The surface of our world is filled with human connections: handshakes and small talk, networking, and the development of long-term value in relationships, to name a few. But under the surface of things, there is another world, a world of numbers, dollars, percentages, and percentage ratios. That is the vast and powerful realm of statistics.
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CRM data are more abundant than ever before on the internet today, and they even account for a significant portion of overall software market statistical analyses. This is most likely due to the fact that customer relationship management (CRM) software is one of the fastest-growing and most significant types of business applications and software-as-a-service (SaaS) on the planet.
Some of the more noteworthy findings from CRM research have been compiled from a variety of valuable sources, including business periodicals, networking social media sites such as LinkedIn, and direct feedback from some CRM software firms, as detailed in this article. It includes information on issues such as CRM earnings, CRM revenue, and CRM growth.
17 CRM figures and facts you should be aware of in 2022
In a previous era (for example, prior to the epidemic), business transactions were carried out openly and face to face in crowded conference rooms and lively cafes. In response to the epidemic, businesses are increasingly moving online and to remote locations. It is therefore no surprise that software and SaaS are becoming increasingly important in mediating between the now-remote human minds and hands that make the corporate world go round.
If you own a business or are considering establishing one in this day and age, you’ll need a customer relationship management (CRM) solution. That is why you should review these vital figures, facts, and forecasts about customer relationship management software and the future of the CRM market. Being aware of the numbers will assist you in planning a budget when selecting the appropriate CRM, and it will give you a head start on determining the most effective ways to execute the CRM among you and your team.
Statisticians talk about CRM adoption rates when they talk about the amount of people, businesses, and organizations who are using or planning to utilize a CRM solution. According to the data presented below, CRM adoption is only going in one direction, and that is upward.
Over the next five years, CRM use is expected to expand by 12 percent.
Is there any significance to this CRM adoption statistic? It follows that the number of firms implementing a customer relationship management system will continuously climb by 12 percent between now and 2028. Specifically, this is in reference to a figure known as compound annual growth rate, or CAGR, which indicates that each year the percentage increase is applied to the preceding year rather than the starting value at which the rises began. So, how does this morph into a discussion about money? By the end of this 12 percent growth, which will occur in 2028, the value of the CRM industry in total will be a whopping $129 billion dollars, not to mention the increase in customer satisfaction, which in turn leads to an increase in sales, profits, and return on investment from CRM software purchases.
Between 2010 and 2020, CRM revenue is expected to grow by $55 billion.
The income of CRM enterprises has climbed from just under $14 billion US dollars in 2010 to around $69 billion in 2020, according to Statista, which cites a Gartner study as its source of information. That is an increase of almost $55 billion, or, expressed in percentage terms, an increase of 393 percentage points. Despite the fact that this figure is not directly related to adoption, revenues generated by CRM platforms do provide insight into the rates of increase in the use of CRMs across businesses.
CRM solutions will account for the majority of company software expenditures in the future.
Keep in mind that customer relationship management (CRM) software is far from the only commercial SaaS supplier available. ERP applications, also known as enterprise resource management, as well as CMS, or content management systems, and a slew of other business abbreviations are available. CRM systems are really more recent than ERP systems, therefore it should come as no surprise that ERP systems have historically sucked up the majority of the money that organizations spent on productivity software to promote company and raise profits in the past. However, according to renowned research and consulting organization Gartner, as reported by business magazine leader Forbes, we are in the midst of a paradigm change, and the top CRMs are ready to overtake ERPs.
Advantages for businesses that employ customer relationship management (CRM)
There are numerous advantages to businesses that employ customer relationship management software, mostly in terms of acquiring new customers, closing more deals, and increasing client loyalty. Because, in today’s competitive marketplaces, a firm cannot truly exist unless its sales are continuous and steadily expanding over time.
The expected average return on investment (ROI) for every dollar spent on sales CRM software is $8.71.
