Customer Relationship Management Software - Bangladesh

The forecast for the Customer Relationship Management Software market in Bangladesh predicts that the revenue will reach US$130.00m in 2024.
Looking ahead, the market is expected to experience a steady annual growth rate (CAGR 2024-2029) of 15.14%, resulting in a market volume of US$263.20m by 2029.
When it comes to the average Spend per Employee in the Customer Relationship Management Software market, it is projected to reach US$1.66 in 2024.
In a global comparison, United States is anticipated to generate the highest revenue, amounting to US$45.11bn in 2024.
Bangladesh is experiencing a surge in demand for Customer Relationship Management Software as businesses strive to enhance customer satisfaction and streamline their operations.

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 in Bangladesh has been on the rise in recent years, driven by the growth of the country's economy and the increasing adoption of technology by businesses.

Customer preferences: Bangladesh has a large and growing number of small and medium-sized enterprises (SMEs) that are increasingly looking for ways to improve their customer engagement and retention. CRM software provides an effective solution for businesses to manage their customer interactions and improve customer satisfaction. Additionally, with the growing trend of e-commerce in Bangladesh, businesses are looking for ways to manage their online customer interactions, which is where CRM software can be particularly useful.

Trends in the market: One of the major trends in the CRM software market in Bangladesh is the increasing adoption of cloud-based solutions. Cloud-based CRM software offers several advantages over traditional on-premise solutions, including lower upfront costs, easier scalability, and greater flexibility. Additionally, with the increasing availability of high-speed internet in Bangladesh, cloud-based solutions are becoming more accessible to businesses of all sizes.Another trend in the market is the growing importance of mobile CRM. With the increasing use of smartphones and tablets in Bangladesh, businesses are looking for ways to manage their customer interactions on-the-go. Mobile CRM software allows businesses to access customer data and manage customer interactions from anywhere, at any time.

Local special circumstances: One of the unique challenges in the CRM software market in Bangladesh is the language barrier. While English is widely spoken in the country, many businesses prefer to use Bengali for their customer interactions. As a result, CRM software providers need to ensure that their solutions are available in Bengali and can support Bengali language interactions.

Underlying macroeconomic factors: The growth of the economy in Bangladesh has been a key driver of the CRM software market. With a growing middle class and increasing consumer spending, businesses are looking for ways to improve their customer engagement and retention in order to remain competitive. Additionally, the government of Bangladesh has been actively promoting the adoption of technology by businesses, which has helped to create a favorable environment for the growth of the CRM software 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.

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