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Customer Relationship Management Software - Vietnam

Vietnam

The projected revenue in the Customer Relationship Management Software market in Vietnam is expected to reach US$74.73m in 2024.
This indicates a positive growth trend, with an estimated annual growth rate (CAGR 2024-2029) of 15.44%.
By 2029, the market volume is projected to reach US$153.20m.
In terms of the average Spend per Employee, it is anticipated to reach US$1.31 in 2024, reflecting the investment made by companies in Vietnam to enhance their customer relationship management capabilities.
When compared globally, United States is expected to generate the highest revenue in the Customer Relationship Management Software market, reaching US$45,110.00m in 2024.
This highlights the dominance of the United States in this market segment.
Vietnam is experiencing a surge in demand for CRM software as businesses aim to enhance customer relationships and optimize sales processes.

Key regions: Japan, China, South Korea, United Kingdom, Canada

Market

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Currency

Analyst Opinion

The use of Customer Relationship Management (CRM) software has become increasingly popular in Vietnam in recent years, as businesses seek to improve their customer engagement and management processes.

Customer preferences: Vietnamese customers are becoming more tech-savvy and are increasingly using digital channels to interact with businesses. This has created a need for businesses to adopt CRM software to manage customer interactions across multiple channels, including social media, email, and chat.

Trends in the market: One trend in the Vietnamese CRM software market is the adoption of cloud-based solutions. This allows businesses to access their CRM data from anywhere, at any time, and on any device. Another trend is the integration of artificial intelligence (AI) and machine learning (ML) into CRM software, which can help businesses to automate certain tasks and gain insights into customer behavior and preferences.

Local special circumstances: Vietnam has a rapidly growing economy, and this is driving the adoption of CRM software among businesses of all sizes. In particular, small and medium-sized enterprises (SMEs) are increasingly adopting CRM software to improve their customer engagement and management processes. Additionally, the Vietnamese government has launched initiatives to promote the use of technology in businesses, which is further driving the adoption of CRM software.

Underlying macroeconomic factors: Vietnam's economy has been growing at a steady pace in recent years, driven by its export-oriented manufacturing sector. This has created a favorable business environment for the adoption of CRM software, as businesses seek to improve their competitiveness and customer engagement processes. Additionally, Vietnam has a large and young population, which is increasingly tech-savvy and digitally connected. This presents a significant opportunity for businesses to adopt CRM software to engage with customers across multiple channels.

Methodology

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.