Canada Customer Relationship Management Industry Overview
The Canada customer relationship management market size was valued at USD 2.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.2% from 2021 to 2028.
The adoption of Customer Relationship Management (CRM) software is currently gaining traction in various industries owing to the changing nature of the software in terms of functionalities and features. CRM suites also enable enterprises to gauge business performance and track the sales trajectory, which is turning out to be a lucrative feature for businesses. Salesforce.com’s rapid growth in recent years indicates that cross-sales to existing customers with an installed base for add-ons and upgrades are also contributing to the growth of the market.
Customer relationship management solutions are gaining widespread popularity in diverse industries. As businesses become more customer-centric, the CRM market is expected to witness rapid growth over the forecast period. Ongoing trends such as hyper-personalization of customer service, use of AI and automation, and various customer value models are the key attributes propelling the growth of the segment. Moreover, implementing robust social media customer service can help reduce costs, increase response times, improve customer satisfaction, and increase the adoption of CRM platforms across industries.
Gather more insights about the market drivers, restrains and growth of the Canada Customer Relationship Management Market
The Canada CRM market has largely evolved in recent years in line with the changing customer demands. The most important development in the market is the integration of CRM solutions with social media platforms to connect with customers over social media channels. Several vendors are promoting their products as social CRMs and are offering features such as psychographic/demographic profiling and sentiment extracting as the mainstream functions of their CRM suites. As a result, activities such as online collaboration, feedback sharing, media sharing, and ideation are replacing conventional static CRM communications.
Businesses in Canada are increasingly turning to public cloud services in place of traditional infrastructure and software. Hence, opting for cloud-based services can help businesses in saving money and that money can be invested in bettering the operations such as CRM and other software’s. SaaS solutions can offer several advantages. SaaS solutions are easy to deploy and can also be customized according to the changing requirements. SaaS solutions can also help businesses in saving on the costs incurred on licensing fees, support, and training. Hence, SaaS solutions can typically help organizations in cutting the overall IT investments while enhancing operational efficiency and focusing on core expertise.
Businesses are increasingly utilizing CRM software to gain insights into customer behavior. Organizations have inculcated new business models to expand their customer reach and enhance the end-user experience. Organizations are also focusing on developing their ability to adapt to both changing customer expectations and market conditions. Incumbents of several industries and industry verticals are increasing their customer reach through various e-commerce models, such as e-retail, direct-to-customer (D2C), marketplace, and social commerce, among others. Moreover, a paradigm shift from standalone horizontal portals catering to different parameters of experience components separately to digital experience portals integrating all the necessary parameters of experience components into a single platform is also getting evident.
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Canada Customer Relationship Management Market Segmentation
Grand View Research has segmented the Canada customer relationship management market based on solution, deployment, enterprise size, and end use.
Canada Customer Relationship Management Solution Outlook (Revenue, USD Million, 2018 - 2028)
- Customer Service
- Customer Experience Management
- CRM Analytics
- Marketing Automation
- Salesforce Automation
- Social Media Monitoring
- Others
Canada Customer Relationship Management Deployment Outlook (Revenue, USD Million, 2018 - 2028)
- On-premise
- Cloud
Canada Customer Relationship Management Enterprise Size Outlook (Revenue, USD Million, 2018 - 2028)
- Large Enterprise
- Small Medium Enterprise
Canada Customer Relationship Management End-use Outlook (Revenue, USD Million, 2018 - 2028)
- BFSI
- Retail
- Healthcare
- IT Telecom
- Discrete Manufacturing
- Government Education
- Others
Market Share Insights
- September 2021: Salesforce.com, Inc. announced new AI-powered workflows and contact center innovations in its Service Cloud platform to help service agents offer fast customer services and build loyalty and trust. The new workflow capabilities include omnichannel routing in Flow, customer service incident management, and Robotic Process Automation (RPA) capabilities.
Key Companies profiled:
Some of the prominent players operating in the Canada customer relationship management market are:
- Salesforce.com, Inc.
- Microsoft
- SAP SE
- Oracle Corporation
- Adobe Systems Inc.
- Genesys
- Verint Systems, Inc.
- International Business Machines Corporation
- Pegasystems Inc.
- Sage Group PLC
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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