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Customer Relationship Management Services Market

customer relationship management (CRM) services help to boost the marketing, sales and customer service function of an organization. CRM services mostly revolve around contact or service centers were a group of professionals solve customer issues. T
Customer Relationship Management Services Help to Boost in the Marketing
Transparency Market Research Added New Report “Customer Relationship Management Services
Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”
In today’s scenario, organizations need to continuously interact with their customers and fulfill
their requirement in order to withstand the market competition. Organizations need to track and
process a large amount of customer information in order to increase interaction with future and
prospective clients. Therefore, organizations need to have a cutting edge technology in order to
manage, synchronize and automate this process. Customer relationship management service
involves addressing customer issues or requirements through customer service centers with
combination of information technology (IT) services.
Hence, customer relationship management (CRM) services help to boost the marketing, sales and
customer service function of an organization. CRM services mostly revolve around contact or
service centers were a group of professionals solve customer issues. Thus, CRM service providers
provide various tools and software, which facilitate the operation in lesser time. CRM based IT
service involves storage and tracking of customer data, which is used for forecasting the
requirement with the help of advanced data analytics software.
The CRM IT based service can be deployed either on-premise or over cloud based on organization’s
requirement. Due to low initial cost involved in setting up cloud based service, it is increasingly
being preferred by organizations compared to on-premise solutions. Further, the time taken to
deploy a CRM service through cloud is relatively less for an organization. In recent years,
organizations are opting for third party service providers to outsource their CRM unit. This helps
the organization to reduce their upfront cost and concentrate on core activities. CRM services
are mainly used in BSFI, telecommunication, healthcare and hospitality sector as these sectors
involve providing more personalized customer centric services. Further, CRM services are
increasingly being deployed in retail, education, manufacturing and government sector due to its
high effectiveness in addressing customer requirement.
As the e-commerce industry is continuously evolving in developing countries such as India,
China and Brazil, the demand for CRM services is expected to increase in these countries in coming
years. CRM services also involve providing technological equipment for voice based services. This
helps the organization to deliver high quality voice service with interactive voice response (IVR).
Further, the application of big data is expected to provide data analytics service which is expected to
help in monitoring of workforce on a regular basis. CRM services help to improve service center
performance with constant monitoring and thereby help to increase customer satisfaction. CRM
service providers are also providing bring your own device (BYOD) solution, which is expected to
boost the demand of CRM service in sales and marketing function.
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As the demand for CRM is expected to increase among small and medium enterprises, CRM
service providers are constantly targeting this segment to increase their market share. CRM service
providers are offering customized solutions to organizations in order to enhance their market
presence. However, the concerns regarding privacy and security of data in CRM service has been a
challenge for CRM service market.
Some of the key CRM service providers are IBM Corp., Oracle Corp., Wipro Limited, Tata
Consultancy Services Limited, Microsoft Inc., Inc., NetSuite Inc., Nimble Inc.,
SugarCRM Inc., SAP SE, Amdocs Ltd., Sage CRM Solutions Ltd. and Ramco Systems Ltd.
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Alina John
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