According to the report published by Grand View Research, Inc., growing adoption of cloud-enabled CRM solutions, increasing importance of these solutions in B2B and B2C processes and plethora on new innovative approaches offered by new market players are some of the key factors expected to boost the market growth rate in the forecasted period.
According
to a report, “U.S.
Customer Relationship Management Market Size, Share & Trends Analysis
Report By Deployment (On-premise, Cloud), By End Use, By Application, And
Segment Forecasts, 2019 - 2025”, published by Grand View Research, Inc.
The U.S. customer relationship management market size is expected to
reach USD 64.2 billion by 2025, registering a CAGR of 14.0% from 2019 to 2025,
according to a new report by Grand View Research, Inc. CRM solutions with
data-driven insights offer enhanced functionality apart from their traditional
role of information gathering, activity tracking, and passive data repository
generation. Therefore, these solutions enable companies to analyze buying
behavior of customers and simultaneously provide relevant information to
augment their sales efforts. Hence, business and organization of all sizes are
investing heavily in customer relationship management solutions.
CRM
solutions have brought lots of positives to not only the major companies and
organizations but also to the small and medium sized businesses. Therefore, the
CRM market in the U.S. has observed high demands from these small and medium
sized businesses and is expected to make the most of the promising growth
opportunities presented to it. The new models such as CRM based on
SaaS and the on-demand models in the U.S. market can minimize the need for
upgrading or investing in the hardware infrastructure and can consecutively
bring down maintenance and support costs, making it more beneficial for the
organizations deploying it. Presence of major CRM solution providers in the
country is also a major factor that drives the adoption of customer
relationship management solutions over the forecast period.
Continuous
innovations in the CRM technology has
been one of the key factors in helping the market grow its demands in the U.S.,
and it has already gained significant attention from various industries due to
its changing nature in terms of growing functionalities and feature set. CRM
suites now offer the capability to measure business performance and keep a
track of sales trajectory, which have been some of the key factors encouraging
businesses to use them. This trend of innovations by major key players in the
market is crucial in maintaining the higher growth rate that is expected to
fuel market expansion for the forecasted period.
Presently,
large customer relationship management solution providers such as
Salesforce.com, SAP SE, Oracle Corporation, and Microsoft Corporation dominate
the U.S. customer relationship management market and have focused on augmenting
their collective market share in the U.S. Other key players are trying to
access the market by offering identical CRM solutions at a competitive price.
This has led to a notable rise in intensity of competition across all
sub-segments in the U.S. market.
Full Research Report On U.S. Customer Relationship Management Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/us-customer-relationship-management-crm-market
Further key
findings from the study suggest:
- Acquisition
& mergers and collaborations are some of the key strategies employed
by major key players for market expansion. For example, in December 2020, Salesforce, the
global leader in CRM, signed a definitive agreement to acquire Acumen
Solutions, a leading professional services firm with deep Salesforce
knowledge and extensive industry expertise across public sector,
manufacturing, financial services and more.
- Innovations
are a major force driving the growth of the market. Recently, in November 2020, Microsoft
Corporation announced a partnership with Adobe Inc. and privately held
startup C3.ai to offer customer relationship management (CRM) software
solutions utilizing artificial intelligence (AI).
- Competition
in the U.S Customer Relationship Management Market is immensely tough and
major companies fight neck-to-neck to gain more grounds in the market. For instance, in September 2020, SAP announced
that it is conceding the broad mainstream CRM market to Salesforce and
will pursue only certain specific segments.
- On the basis
of deployment, cloud
deployment has been the dominant segment since 2018 and is likely to
witness more traction in the upcoming years owing to rising preference and
increased awareness regarding its benefits in terms of cost and
flexibility
- On the basis
of end-use, large
enterprises have been at the forefront in deploying cloud-based CRM
solutions for their businesses, which is resulting in effective customer
engagement. SMEs in the U.S. market are also deploying customer
relationship management solutions to improve business processes, which is
likely to result in high revenue generation
- Some of the
key participants in the
market are Salesforce.com; SAP SE; Zoho; Oracle Corp; Nimble; SugarCRM
Inc.; and Verint Systems Inc.
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https://www.grandviewresearch.com/industry-analysis/us-customer-relationship-management-crm-market/request/rs1
Grand View Research has
segmented the U.S. customer relationship management market based on
application, deployment, and end use:
U.S. CRM
Application Outlook (Revenue, USD Billion, 2014 - 2025)
- BFSI
- Retail
- Healthcare
- Telecom & IT
- Discrete Manufacturing
- Government & Education
- Others
U.S. CRM
Deployment Outlook (Revenue, USD Billion, 2014 - 2025)
- On-premise
- Cloud
U.S. CRM End-use
Outlook (Revenue, USD Billion, 2014 - 2025)
- Large Enterprises
- SMBs
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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