Customer Relationship Management Software - Eastern Asia

The projected revenue in the Customer Relationship Management Software market in 2024 is estimated to be US$5.14bn.
It is expected to experience a compound annual growth rate (CAGR 2024-2029) of 8.86%, leading to a market volume of US$7.86bn by 2029.
In terms of average Spend per Employee, the projection for 2024 is US$5.63.
When comparing global revenue, United States is expected to generate the highest revenue, reaching US$45.11bn in 2024.
in Eastern Asia, a prominent region in the global market, is also expected to significantly contribute to these figures.
In Eastern Asia, Japan leads the way in Customer Relationship Management Software adoption, with a strong emphasis on data privacy and customization.

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 Eastern Asia has been steadily increasing in recent years, driven by a combination of factors such as changing customer preferences and the growing need for businesses to improve their customer engagement and retention strategies.

Customer preferences: Customers in Eastern Asia are becoming increasingly tech-savvy and digitally connected, which has led to a rise in the demand for CRM software. They expect personalized and seamless experiences across multiple touchpoints, and businesses that fail to deliver on these expectations risk losing their customers to competitors.

Trends in the market: In China, the CRM software market is dominated by domestic players such as Tencent and Huawei, who have been able to leverage their strong local presence and deep understanding of the market to offer tailored solutions to businesses. On the other hand, Japan has seen a rise in the adoption of cloud-based CRM software, driven by the need for cost-effective and scalable solutions. South Korea has been experiencing a similar trend, with businesses increasingly moving towards cloud-based CRM solutions to improve their customer engagement strategies.

Local special circumstances: One of the unique challenges faced by businesses in Eastern Asia is the diversity of languages and cultures across the region. This has led to a growing demand for CRM software that can support multiple languages and provide localized content to customers. Additionally, businesses in the region need to be mindful of local data privacy laws and regulations, which can vary significantly from country to country.

Underlying macroeconomic factors: The growth of the CRM software market in Eastern Asia can be attributed to several macroeconomic factors such as the rise of e-commerce and the growing middle class. The increasing penetration of smartphones and the internet has also played a significant role in driving the demand for CRM software, as businesses look to engage with customers across multiple channels. Furthermore, the region's strong economic growth and favorable business environment have made it an attractive market for global CRM software vendors looking to expand their presence in the region.In conclusion, the CRM software market in Eastern Asia is poised for continued growth in the coming years, driven by changing customer preferences, local special circumstances, and favorable macroeconomic factors. As businesses across the region look to improve their customer engagement and retention strategies, CRM software will continue to play a critical role in helping them achieve their goals.

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.