CRM Market in India 2022

CRM Market in India 2022

Customer relationship management (CRM) refers to a set of techniques, methods, and technologies used by businesses to manage and analyze customer interactions and data throughout the customer lifecycle. CRM systems gather information from various customer-company interactions, including their website, phone, live chat, direct mail, marketing material, and social media profiles. CRM systems can also provide customer-facing workers with detailed information regarding purchase history, preferences, and other issues.

Market insights:

The global CRM market was valued at INR 4,291.48 Bn in 2021. It is expected to reach INR 8,160.82 Bn by 2027, expanding at a CAGR of ~11.52% during the 2022 – 2027 period. The CRM software market in India is expected to reach INR 144.34 Bn by 2027, up from INR 53.24 Bn in 2021, expanding at a CAGR of ~18.14 % during the 2022 – 2027 period.

Impact of COVID-19:

The pandemic forced businesses to shift to online methods of operations. This needed organizations to adopt collaboration tools and practices to support the concept of a virtual workplace. Digitization and automation have also become imperative for businesses due to sporadic lockdowns and regulations pertaining to COVID-19. Supply chains are recovering now that travel restrictions are being lifted. Most companies have reopened and are operating at full capacity. Companies are working hard to meet rising demand.

Market Influencers:

Market drivers:

Businesses are demanding for CRM systems that can extract, analyze, and interpret data in real time so they can make quick, fact-based decisions. CRM can help businesses understand their customers' needs and concerns, allowing them to be precise and considerate when making decisions to nurture those relationships. CRM enables companies to gather insights into their customers' behavior and modify business operations to ensure they are served effectively.

Key deterrents to the growth of the market:

Adoption of new technologies by companies results in the creation of complex data, which raises security issues. Concerns about security breaches increase when the number of connected devices goes up. Because of long response times during phone calls, improper handling of technical support cases, and other problems, customers have unpleasant experience.