Customer Relationship Management Software - Asia

The projected revenue in the Customer Relationship Management Software market for Asia is estimated to reach US$15.78bn by 2024.
This market is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 13.55%, resulting in a market volume of US$29.78bn by 2029.
Additionally, the average spend per employee in this market segment is projected to reach US$7.51 in 2024.
In comparison to other countries, United States is anticipated to generate the highest revenue, with an estimated US$45.11bn in 2024.
In Asia, Japan is leading the way in the adoption of Customer Relationship Management Software, with a strong emphasis on personalization and customer-centricity.

Definition:

The Customer Relationship Management Software market covers software applications that support organizations in managing their interactions with customers, clients, and prospects. These applications help organizations during the entire life cycle of a customer including sales, marketing, customer services, and contact center to improve their customer engagement, increase customer loyalty, and grow their business.

Products in the Customer Relationship Management Software market can be obtained in two ways: as on-premises software that is sold via a transactional license or a subscription and as cloud-based software (software as a service/ SaaS) that is most frequently sold as a subscription.

Additional Information:

The Customer Relationship Management Software market comprises revenue and revenue growth as the key performance indicators. Only the revenues that are generated by primary vendors at the manufacturer price level either directly or through distribution channels (excluding value-added tax) are included and the revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by enterprises (B2B) and governments (B2G).

Key players in this market include Salesforce, SAP, Adobe, and Oracle.

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Sales applications, such as Zendesk Sell, LinkedIn Sales Navigator, and HubSpot Sales
Marketing applications, such as Keap, ActiveCampaign, and Constant Contact
Contact center applications, such as CloudTalk, Google Cloud Contact Center AI, and Talkdesk
Customer service applications, such as Zendesk, Freshdesk, and Salesforce

CRM analytics, such as Tableau, Microsoft Power BI, and SAS Customer Intelligence
Custom applications, such as Sphinx Solutions, CHI Software, and Intellectsoft

The demand for Customer Relationship Management (CRM) software has been on the rise globally due to the need for businesses to improve customer engagement and retention. In Asia, the CRM software market has been experiencing significant growth in recent years, driven by various factors.

Customer preferences: Asian customers are becoming more tech-savvy, and businesses are taking advantage of this trend by adopting CRM software to improve customer experience. The younger generation, in particular, prefers to interact with businesses through digital channels, and CRM software provides a platform for businesses to engage with customers through various channels such as email, social media, and chat.

Trends in the market: In China, the CRM software market is growing rapidly due to the increasing number of small and medium-sized enterprises (SMEs) that are adopting the technology. The government's support for SMEs and the country's growing e-commerce industry are also contributing to the growth of the CRM software market in China.In India, the CRM software market is also growing rapidly due to the increasing adoption of cloud-based CRM solutions. The country's large population and growing economy are attracting foreign investors, leading to the growth of businesses and the need for CRM software to manage customer relationships.

Local special circumstances: In Japan, the CRM software market is relatively mature, and businesses are adopting the technology to improve customer engagement and retention. However, the market is highly competitive, and businesses need to offer unique solutions to stand out in the market.In Southeast Asia, the CRM software market is fragmented, with various local players offering solutions tailored to the needs of businesses in the region. The market is also highly competitive, with businesses adopting CRM software to improve customer engagement and retention in a bid to gain a competitive edge.

Underlying macroeconomic factors: The growth of the CRM software market in Asia is also driven by the region's growing economy and increasing investments in technology. Governments in the region are also supporting the growth of small and medium-sized enterprises, leading to the adoption of CRM software to manage customer relationships.In conclusion, the CRM software market in Asia is experiencing significant growth due to the increasing adoption of technology by businesses and the growing need to improve customer engagement and retention. The market is also highly competitive, with businesses adopting CRM software to gain a competitive edge in the market.

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations such as GDP, level of digitization, GDP sector composition, and observed level of software piracy.

Forecasts:

We use a variety of forecasting techniques, for instance, advanced statistical methods, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

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These activities are planned and put into stages in a logical order, a process known as the software development life cycle (SDLC) or software development. The SDLC often includes six stages: requirement analysis, design, development, testing, implementation, documentation, and evolution. Programming languages such as JavaScript and C++ are used to create software, with JavaScript being the most popular programming language in 2023 and used by roughly 65 percent of software developers.