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Customer relationship management services market insights shared in detailed report

Industrial Market Research

The industry is driven by the growing demand for Software as a Service (SaaS) in the deployment of CRM suites and solutions. Mature customer service, automated engagement, improved experience, and increasing scope of digital operations are a few factors fueling the demand for these solutions across various verticals.

The global customer relationship management services market was valued at approximately USD 4.80 billion in 2016 and is expected to reach approximately USD 30.47 billion by 2022, growing at a CAGR of around 36.3% between 2017 and 2022.

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This growth trend is expected to continue in the coming years as well owing to numerous benefits of CRM suites, including operational efficiency, reduced cost of marketing, and the ability to complete sales cycle 'on the go'. These solutions have boosted the efficiency of the sales teams by reducing the sales cycle time.

Additionally, they have also assisted in increasing revenues while simultaneously making the process of acquiring and retaining customers easier.

The customer relationship management services market is segmented on the basis of deployment mode, application, vertical and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2016 to 2022.

Deployment mode segment under this study includes on-premises and cloud. Application segment includes marketing, sales, customer support and services and others.

The vertical segment includes BFSI, government, retail, healthcare, manufacturing, and others.

The industry is expected to continue its growth stride with dynamic trends, technological proliferation, and innovations over the better part of next decade. As such, the mid-market companies will play a role in changing the product functionalities and their portfolios, which would shape the overall market in the coming years.

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