The global CRM software market is expected to grow at a CAGR of approximately 6% during the forecast period 2017-2023. CRM software is now the biggest software market in the world and the growth isn’t slowing down. In fact, CRM is now expected to reach more than $80 billion in revenues by 2025.

One of the key factors behind the growth of CRM is accessibility. Companies want access to customer data in real-time, with mobile and cloud solutions leading the way. From customer service and email marketing to personalization, companies now expect to be able to connect platforms and technologies with customer data, in order to provide a more personalized experience. Increasing use of web-based interfaces and social computing are major factors driving the growth of the global CRM software market.Furthermore, increasing deployment of CRM software in banking and financial services sector is boosting the growth of the market. Also, growing demand for hosted services from small and medium business units is set to drive the growth of the market. Increasing popularity of social CRM and mobile CRM is another factor responsible for fueling the growth of the global CRM software market.

Some of the current trends and drivers are: Demand for Social CRM and CRM Analytics Continues to Grow Rapidly, Marketing Automation Software Continues to Grow in Prominence, Growing Demand for Hosted, Services from SMBs Drives Adoption of SaaS CRM, Mobile CRM to Lend Traction to the CRM Software Market, Deployment of CRM Software in Banking & Financial Services and Insurance Sectors to Spur Market Growth, Custom-Designed CRM Software Gains Prominence in Life Sciences & Hospitality Sectors.

The deployment segment of the global CRM software market is classified into cloud and on premise. However, the cloud based deployment sub segment is expected to hold the largest market share of the CRM software market and is also expected to grow at the highest rate over the forecast period owing to the increasing deployment of cloud based CRM modules.

The North American region holds the largest share of the market across the globe followed by Europe, and Asia Pacific region. The U.S. and Canada are dominating the North America market due to rising technological enhancements and proliferation of intelligent connected devices in the region. Moreover, the region has a well-established infrastructure, which allows faster implementation of advanced technologies. Additionally, the growing adoption of cloud based CRM modules is another major factor driving the growth of the market in the region.

On-premise CRM is run on computers within the premises of an organization. In this case all the data and information is stored inside the premises of the company, too. Cloud-based CRM software implies that the software and all relevant data, is accessible through the Internet and is displayed in a web browser. By 2018, large organizations in mature markets will shorten the CRM replacement cycle by two years by moving to Software-as-a-Service model. Nowadays, everything is going into a cloud, and we would recommend not to stand against this. Heroku and Amazon Web Services are proving to have really good system administration and hosting capabilities. Heroku is a bit pricey, but once you subscribe, you can forget about server maintenance at all. Amazon AWS, namely S3 service, will ensure that all your data can be accessible worldwide and with download lightning speed, no matter how many people are calling your CRM server at the same time.

CRM can support your sales team at every stage of the sales cycle, from leads to customer management. Below are a few use cases: View and manage account activity and communications; Use reports to forecast sales, measure business activity, identify trends; Qualify leads and track prospective customers; Centralize customer data; Access, update, and share information across teams and departments.