Cloud CRM Market Statistics:
Cloud based CRM is defined as a technology that is hosted on the cloud. Cloud collects customer data and is stored, which could then be accessed by business via Internet. Cloud based customer relationship management software organizes, and automates sales, customer service, and marketing function within an organization with an aim of monitoring and improving management of customer relationship. In addition, with the help of cloud-based CRM, organizations does not need to worry about data management and storage or paying for license for multiple devices.
Hassle free installations, seamless access, ease of use, high security levels, reliable operation, and flexible potential are some of the benefits offered by cloud CRM. CRM solutions help organizations to benefit from data they have collected form their customers with an aim to better understand their customers and strengthen their relationships with them. The major aim for doing this is to make use of customers information effectively, which, in turn, is important key factor involved in a customer relation.
Impact of COVID-19 on Cloud CRM Market:
- The emergence of COVID-19 pandemic has severely affected almost all industries across the globe. Further, lockdown enforcements and restrictions on movements of non-essential goods as well as resources in various countries has disrupted supply chain of electronic components & networking equipment. This, has led to delay in supply of electronic components required in manufacturing of the network equipment.
- Companies have continued to expand cloud services and application development service during the pandemic. Before the pandemic took hold, various organizations were providing manual release of applications to customers.
- New learnings among companies with respect to work-from-home (WFH) and data accessibility during the lockdown period has resulted in increasing enquiries for space and services at data centers and this trend is expected to create opportunities in for the market during the forecast period.
- There is an increase in use of automation and even after situation returns to ‘normal’, the work style will continue to be data center-driven, with demand growth for higher penetration of e-commerce, digital payments, and widespread deployment of Big Data, apart from policy level push for automation.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Various factor such as increased digitalization, government compliances and increased demand for customer relationship management in nonprofit vertical boosts the growth of the cloud CRM market globally. Moreover, adoption of cloud-based services in education and healthcare, rise in the demand for digital payments, reduced operational cost, low deployment cost, improved efficiency are some of the key driving factors for the growth of this market. However, the privacy, immune to cyber thefts and may hinder the growth of the market. Rising demand of cloud-based CRM in healthcare, education and startup with new product launch is expected to offer multiple opportunities for the market.
Rise in the adoption of cloud technologies:
Multiple organizations switching to cloud CRM from on-premise CRM, owing to numerous benefits offered by that which includes faster implementation and roll out of new cloud CRM, reduced reliance on a robust in house IT team, less upfront/ purchasing cost as the organization would be able to manage the operations through cloud and does not need to invest in infrastructure which is one of the major requirement for on-premise CRM, less need for the complicated work around due to the insufficient hardware and rapid adaption of evolving needs for business process and thus due to these benefits, multiple organizations are adopting cloud technologies, these adopting became the key driving factor for the growth of the market.
Increase in demand for cloud CRM in education sector:
Cloud CRM helps the education institutes to understand the behavior of the students which in turns help to create new leads. As with the CRM software, the storage of data for the new and old students is easy to maintain. In addition to this, the cloud CRM also offers features for higher education such as maintaining and growing relationship with students, staff and alumni. In addition to that, with the cloud CRM anytime, anywhere and agility and scalability helps the organization to access the data anywhere anytime. Thus, by adoption of the cloud CRM, educational enterprises better cost effective, easily accessible and more secure which is one of the significant issues for organizations. Thus, with the increased adoption of the cloud CRM in the education sector is expected to bring lucent opportunities for the market in the upcoming years.
Key benefits of the report:
- This study presents the analytical depiction of the global cloud CRM market archiving industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of global cloud CRM market share.
- The current market is quantitatively analyzed to highlight the global cloud CRM market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides detailed cloud CRM market analysis based on competitive intensity and how the competition will take shape in coming years.
Cloud CRM Market Report Highlights
| Aspects | Details |
 By Component |
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 By Deployment Type |
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 By Solution Type |
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 By Application Type |
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 By Organizational Size |
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 By Industry Vertical |
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 By Region |
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 Key Market Players | Workday Inc., Google Inc., IBM Corp., Citrix Corp., Microsoft Corp., Salesforce Corp., SAP SE, Oracle Inc., Bpm’Online, SugarCRM Inc. |
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