A significant upturn in the customer relationship management (CRM) software sector has been reported by Gartner.
According to the organisation’s latest findings, last year witnessed a 13.7 per cent increase in the total value of the CRM software market across the globe, with the industry now worth $20.4 billion (£12 billion).
Businesses keen to leverage the best performance from CRM initiatives are continuing to invest in the latest technologies to improve their data management capabilities, with organisations of all sizes turning to this area to better identify opportunities to improve market penetration and to hold on to existing customers.
Joanne Correia, research vice president at Gartner, commented: “High levels of end-user investment in digital marketing and customer experience initiatives were the primary growth drivers of the market in 2013.
“CRM will be at the heart of digital initiatives in coming years. This is one technology area that will get funding because digital business is critical for companies to remain competitive.”
Overall, Gartner’s figures revealed the top five CRM software vendors now account for almost 50 per cent of the total market, with salesforce.com holding the leading position in terms of its share of the market for 2013 (16.1 per cent).
In second place was SAP (12.8 per cent), followed by Oracle (10.2 per cent), Microsoft (6.8 per cent) and IBM (3.9 per cent).
Software-as-a-Service continues to dominate the CRM software segment at present, accounting for 41 per cent of total business investment, while firms continue to invest in replacing legacy systems that are unable to deliver the best analytical performance when it comes to honing CRM capabilities.
Western Europe witnessed the strongest level of revenue growth during 2013 (up 15 per cent), but it was in the North American market that the greatest levels of investment continue to be seen – accounting for more than half (52.9 per cent) of overall CRM revenues for the year.
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