The CRM market in India is growing steadily with an increasing amount of expenditure. As businesses are getting more competitive and need to improve customer satisfaction, they are increasingly opting for CRM strategies. Increasing customer engagement is a key part of CRM strategies, and the use of cloud CRM is replacing the traditional network. The report highlights the current market scenario and the growth prospects for the CRAMS market in India. It also provides an overview of the various companies, as well as their offerings, in the country.
Gartner estimates that the CRM market in India will grow at a CAGR of 20.9% during 2014-19 and 14.8% between 2014 and 2017. The global CRM market will grow to $2,639.7 billion by 2019; India is expected to account for nearly 18% of the growth in 2014.
The CRM market is booming in India, driven by a wide variety of companies.
The software can help organizations improve their customer relationships and make sales faster. It offers multi-channel interaction, analytical operations, campaign management tools, and a custom user interface. Improved customer relationships, cost efficiencies, and global competence are the main factors driving the growth of the CRM market. However, certain bottlenecks prevent firms from adopting CRM.
CRM software enables businesses to track interactions with customers and identify potential upsell prospects. It can also help businesses identify churn candidates. With this information, sales and marketing can focus on the opportunities that close deals. CRM software also helps businesses understand their customers better and win new business from existing clients. CRM software has become an essential tool for enhancing customer relationships, resulting in an improved bottom line. So, what is the CRM market in India 2014?
In addition to CRM in India, big data analytics and targeted executions will drive the market.
However, small data analytics are important in generating precise insights about each consumer. With this kind of insight, small predictive reporting players will support CRM strategies and highlight sales opportunities. Small predictive reporting players will help businesses move prospects through the sales funnel effectively. This way, they will achieve higher customer retention and revenue. These technologies will be crucial for marketing in India.
Connected devices are providing a constant stream of information for marketers. The Internet of Things is expected to increase corporate profits by 21% in the next decade. These technologies are boosting product development and customer engagement. 84% of customers value a company’s experience and consider it a crucial factor in retention. CRM solutions help businesses improve their customer experience. Customers are overwhelmingly satisfied with the experience they receive from a company.