The mobile CRM market is expected to reach US$ 26.2 Billion in 2022 and US$ 52.4 Billion by the end of 2029, likely to surge at a vigorous 10.4% CAGR during the assessment period.
The growth of the mobile CRM market is underpinned by a slew of factors, spanning from evolving gears of technology to the ubiquitous use of smartphones. Businesses, to adopt agility and dexterity as two of their core values, are counting on platforms that mobilize the management of customer relationships.
As per the report, with the growth of digitized workforces, real-time access to critical information is no longer a “nice to have” aspect, rather it is a necessity to foster streamlined operations. Modern businesses are placing customer satisfaction at the top of their priority list and are actively seeking fine-grained insights for their sales realms to access on the go.
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This, in turn, is preparing the grounds for the high-scale adoption of mobile CRM platforms across the globe through 2029. According to the report, ‘CRM on demand’ is one of the overarching trends introducing major reforms in the mobile CRM market, as enterprises are increasingly turning to cloud-based suites that promise immense flexibility and scalability.
According to the research study, BFSI ranks among some of the early adopters of mobile CRM till 2021 and beyond, with revenues estimated to surpass US$ 3 Billion in 2022. However, retail units are likely to overtake BSFI as one of the significant spenders on mobile CRM solutions in the latter half of the assessment period, as the retailers are rapidly turning to mobile CRM platforms for streamlining the aspects of their sales funnels.
The adoption of mobile CRM in healthcare is also estimated to pick pace through 2028, given that healthcare services worldwide are shifting their focus toward ‘value-based care’ models. Large enterprises are likely to lead the race of mobile CRM adoption, followed by medium enterprises, unveiling the research study.
As large and medium enterprises are pulling their socks up to positively engage customers and stay highly competitive, the adoption of mobile CRM across these enterprises will most assuredly gain new heights. Revenue opportunities for vendors of the mobile CRM market remain imminent, as sales personnel across organizations, regardless of their size, are vying to make informed decisions that are ‘data-driven’.
‘Pay-Per-Use’ Pricing Model: A Strategy Winning Over End Users:
Considering the dynamicity of end-user preferences, key vendors in the mobile CRM market are largely focused on R&D investments for unceasing developments. As price follows efficiency as the second-most important factor dictating purchase decisions, vendors are offering flexible ‘pay per use’ pricing models, as an end-use preference for flexible pricing is causing a distant move away from subscription models.
Acquisitions and partnerships will continue to be a vital part of the growth strategies of market players. For instance, in February 2021, AMDOCS announced its acquisition of Vubiquity, a leading firm offering premium digital content services and technology solutions. This acquisition was aimed at adding premium content capabilities, which include licensing, processing, and delivery, and positioning AMDOCS at the center of increased convergence across content community and video distributors.
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Mobile CRM Market Segmentation:
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Feb 15, 2024
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