CRM Software Market Research Report - Global Forecast to 2030

CRM Software Market Research Report - Global Forecast to 2030

ID: MRFR/ICT/3512-HCR | | Region: Global | 100 pages

Impact of COVID-19 on the CRM Software Market

The customer is the topmost priority for enterprises across all markets. Hence, the enterprises’ relationships with their customers built through the years, will prove beneficial for the enterprises during the COVID-19 pandemic. Customer Relationship Management (CRM) software enables organizations to analyze customer interactions throughout the product or consumer lifecycle. The software is specifically designed to gather all the customer information such as call logs, pipeline data, sticky notes, product and service preferences, appointments, and so on. CRM software offers several benefits such as enhanced customer relationship management, minimized data entry operations, smooth pipeline functionality, steady business growth, higher revenue generation, and informed customer communication, among other benefits. Furthermore, CRM enables businesses to stay connected with customers and streamline operations accordingly.

Since the global outbreak of COVID-19 in the early Q1 of 2020, businesses have either shut down or have experienced significant losses. The companies are left with the only option of retaining their customers which may help them during this lockdown. Additionally, the CRM software offers advantages such as customer mapping from initial contact discovery to post-purchase interactions, which sometimes gets neglected by the companies. Furthermore, the CRM software benefits the companies through report generation and helpful statistics on historical consumer behavior data.

Governments from across the globe have enforced curfews or advised citizens to stay home to prevent the spread of COVID-19. The pandemic that started in China has now spread throughout the world. This, in turn, has affected day-to-day lives and business operations. While many of the markets have been impacted amidst the lockdown, CRM software is witnessing a strong demand mainly due to its ability to capture exact and precise customer information. An increasing number of people have been turning towards web-based services delivered at home, and the CRM software market has emerged stronger than ever before. The CRM software market has experienced a boom because of this crisis. Also, a report consumer behavior illustrates that about 67% of internet users are interacting with companies they are interested in through social media. The IT expenditure through total technology purchases has gone up during lockdown, raising the bar from 38% in 2019 to 44% in the current year. The overall technology purchases are expected to grow from 2.6% in 2020 to 3.4% by 2021, increasing the demand for computer equipment, communications equipment, software, tech consulting & systems integration services, tech outsourcing & hardware maintenance, and telecommunications services. The on-cloud CRM deployment has drastically increased from about 12% in 2008 to about 87% in 2020.

The enterprises from the software industry, including CRM software providers, are expected to help recover and sustain their customers’ businesses by providing remote collaboration tools, secure endpoint solutions, and cloud storage, and among other solutions during the upcoming months. Additionally, the rising demand for mobile CRM solutions, along with an increase in acceptance rates, is expected to create lucrative opportunities in the future considering current market conditions.

CRM Software Market