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    The Current State of the CRM Landscape: A Statistical Overview

    There’s no denying that CRM is an indispensable tool for modern businesses.

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    CRM is the pillar for business resiliency in this ever-changing world.

    When well-integrated, CRM enables brands to navigate a remote or flexible workplace, all while continuing to deliver better CX to customers.

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    Understanding what CRM is and how it can help your business is good, but deep knowledge of the CRM market and where it’s heading is better.

    In this crisp read, we’ll decode the state of CRM, industries that use CRM, widely used features of CRM, breakdown among the popular CRM platforms, and a lot more!

    The Ever-Increasing Importance of CRM

    The last two years had a promising effect on the CRM market, according to a report by Business Wire, the need for the CRM software market has grown to 47.41 USD CAGR of over 13.10%.[iii]

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    And with this improvement in enterprise software spending, CRM stands out as key software that comes into the picture.

    This growth is not unexpected since brands have recognized the importance of CX, a trump card to their digital transformation efforts.

    Another research states that CRM is among the top 3 technologies brands trust for creating personalized interactions with customers, fostering customer loyalty, and improving marketing ROI[v].

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    Region-Wise Adoption of CRM

    The CRM software market revenue is consistent with the anticipated global growth in the software market size.

    • The North American region has a CRM adoption rate of 83.6%[vii]. They hold a market value of US$ 17.33 billion[viii].
    • In Europe, the CRM segment is expected to amount to $13.7 billion[ix]. In fact, 85.6% of European brands[x] use CRM technology.
    • In the Asia-Pacific region, 75.9% of the companies[xi] employ CRM technology.

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    The North American market will continue to dominate the market in terms of size over the projection period (2021-2030) due to increased competition among service providers and quickly growing businesses.

    Industry-Wise Adoption of CRM

    The global need for Customer Relationship Management (CRM) systems is being driven by the rise in automated customer engagement, expanded digital operations, and improved customer experience and services.

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    Department-Wise Usage of CRM

    CRM systems empower employees to improve customer satisfaction and create more value for their organizations. They each use CRM to understand customers better and deliver the experiences they expect. So, let’s take a look at the adoption rate of CRM across departments.

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    According to a study by Salesforce and Forrester, the usage of CRM by different departments across the customer lifecycle stages was identified[xiv].

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    Widely Used Features of CRM

    Keeping your customers and their experience at the forefront is critical to your success and revenue growth. And CRMs help with that and serve as the key reason why most organizations use CRMs.

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    CRMs are packed with several features that are intended to enable the sales team to build a strong sales pipeline, close more deals, and eventually increase income.
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    Top 4 CRM Vendors

    The popularity and need for CRM isn’t slowing down. As a result, there is a rise in sophisticated CRMs and tech tools. There are over 738 different platforms (and that’s only the number of CRM tools listed by G2)[xviii].
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    Each of these platforms is backed by its own powers to manage your sales pipeline, optimize processes, and improve revenue. We’ve broken down how the four CRM titans stack up against each other. image text

    Top Challenges of CRM Usage

    CRM users either can’t or won’t use it because it’s overly complex and not very user-friendly. What’s more?

    • 76% of users state that their biggest frustration with CRM is it’s either too complex, not intuitive or user friendly, or cannot be customized[xx].
    • 61% of users are frustrated with the administrative burden placed on their organization’s sales team, taking employees away from valuable customer-facing activities[xxi].
    • 57% of executives struggle to maintain good CX with the shift to remote work because their CRM systems weren’t well-integrated[xxii].
    • Only 32% of executives and 27% of employees state their CRM system provides a complete, single view of customer information[xxiii].
    • 55% of users think their current CRM system cannot be customized properly to meet their specific needs, and 58% believe their current system is wasting money[xxiv].

    The Road Ahead

    More integrated, contextually-aware, and intelligent CRM platforms will enable marketing and sales teams to define strategies with greater precision, all while measuring results achieved by teams better than ever before. Future CRM innovations will also depend on how quickly cloud platforms will change as a result of APIs.

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    And if you want new and innovative ways to scale things up with your CRM, we’d love to pitch in! Just drop us a line at [email protected] and we’ll take it from there.

    Statistics References

    [i] Globe Newswire
    [ii] Super Office
    [iii] Business Wire
    [iv] Gartner
    [v] [xviii] MakeWebBetter
    [vi] [xv] Grand View Research
    [vii] [viii] [ix] [x] [xi] FounderJar
    [xii] SelectHub
    [xiii] [xvi] Thrive My Way
    [xiv] [xxii] [xxiii] Salesforce + Forrestor
    [xvii] Software Advice
    [xix] Statista
    [xx] [xxi] [xxiv] Sugar CRM

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