DUBAI, United Arab Emirates, Jan. 27, 2022 (GLOBE NEWSWIRE) -- According to a new research study by Future Market Insights (FMI), the global mobile CRM market is estimated to value over US$ 26.2 Bn in 2022, up from US$ 13.5 Bn in 2021.
Growth of mobile CRM market is underpinned by a slew of factors, spanning from evolving gears of technology to ubiquitous use of smartphones. Businesses, in order to adopt agility and dexterity as two of their core values, are counting on platforms that mobilize management of customer relationships. This, in turn, is likely to work in favour of mobile CRM market through 2029 and create new opportunities for the vendors to expand their offerings and reap profits.
| Mobile CRM Market Size (2022) | US$ 26.2 Bn |
| Predicted Net Worth (2029) | US$ 52.4 Bn |
| Global Market Growth (2022-2029) | 10.4% CAGR |
| North America Market Share | 25.7% |
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. This, in turn, is preparing the grounds for 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.
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“Trends in the mobile CRM market space point to an ever-increasing end user preference for efficiency and reliability. Considering this, key vendors in the mobile CRM market space are pushing their limits and bringing out new innovations for weaving successful end user experiences”.
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 Bn in 2022. However, retail units are likely to overtake BFSI 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. 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, unveils the research study. As large and medium enterprises are pulling their socks up to positively engage customers and stay highly competitive, adoption of mobile CRM across these enterprises will most assuredly gain new heights. Revenue opportunities for vendors of mobile CRM market remain imminent, as sales personnel across organizations, regardless of their size, are vying to make informed decisions that are ‘data-driven’.
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‘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 end-use preference for flexible pricing is causing a distant move away from subscription models.
Acquisitions and partnerships will continue being a vital part of the growth strategies of market players. For instance, in February 2021, AMDOCS announced its acquisition of Ubiquity, 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 centre of increased convergence across content community and video distributors.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centres in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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