CRM Is Now The Largest Software Market In The World1.jpg

Customer relationship management software revenue overtook that of database management systems at the end of 2017, making CRM the largest of all software markets in the world. According to Gartner findings, global CRM revenue amounted to US$39.5 billion during the past 12 months, overtaking DBMS which reached US$36.8 billion in the same year.

In 2018, CRM software revenue will continue to take the lead in all software markets and be the fastest growing software market with a growth rate of 16 percent.

We have witnessed the rise of marketing technology and a recent resurgence in sales technology in the CRM market,

However, the major vendors offering CRM suites covering sales, commerce and service are showing stronger than average growth and are successful at cross-selling additional modules to existing customers.

Organizations are keen to avoid silos of information and to obtain a 360-degree view of the customer.

The 360-degree view allows better application of artificial intelligence to make the users of the CRM system more effective.

CRM systems typically contain vast amounts of (sensitive) personal data and are kept for a considerable amount of time, making them a more likely source of non-compliance with the European General Data Protection Regulation than other applications.

Consequently, the cost of GDPR compliance is expected to increase the existing budget for information security, CRM and customer experience in the next three years.

Areas for technology investment include marketing technology, data loss prevention, security information and event management, and security consulting.

 This reduces an organization's chances of reaching the right customers with the right offers at the right time.