Customer relationship management software revenue overtook that of folder management systems at the end of 2017, making CRM the largest of all software markets in the world.
In 2018, CRM software revenue will keep on to take the lead in all software markets and be the fastest growing software market with a growth rate of 16 percent.
Of note to software-focused channel partners, the strong growth rate of CRM software revenue is driven in particular by the segments of lead management, voice of the customer and field service management, each of which is achieving more than 20 per cent growth.
We have witnessed the rise of marketing technology and a recent revival in sales technology in the CRM market.
However, the major vendors offering CRM suites covering sales, commerce and service are showing stronger than average growth and are successful at cross-selling additional modules to existing customers.
Organizations are keen to avoid silos of in turn and to obtain a 360-degree view of the customer.
The 360-degree view allows better application of artificial intelligence to make the users of the CRM system more effective.
CRM systems typically surround vast amounts of (sensitive) personal data and are kept for a considerable amount of time, making them a more likely source of rebellion with the European General Data Protection Regulation than other applications
Consequently, the cost of GDPR compliance is expected to increase the existing budget for in turn security, CRM and customer experience (CX) in the next three years.
Areas of knowledge investment include marketing technology, data loss prevention, security information and event management, and security consulting.
This reduces an organization's probability of reaching the right customers with the right offers at the right time.
Application leaders need to develop control over personal data usage throughout the data life cycle and protect processed personal data so that it is not used beyond the context of predefined and predictable use cases.