Cloud Customer Relationship Management (CRM) Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3425
Cloud Customer Relationship Management (CRM) Market size is expected to witness robust growth during 2021-2027 as CRM continues to be a necessity among businesses to stay ahead of the competition. Today, nearly 82% of enterprises use CRM for sales reporting and sales process automation, according to Cloud CRM Survey Report by SoftCloud. Moreover, FinancesOnline reports that for every dollar invested, successful CRM implementation offers an ROI between USD 2.50 and USD 5.60.
The demand for cloud CRM solutions, owing to their ease of accessibility and integration, is increasing due to growing implementation of AI, big data, IoT, and connected devices. These solutions help boost employee productivity, enhance customer engagement and retention, and offer various other business benefits.
Healthcare sector will account for a significant share of the cloud CRM market by 2027. Healthcare providers deal with massive number of private and confidential datasets of their customers, requiring reliable CRM solutions for management. These solutions also help providers access customer data quickly, reducing the chances of casualties. The ongoing COVID-19 pandemic has augmented CRM use in healthcare facilities considerably. The adoption of cloud CRM in healthcare is increasing due to the heightened use of connected medical devices.
North America cloud CRM market will gain considerable growth momentum over 2021-2027, led by constant developments using emerging technologies such as machine learning, AI, industrial automation, and others. The region is becoming a major hub for industry vertical verticals including IT & telecom, healthcare, energy & utility, and others. The presence of a large consumer base in these end-use sectors will create new opportunities for cloud CRM adoption in the future.
Microsoft, Salesforce, SugarCRM, Oracle, CenturyLink, Verint Systems Inc, Nice Systems, Inside View, RightNow, SAP, Zendesk, Insightly, and Zoho are some of the established players in the cloud CRM industry. Collaborations among these cloud CRM solution providers are constantly being witnessed.
For instance, Salesforce had partnered with Amazon Web Services, Inc. (AWS) in June 2021 to enable customers to quickly design and deploy powerful business applications while accelerating their digital transformation.
In July 2021, Salesforce and Cerner had collaborated to develop an integrated cloud CRM solution for the healthcare sector called HealtheCRMSM. The platform is aimed to improve customer service, promote strong collaboration between healthcare providers and customers, and improve clinical outcomes.
Enquire, a cloud CRM solutions provider for senior living communities, had announced a partnership with conversational technology platform further to accelerate digital sales.
Increasing dependence on cloud CRM amid COVID-19
Due to the COVID-19 pandemic, enterprises have been forced to revisit their business strategies to boost sales and deliver quality customer service. The adoption of cloud CRM during the pandemic has increased mainly due to remote working operations in most parts of the world.
Cloud CRM solutions are enabling companies in real-time tracking and automated solutions to improve customer experience. End-use industries including healthcare, BFSI, consumer goods, and retail have been heavily relying on these solutions during COVID disruptions. For instance, frontline workers in the U.S. and U.K. had adopted the Salesforce Health Cloud CRM platform for online record-keeping of patients.
CRM will continue to be of high importance to businesses even after the pandemic, which should positively impact the cloud CRM market forecast during 2021-2027.
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