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India To Become US$2.3 Billion Revenue Market For CRM Offerings In 2023

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GlobalData, a leading data, and analyst firm, has remarked the overall spending on customer relationship management (CRM) in India is set to reach about US$2.3bn in 2023.

The spending on CRM BPO Services will account for a significant portion (three-fourths) of the revenue and CRM applications will account for the remaining in 2023, according to GlobalData’s Market Opportunity Forecasts Model. It was also suggested that China and Japan will be the only countries ahead of India in the context of the potential overall CRM revenue with their overall revenue estimated to be US$8.0bn and US$5.6bn, respectively.

In India, the CRM applications segment is likely to grow at a compound annual growth rate (CAGR) of 3.3 percent during the forecast period. It is expected that the contribution from large enterprises will increase. Moreover, the growth of CRM BPO across large enterprises is likely to outpace the growth in the Small and medium-sized enterprises (SME) segment.

Sunil Kumar Verma, the Lead ICT Analyst at GlobalData, commented that the information technology-driven society today has resulted in the emergence of a global and competitive marketplace, leading to enterprises becoming increasingly customer-centric. Verma also remarked that the demand for enterprise CRM applications amidst this backdrop is driven by their ability to attract, offer, satisfy and retain customers.

Verma concluded the CRM applications market is expected to witness further growth, supported by technological advancements like artificial intelligence (AI), machine learning (ML) and analytics platforms that can be used across various social and mobile platforms.

In the last few years, CRM applications have undergone a transition from being a single tool that can be accessed from one medium to becoming a multi-faceted tool, which can be offered on a cloud – operating across different platforms and supporting a wide range of scalability options.

The accessibility to real-time interactive broadcast platforms, availability of open markets, knowledge of digital social media handles, and widespread adoption of mass communication tools has further shrunk the barrier between enterprises and customers.

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