Customer Relationship Management Software - Estonia

The projected revenue in the Customer Relationship Management Software market in Estonia is expected to reach US$13.77m by 2024.
It is anticipated that the revenue will display an annual growth rate (CAGR 2024-2029) of 9.86%, resulting in a market volume of US$22.03m by 2029.
The projected average Spend per Employee in the Customer Relationship Management Software market in Estonia is US$18.24 in 2024.
In global comparison, United States is projected to generate the most revenue, with an estimated amount of US$45.11bn in 2024.
Estonia's tech-savvy workforce and commitment to digital innovation make it a prime market for advanced CRM software solutions.

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

Estonia, the small Baltic nation, has been witnessing a steady growth in the Customer Relationship Management Software market.

Customer preferences: Estonian customers have shown a preference for cloud-based CRM software due to its flexibility and lower costs. The ease of access and scalability of cloud-based CRM software has made it a popular choice for small and medium-sized businesses in Estonia. Additionally, customers in Estonia have been demanding CRM software that can be integrated with other business software and applications.

Trends in the market: The CRM software market in Estonia has been experiencing a shift towards automation and artificial intelligence. Businesses are increasingly adopting CRM software that can automate routine tasks such as data entry and lead management. The integration of AI and machine learning technology has also enabled businesses to gain insights into customer behavior and preferences, allowing for more targeted marketing strategies. Another trend in the Estonian CRM software market is the increasing use of mobile CRM applications, enabling sales teams to access customer data and insights on-the-go.

Local special circumstances: Estonia has a thriving start-up ecosystem, with a growing number of tech start-ups launching every year. This has created a demand for CRM software that is affordable, flexible, and scalable. Additionally, the Estonian government has been actively promoting the use of e-services and digital solutions, which has resulted in a higher adoption rate of CRM software in the country.

Underlying macroeconomic factors: Estonia has a small but dynamic economy that has been growing steadily over the past few years. The country has a highly skilled workforce, a favorable business environment, and a strong focus on technology and innovation. These factors have created a favorable environment for the CRM software market to grow in Estonia. Furthermore, the country's strategic location and membership in the European Union have made it an attractive destination for foreign investors looking to expand their businesses in the region.

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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