In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSIn Sept 2019, Mahindra & Mahindra (Indian, multinational car manufacturing corporation) partnered with Salesforce (American, a leading Customer Relation Management solution provider), to deliver on innovating and digitizing Mahindra's entire customer experience value chain.
SaaS (Software-as-a-Service) CRM is a platform for delivering centrally hosted customer relationship management (CRM) analytics applications over the cloud by the form of a service, usually a SaaS provider. The customer relationship management solutions, offered by a model of renting software or SaaS, has helped the enterprises to reduce cost of ownership and restrict from the upgradation or implementation of software & hardware on-premises. Moreover, with services offered, such as management of applications, networking, servers, storage, data, runtime, middleware and operating systems, at the premises of the vendor or service provider, is helping enterprises to optimize work efficiency.
Integration of SaaS CRM help the organizations by providing total customer data in a single holistic platform. Implementation of 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 supported among SMEs and large enterprises across the globe on the back of its ability to provide various benefits such as data security, easy accessibility of CRM database, quick scalability of SaaS CRM model, and reduced IT maintenance costs among others. Additionally, increase in revenue of the businesses on the back of its ability to improve sales and enhanced customer relationship are some of the other benefits supporting the adoption of SaaS CRM solutions, therefore driving the growth of the market in coming years.
SaaS customer relationship management market is estimated to grow moderately over the forecast period i.e. 2019-2027. The market is segmented by organization size into small & medium, and large enterprises, out of which, small and medium enterprises (SMEs) is estimated to witness highest growth on account of increased adoption of SaaS CRM solutions in SMEs for its ability to minimize IT expenditure and increase operational efficiencies. On the basis of end user, SaaS CRM helps to improve efficiencies across BFSI, healthcare manufacturing, retail, telecom and IT and others. However, adoption of SaaS CRM solutions in retail sector is anticipated to grow at the highest rate on account of its ability to help enterprises analyze the consumer behavior and advance their marketing strategies to evolving market demand.
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Growing need amongst enterprises for enhanced analysis of customer data in order to improve sales, combined with availability of numerous benefits for the adoption of SaaS CRM solutions among enterprises, for instance, reduction of operational cost, improve in sales, increasing revenue and streamlining of business processes, among others, the market is estimated to project growth over the forecast period. Moreover, increased focus among the businesses on customer acquisition and customer retention in order to gain competitive advantage are anticipated to drive the adoption of SaaS CRM solutions.
Enterprises are increasing their IT spending in order to integrate customer database from various applications into one single platform, so as to make the data available readily for all the departments of an organization at the click of a button. Such integration supports the organization to improve business relationships by streamlining customer database and developing marketing strategies on real time basis. Moreover, the technological advancements by the integration of artificial intelligence (AI) into SaaS CRM is anticipated to drive the market growth in future.
Data security concerns and unavailability of SaaS solutions for industry specific business applications are estimated to hinder the adoption of SaaS CRM solutions among some vertical markets. These factors are estimated to negatively affect the growth of the market in near future.
Our in-depth analysis of the SaaS customer relationship management (CRM) market includes the following segments:
On the basis of regional analysis, the SaaS customer relationship management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Owing to the presence of key players and availability of technologically advanced infrastructure, the market in North America is anticipated to hold the largest market share over the forecast period. US is the major contributor for the sustained growth of the market in the region on the back of increasing need for adoption of advanced customized CRM solutions by the enterprises. Further, the market in Europe is expected to grow at an incremental rate on account of increased investment in SaaS CRM solutions and rise in adoption of CRM software by the enterprises. Furthermore, 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.
The SaaS customer relationship management (CRM) market is further classified on the basis of region as follows:
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