The global SaaS Customer Relationship Management (CRM) market is projected to witness significant growth during the forecast period. The market growth is driven by the increasing demand among start-up companies and large enterprises to derive useful insights related to potential clients. Additionally, the increasing IT spending by the major end-users, such as the BFSI sector, IT and telecom, retail, and others, on the development of cloud computing strategies is contributing to market growth. Furthermore, the various inherent benefits offered by cloud computing, such as scalability, reliability, and high resource availability, coupled with savings on overall operational cost, are contributing to the market growth. However, the concern related to data security is anticipated to restrain the growth.
The SaaS Customer Relationship Management (CRM) market is segmented by end-user (Banking, Financial Services, and Insurance (BFSI), retail, healthcare, IT & telecom, and others), and and by geography (into North America, Europe, Asia-Pacific, and the Rest of the World).
Market Dynamics
- The retail sector is anticipated to hold a considerable market share as it enables marketing automation. SaaS CRM can additionally be used to optimize marketing efforts across different points in the sales life cycles.
- Furthermore, the use of such service facilitates the marketing team to get clear visibility building better sales guideline. It additionally enables retrieval of customer information from social networking sites and public domains, to better understand the sentiments of the customers including likes and dislikes.
- North America is anticipated to hold a major market share in the global SaaS CRM market, owing to the advanced IT infrastructure in the region. SaaS CRM is heavily adopted by end-users in the US and Canada. The presence of major market players including Oracle Corp., Microsoft Corp., Salesforce, Inc. in the region is further promoting regional market.
- Asia-Pacific is anticipated to grow at a considerable CAGR attributing to the rising adoption of cloud-based technologies and the establishment of new business entities in the region. China is one of the major players in the SaaS platform, and the country’s approach to avoid access cost is driving the growth of the SaaS CRM market in the Asia-Pacific.
- Additionally, the significant presence of end-user industries in the major economies of the region, such as China, Japan, and South Korea, is bolstering the demand for SaaS CRM in the region, driving the regional market.
The key market players operating in the global SaaS CRM software market include Microsoft Corp., Salesforce, Inc., Oracle Corp., Amdocs Group, SAP SE, Adobe Systems Inc., Huawei Technologies Co., Ltd., Sage Technologies, Ltd., Zoho Corp. BV, and others. The key market players are actively adopting different growth strategies such as mergers & acquisitions, collaboration, partnerships, and strategic agreements, contributing to the market growth.
Recent Development
- In February 2023, NextBigBox launched its new CRM software. The Customer Relationship Management (CRM) software intends to boost business leads, sales, and targeted services for customers. It streamline a business's services to its target customers and cater promptly to the business requirements. It can facilitate automated messaging, for lead generation and customer feedback.
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