Lead Management Software Market

Lead Management Software Market Statistics: 2027

Lead management software is direct-to-customer and business-to-business oriented set of practices, systems, and methodologies intended to qualify and generate new potential business prospects. It is generally done through various marketing campaigns or programs and maintains business relations between its outgoing consumer advertising and related responses to that advertising. Trends in the market indicate a shift toward the lead management functionality being integrated as a part of larger customer relationship management (CRM) system and other marketing automation projects. Many companies are now trying to improve relationship between their marketing and sales departments. Cloud-based and SaaS solutions are preferred over more traditional on-premises-based applications by businesses, owing to their lower costs and better flexibility. The ultimate goal of lead management software is to deliver opportunities that have a higher chance of conversion to sales.

COVID-19 Scenario Analysis: 

• With the outbreak of COVID-19 virus in December 2019, it has spread among 100 countries around the globe. Thus, the WHO declared it a public health emergency. This made many industries difficult to cope with revenue stability. Many companies opted for software solutions among which customer relation management software witnessed a significant growth.
• The global impact of the coronavirus disease 2019 (COVID-19) have already started to disrupt many physical industries and is expected to significantly affect the lead management software market in 2020.
• COVID-19 can affect the global economy in 3 ways: by directly affecting demand and production, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. Thus, organizations have shifted its focus towards consumer centric making lead generation at its priority
• The outbreak of COVID-19 has brought effects on many aspects, such as flight cancellations; travel bans and quarantines; restaurants closed; all indoor events restricted; over 40 countries state of emergency declared; massive slowing of the supply chain; stock market instability; falling business confidence, growing panic among the population, and ambiguity about future.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Factors that play a major role in the growth of lead management software market include rise in demand for social interaction, development of cloud-based solutions, and high acceptance of the software in the insurance and banking industry for lead generation processes. However, security concerns associated with centralized data hamper the market growth. Furthermore, rise in demand for crowdsourcing and cloud-based solutions are the opportunity factors for the lead management software market.

Emergence of cloud-based solutions

Presently, one of the most substantial demands in the market is for cloud-based solutions. This has led to increase in cloud-integrated lead management software. This software usually provides access to applications through web-based browsers. An admin defines the access level across an organization, which allows users to log into lead management systems from any internet-enabled device. Cloud-based lead management software usually provides users with mobile applications to make it easier to use the software on tablets and smartphones. The deployment of lead management software and business management software in the cloud is anticipated to continue gain traction as they offer scalability. 

Further, incorporation of familiar artificial intelligence technology within lead management software (such as chatbots) allows marketers to automate and customize more of lead-enrichment and lead-nurturing process, thereby reducing the cost of a sale, allowing companies to create better reach strategies, and enables sales teams to focus on most qualified leads. The introduction of chatbots for customer interaction is expected to drive the growth of lead management software market.

Data security concerns 

Data security has always been a concern in any cloud-based software and there is no perfect solution for it so far. Cyber criminals always keep looking for new ways to continue to disrupt businesses. Sensitive information such as important accounts, addresses, and details of credit cards are entered in systems making its cyber-attack vulnerable.  While using a hosted solution or onsite solution, companies need to provide their due diligence in both cases.  A major concern with hosted solutions is that customer data is not on their own premises, and anyone could access it. Customers need to be concerned about what kind of security the host is providing to protect against such instances. Customer relationship management solutions hold information about every customer that a business deals in. Attackers can break in and steal such information. There might be a chance where employees data is prone to leak confidential information about a client. This information could be passed on to competitors in exchange for a sum of money. Such issues are expected to hamper the market growth. 

Key benefits of the report:

• This study presents the analytical depiction of the global lead management software 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 the global lead management software market share.
• The current market is quantitatively analyzed to highlight the lead management software market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed market analysis based on the present and future competitive intensity of the lead management software market

 Lead Management Software Market Report Highlights