Description

To deliver a great customer experience, organizations today want a single view of customers across all touchpoints, which can be achieved through customer relationship management (CRM) solutions. The goal for businesses is to capture and leverage the wealth of available customer data to have profitable, productive, value-rich, experience-enhancing, and loyalty-building interactions with their customers, and to apply it in their marketing and sales initiatives.

More customer actions will be captured by artificial intelligence (AI)-driven CRM systems to maximize value. Social media conversations, Internet of Things-connected products, and augmented and virtual reality will be deeply mined for insights, including improvements and anticipatory, intent-based, targeted offers.

CRM applications will become deeply integrated with adjacent marketing, sales, planning, and management solutions, and with digital channels to provide a unified customer and user experience at lower IT and vendor management costs.

This report discusses such noteworthy industry trends, key insights about the CRM software market, industry growth drivers and restraints, CRM solution vendors’ focus, and growth opportunities.

In preparing this report, Frost & Sullivan conducted interviews with executives from the leading CRM solution providers across the globe. Unless otherwise noted, the opinions expressed in this assessment are those of Frost & Sullivan and have been developed through our research, interviews, and analysis. Frost & Sullivan has a global team of analysts and consultants who continuously research a wide range of markets across multiple sectors and geographies. As part of this ongoing research, we identify companies that are true industry leaders, delivering best practices in what we term growth, innovation, and leadership (GIL). These companies have a keen eye on the future and drive innovation that meets upcoming needs before they become commonly visible. They are often the first to market with new solutions. These service and solution providers focus on delivering the best products at optimal prices to maximize customer value and CX, and by doing so are growth leaders in their respective industries.

Author: Ankita Singh