Worldwide CRM Applications Market to reach $29.7 billion by 2022, compared with $27.1 billion in 2017 at a compound annual growth rate of 1.9%.
In 2017, the top 10 CRM software vendors accounted for nearly 60% of the global CRM applications market which grew 11.85% to approach nearly $27.2 billion in license, maintenance and subscription revenues. Last year Salesforce led the pack with a 25% market share riding on a 23% jump in CRM revenues. Adobe was #2, followed by Oracle, SAP and Genesys.
Through our forecast period, the CRM applications market is expected to reach $29.7 billion by 2022, compared with $27.1 billion in 2017 at a compound annual growth rate of 1.9%.
| Exhibit 2: Worldwide CRM Software Market 2017-2022 Forecast, $M | |||
|---|---|---|---|
| Year | 2017 | 2022 | 2017-2022 CAGR, % |
| Total | 27161 | 29774 | 1.9% |
Source: Apps Run The World, December 2018
Top 10 CRM Software Vendors
Customer Relationship Management includes applications for sales force automation, marketing automation, customer service and support management such as email automation. Social Media Management, Customer Experience Management, Activity and Participant Management are among some of the newly available CRM applications available via Cloud delivery.
As Salesforce aims to expand with price hikes, enlarged ecosystem and recommitment to its SFA roots, seismic shifts are driving a wedge among key vendors within customer service and marketing automation segments as restructuring moves dim outlook of incumbents.
Here are the rankings of the top 10 CRM software vendors in 2017 and their market shares.
| Rank | Vendor | 2016 CRM Apps Revenues, $M | 2017 CRM Apps Revenues, $M | YoY Growth | 2017 CRM Market Share, % | Recent Developments |
|---|---|---|---|---|---|---|
| 1 | Salesforce | Subscribe | Subscribe | 23.21% | Subscribe | The recent buy of MuleSoft will be instrumental for Cloud integration, especially in helping customers extend into non-Salesforce systems. |
| 2 | Adobe | Subscribe | Subscribe | 24.72% | Subscribe | Acquired Marketo for marketing automation and Magento for eCommerce as it pivots from content to CRM and aims to unseat Salesforce. |
| 3 | Oracle | Subscribe | Subscribe | 3.41% | Subscribe | Oracle Digital Assistant is reshaping its CX offerings by enabling conversational AI for retailers to engage with customers using voice commands. |
| 4 | SAP | Subscribe | Subscribe | 6.40% | Subscribe | Spending $8B in its biggest purchase, SAP acquired Qualtrics for survey and experience management apps. |
| 5 | Genesys Telecommunications Laboratories | Subscribe | Subscribe | 40.00% | Subscribe | Genesys PureCloud for customer engagement and communications, signed deals with more than 500 customers in the first three quarters of 2018, resulting in nearly 1,300 to date. |
| 6 | Microsoft | Subscribe | Subscribe | 1.10% | Subscribe | Microsoft’s CRM strategy now extends beyond Dynamics 365 to cover Teams for collaboration, Office 365 for content and ERP for back-office integration. |
| 7 | Nice Systems | Subscribe | Subscribe | 76.77% | Subscribe | After beefing up its CRM strategy with InContact buy, Nice announced X-Sight for financial crime and compliance platform-as-a-service. |
| 8 | Pegasystems | Subscribe | Subscribe | 16.73% | Subscribe | Upgraded robotic process automation features for customer service and unveiled T-Switch that offers businesses AI transparency controls to mitigate data risks. |
| 9 | Verint Systems Inc. | Subscribe | Subscribe | 4.43% | Subscribe | Acquired ForeSee for CX measurement, feedback, replay, text analytics, case management, ratings and reviews to expand Verint’s voice of the customer offerings. |
| 10 | Zendesk | Subscribe | Subscribe | 38.11% | Subscribe | Acquired Base for sales force automation to complement Zendesk’s customer service and support apps. |
| Subtotal | Subscribe | Subscribe | 19.96% | Subscribe | ||
| Other | Subscribe | Subscribe | 1.57% | Subscribe | ||
| Total | Subscribe | Subscribe | 11.85% | Subscribe |
Source: Apps Run The World, December 2018
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