Customer Relationship Management Services Market : Global Forecast over 2023
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Thus, CRM service providers provide various tools and software, which facilitate the operation in lesser time. CRM based IT service involves storage and tracking of customer data, which is used for forecasting the requirement with the help of advanced data analytics software.
The CRM IT based service can be deployed either on-premise or over cloud based on organization’s requirement. Due to low initial cost involved in setting up cloud based service, it is increasingly being preferred by organizations compared to on-premise solutions. Further, the time taken to deploy a CRM service through cloud is relatively less for an organization. In recent years, organizations are opting for third party service providers to outsource their CRM unit. This helps the organization to reduce their upfront cost and concentrate on core activities. CRM services are mainly used in BSFI, telecommunication, healthcare and hospitality sector as these sectors involve providing more personalized customer centric services. Further, CRM services are increasingly being deployed in retail, education, manufacturing and government sector due to its high effectiveness in addressing customer requirement.
As the e-commerce industry is continuously evolving in developing countries such as India, China and Brazil, the demand for CRM services is expected to increase in these countries in coming years. CRM services also involve providing technological equipment for voice based services. This helps the organization to deliver high quality voice service with interactive voice response (IVR). Further, the application of big data is expected to provide data analytics service which is expected to help in monitoring of workforce on a regular basis. CRM services help to improve service center performance with constant monitoring and thereby help to increase customer satisfaction. CRM service providers are also providing bring your own device (BYOD) solution, which is expected to boost the demand of CRM service in sales and marketing function.
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As the demand for CRM is expected to increase among small and medium enterprises, CRM service providers are constantly targeting this segment to increase their market share. CRM service providers are offering customized solutions to organizations in order to enhance their market presence. However, the concerns regarding privacy and security of data in CRM service has been a challenge for CRM service market. Some of the key CRM service providers are IBM Corp., Oracle Corp., Wipro Limited, Tata Consultancy Services Limited, Microsoft Inc., Salesforce.com Inc., NetSuite Inc., Nimble Inc., SugarCRM Inc., SAP SE, Amdocs Ltd., Sage CRM Solutions Ltd. and Ramco Systems Ltd.
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