The global CRM market size is expected to gain momentum by reaching $128.97 billion by 2028 from $58.04 billion in 2021, a CAGR growth rate of 12.1 per cent, according to a new report from Fortune Business Insights
In just one year the market has grown by an estimated $6 billion, despite the global economic slowdown caused by covid. However, looking forward, factors such as increasing focus on digitisation as a result of the pandemic are expected to boost demand around the world. Increasingly organisations are adopting automated and real-time tracking solutions to ensure enhanced customer experience and high operational efficiency. This has led to a CAGR of 10.1 per cent in 2020 and Fortune Business Insights expects exponential growth in the forthcoming years.
Europe is predicted to hold second position in market growth, behind the US. In the UK the growth will come from the increasing number of small and medium companies that are adopting advanced customer relationship management solutions in their business processes.
Many SMEs are turning to CRM because it is a cost-effective way to manage the customer, and solutions are becoming more accessible and easier to navigate. However, for SMEs, many of which use a CRM to host their customer databases, it is essential that the data is kept as up-to-date as possible. Data is the lifeblood of analytics or any marketing campaign. If the data is incorrect it results in flawed insights and lower return on investment.
Consequently, we have launched an innovative new product for customers of Microsoft Dynamics 365 – Clean Contacts (www.clean-contacts.co.uk). It enables organisations to clean their customer data all within the Microsoft Azure ecosystem. Organisations can identify and remove people that have passed away from their databases meaning that they won’t accidentally cause distress to people that are bereaved by sending communications to the deceased and can ensure that address data within the dataset is correct. With more people now moving house than ever before as a result of the housing boom caused by the Stamp Duty holiday – this is crucial!
For further information about Clean Contacts please get in touch with us – it will revolutionise the way you manage your customer data in Microsoft Dynamics 365!