In today’s scenario, organizations need to continuously interact with their customers and fulfill their requirement in order to withstand the market competition. Organizations need to track and process a large amount of customer information in order to increase interaction with future and prospective clients. Therefore, organizations need to have a cutting edge technology in order to manage, synchronize and automate this process. Customer relationship management service involves addressing customer issues or requirements through customer service centers with combination of information technology (IT) services. Hence, customer relationship management (CRM) services help to boost the marketing, sales and customer service function of an organization. CRM services mostly revolve around contact or service centers were a group of professionals solve customer issues. Thus, CRM service providers provide various tools and software, which facilitate the operation in lesser time. CRM based IT service involves storage and tracking of customer data, which is used for forecasting the requirement with the help of advanced data analytics software.
The CRM IT based service can be deployed either on-premise or over cloud based on organization’s requirement. Due to low initial cost involved in setting up cloud based service, it is increasingly being preferred by organizations compared to on-premise solutions. Further, the time taken to deploy a CRM service through cloud is relatively less for an organization. In recent years, organizations are opting for third party service providers to outsource their CRM unit. This helps the organization to reduce their upfront cost and concentrate on core activities. CRM services are mainly used in BSFI, telecommunication, healthcare and hospitality sector as these sectors involve providing more personalized customer centric services. Further, CRM services are increasingly being deployed in retail, education, manufacturing and government sector due to its high effectiveness in addressing customer requirement. As the e-commerce industry is continuously evolving in developing countries such as India, China and Brazil, the demand for CRM services is expected to increase in these countries in coming years. CRM services also involve providing technological equipment for voice based services. This helps the organization to deliver high quality voice service with interactive voice response (IVR). Further, the application of big data is expected to provide data analytics service which is expected to help in monitoring of workforce on a regular basis. CRM services help to improve service center performance with constant monitoring and thereby help to increase customer satisfaction. CRM service providers are also providing bring your own device (BYOD) solution, which is expected to boost the demand of CRM service in sales and marketing function.
As the demand for CRM is expected to increase among small and medium enterprises, CRM service providers are constantly targeting this segment to increase their market share. CRM service providers are offering customized solutions to organizations in order to enhance their market presence. However, the concerns regarding privacy and security of data in CRM service has been a challenge for CRM service market. Some of the key CRM service providers are IBM Corp., Oracle Corp., Wipro Limited, Tata Consultancy Services Limited, Microsoft Inc., Salesforce.com Inc., NetSuite Inc., Nimble Inc., SugarCRM Inc., SAP SE, Amdocs Ltd., Sage CRM Solutions Ltd. and Ramco Systems Ltd.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
Reasons for Buying this Report
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a six-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
- It provides distinctive graphics and exemplified SWOT analysis of major market segments
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
This intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.
The scrutiny of the various forces impacting the dynamics of the market, and key and associated industries, guides enterprises in understanding various consumer propositions. Our clients leverage these insights and perspectives to enhance customer experience in the fast-paced business environment.
All our insights and perspectives are broadly based on 4 Pillars or Stages: ASBC-S, which offer an elaborate and customizable framework for the success of an organization. The essence and the roles of these in organizational successes are highlighted below:
- Agenda for CXOs: TMR, through the study, sets the tone for agendas that are pertinent to CEOs, CFOs, CIOs, and other CXO executives of businesses operating in the market. The perspectives help our clients to bridge the gap between agenda and action plan. TMR strives to offer guidance to CXOs to undertake mission-critical activities empowered by various business analysis tools, and boost the performance of the organizations. The perspectives guide you to decide on your own marketing mix that align well with the policies, visions, and mission.
- Strategic Frameworks: The study offers how organizations are setting both short-term and long-term strategic plans. Our team of experts collaborate and communicate with you to understand these to make your organizations sustainable and resilient during tough times. The insights help them decide sustainable competitive advantage for each business units.
- Benchmarking for Deciding Target Markets and Brand Positioning: The assessments in the study provides a scrutiny of marketing channels and marketing mix. Our various teams work synergistically with you to help identify your actual and potential direct, indirect, and budget competition areas. Additionally, the study helps you decide most effective budgets for various processes and promotional activities. Furthermore, the study guides you to set benchmarks for integrating people and processes with the 4Ps of marketing. Eventually, this will empower you to find out unique propositioning strategies and niches.
- Business Composability for Sustainability (C-S): Constant strategy planning for sustainability characterizing our C-S framework in the report has become more relevant than before in the face of disruptions caused by pandemics, recessions, boom and bust cycles, and changing geopolitical scenario. The TMR study offers a high level of customization to help you achieve business composability. Composable enterprises are increasingly gaining the attention of CXOs in order to help them combat market volatility. Our analysts and industry experts help you wade through such uncertainties and guide you to become a smart sustainable business in entirety.
The study presents scrutiny of region-specific consumer and technology trends, including the most recent industry dynamics. These broadly cover but not limited to
- North America, South America, and the Americas
- Asia Pacific and Japan
- Latin America
- Middle East and Africa
The study offers data-driven insights and guidance of several aspects. Some of the more notable questions are:
- What are the major recent trends that can influence the product life cycle and the RoI?
- Which regulatory trends shape corporate-level, business-level, and functional-level strategies?
- Which micromarketing initiatives of leading players will bring in investments?
- What can be the best framework and tools for PESTLE analysis?
- Which regions will witness rise in new opportunities?
- Which are the game-changing technologies being used to capture new revenue streams in the near future?
- Which operational and tactical frameworks are being adopted by various players in gaining customer loyalty?
- What is the current and expected intensity of competition the market in the near future?
Disclaimer: This market research study is an ongoing effort and extreme care has been taken to maintain the highest levels of accuracy at all stages. However, in the light of the rapidly evolving business dynamics, some region-specific or other segment-specific changes may take time to be part of the study.