The impressive growth rate is forecast to cover the next five years.
An new report shows that the European cloud CRM market is expected to reach USD 16.61 billion by 2027. This equates to a Compound Annual Growth Rate (CAGR) of 6.5% over the period of 2022-2027.
Such is the conclusion of a new report issued by Dublin-based Research and Markets. The report highlighted the increasing focus of business on Customer Management to drive the market.
Specifically, enterprises worldwide are focusing on improving their business and management processes, which would help them improve operational efficiency while keeping track of the operating expenditure. Enterprises demand a centralized solution to manage customer engagement and sales. Moreover, a cloud CRM offers versatility and scalability to enterprises to streamline their operational processes and improve efficiency. A cloud CRM is one of the essential tools a business can use to maintain a competitive edge over others, as it would help them drive their business.
A cloud CRM opens the ability for organizations to take a more holistic approach which drives better customer experience outcomes through advanced machine learning, sentiment analysis, and the ability to harness the emotional affinity between customers and the brand. Such factors are poised to drive the usage of cloud CRM for enterprises in the region.
A cloud CRM for customer service integrates each process, be it sales, marketing, lead management, and interactive options, into one, making it more efficient to store and analyze the information facilitating better customer engagement.
Retail Sector twill drive the market
The retail and wholesale services sector is one of the most important sectors in the EU economy. It may play an important part in stimulating growth and job creation. In Europe, one-third of all enterprises operating within the non-financial economy is active in the sector, representing mainly small to medium-size retailers and wholesalers that serve local markets.
The Europe cloud CRM market is moderately competitive and comprises a significant number of global and regional players. These players account for a considerable share in the market and focus on expanding their client base across the globe. These players are investing their resources in research and development to introduce new solutions, strategic partnerships, and other organic & inorganic growth strategies to earn a competitive edge over the forecast period.
Also read: Salesforce books record revenue in 2021.