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News : Worldwide CRM Software Growing
Chennai, India, May 20, 2015 -- Information Technology (IT) research advisory Gartner said that worldwide customer relationship management (CRM) software grew 13% at $23.2 billion in 2014 on the back of more organizations seeking easier-to-deploy and faster alternatives to modernize their legacy systems.
"Large vendors leveraged their acquisitions to extend their position in new markets and to enrich the depth of their current feature sets in 2014," Joanne Correia, research vice president at Gartner said in a statement. "We saw market consolidation continue, and price wars started quickly as large vendors fought to keep their installed base from moving to other vendors and to stop the descent of their maintenance revenue."
According to Gartner, the top 10 CRM vendors accounted for over 60% share or $14 billion in 2014 - growing 14% over 2013. The ranking among the top 10 vendors saw very little change compared to 2013.
Salesforce remained in the top position, owing to buyers' preference for software as a service (SaaS) and the company's strength in the sales sub-segment."Strong demand for software as a service (SaaS) continues, with SaaS accounting for almost 47% of total CRM software revenue in 2014," Correia said.
Globally, spending in North America and Western Europe continued in double digits as North America continued to generate the bulk of revenue (52.3%) in the overall CRM market. These two regions constituting 78.6% of all CRM software spending saw mid-double-digit growth in 2014. Gartner said that emerging Asia/Pacific region grew the fastest, with 18.7% growth in 2014, while Eurasia, greater China and Latin America also experienced good growth in the low double digits.
Vertical-wise, more than 23% of the CRM spending was in the communications, media and IT services industries because they focus on large groups using call centre technologies. Manufacturing and banking follow closely behind.
Posted by Veronica Silva Cusi, news correspondent
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Gartner, Inc. is a research and advisory firm that helps more than 10,000 clients leverage technology to achieve business success. Gartner’s businesses consist of Research, Consulting, Measurement, Events and Executive Programs. Founded in 1979, Gartner has over 3,800 associates, including approximately 1,000 research analysts and consultants, in more than 75 locations worldwide.
Published: Monday, May 25, 2015