview of the SaaS customer relationship management (CRM) market in terms of market segmentation by type, organization size, end user and region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The SaaS customer relationship management (CRM) market is anticipated to progress at a moderate CAGR over the forecast i.e. 2019-2027. SaaS (Software-as-a-Service) CRM is the means of delivering centrally hosted customer relationship management (CRM) analytics applications over the Internet—as a service, by a SaaS provider. The growth of the market is driven by increasing adoption of SaaS CRM solutions among enterprises combined with technological advancements and increase in IT spending by the enterprises, so as to improve revenue and business relationships through streamlining customer database and developing marketing strategies. Additionally, the increased focus among the businesses on customer acquisition and customer retention in order to gain competitive advantage is anticipated to drive the adoption of SaaS CRM solution, thereby contributing to significant growth of the market in coming years.
The market is segmented by organization size into small and medium enterprises (SMEs) and large enterprises. The SME segment is witnessing highest growth on the back of shifting focus among the enterprises to minimize IT expenditure and increase operational efficiencies by adopting SaaS CRM solutions. On the basis of end user, the retail sector is anticipated to grow at the highest rate owing to its ability to help enterprises analyze the consumer behavior and advance their marketing strategies pertaining to evolving market demand.
By region, the global SaaS customer relationship management (CRM) market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa, out of which, the market in North America is anticipated to hold the largest market share owing to the availability of technologically advanced framework ecosystem and presence of major players in the region.
Accompanied by increasing need for adoption of advanced customized CRM solutions by the enterprises, US is the major contributor for the sustained growth of the market in the region. The SaaS customer relationship management (CRM) market in Europe is expected to witness growth on account of increased investment in SaaS CRM solutions and rise in adoption of CRM software by the enterprises. Moreover, the market in Asia Pacific is anticipated to grow at highest growth rate on account of increased adoption of new technology and rising demand for sophisticated customer relationship management software products in the emerging markets of Asia-Pacific.
Growing Adoption of SaaS Customer Relationship Management (CRM) Solutions
SaaS CRM solutions are gaining acceptability across numerous enterprises on the back of its ability to integrate SaaS solution with the traditional software adopted by the enterprises and expand their CRM solutions. SaaS CRM models are adopted among SMEs and large enterprises across the globe on the back of its ability to provide various benefits to the organization such as data security, easy accessibility of CRM database, quick scalability of SaaS CRM model, reduced IT maintenance costs among others. These are some of the notable factors that are anticipated to drive the market growth in future.
However, data security concerns is estimated to negatively affect the growth of the market in the near future. Moreover, unavailability of SaaS solutions for industry specific business applications is estimated to restrain the adoption of SaaS CRM solutions among some vertical markets.
This report also provides the existing competitive scenario of some of the key players of the SaaS customer relationship management market which includes company profiling of key companies such as Adobe (NASDAQ: ADBE), IBM Corporation (NYSE: IBM), Microsoft (NASDAQ: MSFT), Nice Ltd (NASDAQ: NICE), Oracle (NYSE: ORCL), Pegasystems Inc. (NASDAQ: PEGA), Salesforce.com, Inc (NYSE: CRM), SAP SE (ETR: SAP), Verint (NASDAQ: VRNT) and Zendesk (NYSE: ZEN).
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the SaaS customer relationship management (CRM) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.