Several years ago, a widely publicized research of the benefits of sales CRM solutions came to the conclusion that for every dollar spent on such a system, businesses can anticipate receiving an average return on investment (ROI) of approximately $8. Obviously, an eight-to-one return on investment is a good ratio, but those figures must be viewed in the context of what has gone before. The ROI ratio was just $5.60 to one the previous time this study was conducted in 2011, which means we have seen a 38 percent growth in only a few short years since then. More recent research have suggested that the magical return on investment (ROI) figure could rise to as high as 30 to 1 in the near future. This is very certainly due to the value that CRM brings to a company in terms of providing better tools to sales teams in order to increase customer retention while also being able to provide a more comprehensive customer experience.
$1.1 trillion – Revenue from customer relationship management (CRM) products that incorporate artificial intelligence.
Given that this CRM statistic comes from from Salesforce, the CRM powerhouse and sales technology pioneers, you may want to treat it with a grain of salt (though we believe it has been presented in good faith). In today’s world, CRM software is rarely seen without some form of artificial intelligence (AI) sales tools and functionality. This is especially true when it comes to automated workflows, email marketing, follow-ups, notifications, and even contact management and new lead acquisition. Consequently, this astounding CRM trend of more than one trillion dollars is not a statistic to be dismissed with contempt. The amount of money saved over and above the old-school manual CRM advantage is significant.
Customers will have a better experience as a result of the use of CRM customer analytics.
Despite the fact that CRM stands for customer relationship management, what it really implies for the customer is that businesses that utilize CRMs are doing so in order to provide a positive customer experience. This is supported by the findings of the Statista study. According to the findings of the study, in the United States in 2018, 85 percent of CRM users expected a better customer experience to be one of the most significant benefits of using a CRM. CRMs assist in making decisions more quickly, which is ranked second on the list with 58 percent of respondents. Then 54 percent stated that operations should be streamlined, and 53 percent stated that sales, marketing, customer support, and operations should collaborate more effectively. The introduction of new business models or goods, enhanced innovation, and, eventually, the ability to be more competitive in the digital arena are all benefits that are lower on the list.
This set of statistics pertains to the number of CRM users in general, as well as the number of CRM users within enterprises. In addition to CRM subscriptions and sales, it’s vital to consider CRM usage as a separate consideration since, even if a firm may purchase CRM software, that doesn’t indicate that everyone in the organization is taking advantage of all of its capabilities to their full potential.
91 percent – The percentage of businesses with 10 or more employees that use customer relationship management (CRM).
We hear a lot about customer relationship management (CRM) systems for small businesses, or if you prefer, SMBs (small and medium-sized businesses). This is not by chance, given that startups and small enterprises constituted a significant portion of the early bread and butter of the customer relationship management industry. Considering that huge corporations and enterprises have historically been among the first to implement extremely complex (and expensive) business programs such as those from Microsoft, Oracle, SAP, and even Salesforce.com, this may be the case. However, this CRM data reveals that even small businesses with little resources and a workforce of no more than ten employees today regard CRM tools to be a crucial element for sales professionals.
18 percent – The percentage of a salesperson’s time spent utilizing customer relationship management (CRM) apps
It should be self-evident that doing administrative duties such as data entry are not among the top sales priorities. Instead, sales teams should concentrate on what is important: acquiring new clients, bringing additional prospects into the sales cycle, and identifying strategies to grow revenues and quickly meet sales goals. The question is, what is the real meaning of this CRM number when it seems that the majority of salespeople spend slightly less than one-fifth of their day on a CRM platform or actively using their CRM features? It states that there is potential for improvement, and we will undoubtedly see an increase in that proportion as mobile CRM becomes more widespread, workflow automation becomes more simplified, and sales funnel management becomes more tightly integrated.
Lead generation and client retention are the applications that make the most use of CRM.
