In this write up, we will be taking a close look at the different factors that have been influencing the growth of CRM software segment. We will also throw light on the varied advantages of on-demand CRM offering as compared to the on-premise offering.
Functioning of CRM platform
The launch of analytical solutions has been responsible for the generation of meaningful insights that has been pushing the growth of the CRM domain significantly. Usually, a CRM performs functions like generation of sales and marketing leads by using the present client purchasing preference details in the B2B and B2C transactions. It has proved helpful in finding the prospective sources of extra revenue via targeted marketing campaigns for the particular client bases or even the cost efficient options by reviewing the failed campaigns.
Moreover, apart from offering real time client service and opportunity management, which comprises of improved demand projection modeling techniques are also part of the CRM suite. In the past few years, CRM vendors have witnessed their revenues jump manifold due to the growing demand from the small businesses. It is believed that the deployment of a CRM tool within a SME platform helps the firm to stay in touch with the clientele base on a real time basis and also offering key service offerings instantly. Immediate response from the business personnel helps in increasing the publicity from the clients, which eventually boosts the brand image.
As we move forward, we hope that the SMEs to make use of the real time capacities of the CRM platform to maintain its touch with its clients. But, the jump in growth in market may result from a rise in the adoption of CRM suites by the MNCs.
CRM sector growth to be pushed by the bigger players’ CRM adoption
Internationally, the CRM domain has seen huge growth, enjoying the support from the software alignment by the small enterprises. In the past, CRM vendors have taken advantage of the lack of SaaS providers. Later the unveiling of Platform-as-a-Service (PaaS) service in the CRM domain, helped in the creation of the add-on applications that can be integrated into a company’s cloud offerings. The SaaS model had created a good impact on the SMEs as they usually do not have a specific budget for CRM implementation.
In the past few years, a convergence has been witnesses between SaaS CRN deployments and the on-premise deployments from the large enterprises, opting for a SaaS model. This has emerged as the favoured option as it helps in reducing the hardware expense.
In the coming years, the CRM domain internationally is expected to clock good growth due to the jumping adoption by both the large and small companies. Recently, Gartner predicted that the CRM market to touch $37 billion by 2017. The domain is witnessing faster growth than prediction.