CRM market to expand globally

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A new report from Research and Markets has highlighted the growth potential of the CRM industry as businesses around the globe concentrate on producing people-focused marketing over the coming years.

The study suggested that much of this growth will come from the Asian and Asia Pacific markets, where low penetration of software and high domestic demand are creating a host of opportunities for suppliers and tech experts.

While north America and Europe are already considerably more established in this regard, it is clear that the CRM industry is gaining a great deal of traction internationally.

Sectors where growth will be especially strong are banking and financial, hospitality, logistics, real estate, and manufacturing, according to the organisation’s research.

Overall, the market is expected to be worth $17.5 billion (£10.6 billion) by 2017.

Factors in this expansion include the increasing popularity of cloud computing models, with more businesses adopting this technology and thus finding it easier to install and work with CRM software.

Furthermore, the services sector has been one of the few industries to emerge from the recent recession with all guns blazing and this area has proven to be an early adopter when it comes to automated customer relationship techniques.

Although the study did not offer any specific insight into the UK’s expected performance over the next three years, the country has traditionally been at the forefront of marketing advances and is known around the globe as an innovative, high-tech economy.

M&C Saatchi’s recent annual report revealed that the firm enjoyed a pre-tax profit of £18.6 million in 2013, led by “exceptional growth” in CRM and mobile.

As firms attempt to embrace mobile and other innovative marketing areas, CRM can help them keep track of their information and ensure they are offering integrated services across various different platforms.

With consumers increasingly keen to enjoy a personalised and engaging purchasing experience, tech such as this is likely to grow in popularity.