By now, we are all aware that customer relationship management systems (CRMs) are much more than sophisticated spreadsheets for client data management. A wide range of apps is available for them, ranging from marketing tools to sales features as well as customer support and service capabilities. However, according to this Fortune Business Insights study, the most prevalent usage of CRMs are still for sales, specifically for generating new leads and keeping customers happy by offering a positive customer experience. These programs account for around 32 percent of all CRM usage. Following lead generation, customer support, contact management, automations such as email marketing, and then additional tools like as social media marketing and brand management are included in the list of must-have features.
Statistics on CRM entrance and use issues, as well as CRM hurdles to entry
Despite the fact that CRMs are becoming increasingly simple to purchase, implement, and operate, there are always some issues that pose some CRM barriers to entry. These figures highlight some of those issues, as well as additional difficulties associated with the use of a CRM platform.
Sales managers who believe it is difficult to adopt CRM are in the majority (50 percent).
Inbound marketing behemoth HubSpot provided this CRM statistic, which can be found on their blog, which also contains a plethora of software-related advice and data. This number may appear to be concerning: after all, half of a team is half of a team no matter how large the group is. For businesses and sales reps alike, the fact that half of all sales executives and managers openly state that CRM deployment is an issue represents a significant barrier to taking advantage of these sales process optimization technologies. The good news is that CRM software continues to improve in terms of simplicity of use while also getting more affordable and customizable with each passing year. This indicates that if obstacles to CRM entry become less restrictive, we expect to see this percentage decrease.
40 percent – The percentage of CRMs that have been implemented on a large scale in an organization.
It is possible that a company that deploys a CRM system would fail to get everyone on board and to fully utilize the tools and capabilities available to increase sales productivity for a variety of reasons. According to a survey conducted by CRM solution SuperOffice and published by the company, there are a variety of reasons for this. The names of them are as follows: According to 35% of those who were polled, technology is only a portion of the solution to this problem. 40 percent of those polled believe it is a question of strategy and deployment methods. Most importantly, 42 percent of those who were asked why less than 40 percent of CRM implementations are fully successful stated that the problem was with people, meaning that companies did not have CRM implementation experts on staff or did not properly train their sales managers to assist their teams with CRM onboarding and utilization.
Manual data entry is the most difficult challenge when using CRM.
This statistic is less concerned with hurdles to entry and more concerned with barriers to full and proper CRM implementation. What these figures, which were derived from a HubSpot in-depth study of inbound marketing, show is that 23 percent of people believe that manual data entry is one of the most significant barriers to starting to use a CRM or one of the most difficult challenges associated with using one on a regular basis. The second major obstacle and issue is a lack of integration with other tools, which accounts for 17 percent of the total. Following that, other barriers and challenges mentioned include difficulties with sales funnel tracking, bad data, a lack of adoption or use by the managerial class, and, of course, the barrier that it is (or appears to be) too complicated, though only 7 percent of those who responded to the survey stated that it is (or appears to be).
The rivalry for customer relationship management market share is becoming more intense by the year, both in terms of CRMs competing with other SaaS and amongst different industries, as well as between different CRMs. CRM comparison data aid in our understanding of what is truly going on in the market.
CRM market size is expected to reach more than $47 billion by 2022.
Website devoted to statistics This incredibly remarkable data comes from the website Statista. This figure is the total worldwide market size for CRM, expressed in US dollars. That figure has increased from $24 billion in 2015 to $45 billion by 2020, representing a significant increase. A representative from the same source is also eager to put their forecast accuracy to the test by forecasting the future market size of CRM throughout the world. According to estimates, it will be close to $50 billion by 2025. This forecast indicates a compound annual growth rate of 1.7 percent for the CRM software industry between 2020 and 2025, which equates to over $5 billion dollars in dollar terms. If you had to put a monetary value on excellent customer data, these numbers would demonstrate just how crucial customer data is now and will continue to be in the future.
Salesforce has been the leading customer relationship management (CRM) vendor since 2016.
This is another another collection of facts presented to you by Statista for your consideration. It includes market share divisions by some of the most well-known firms in customer relationship management and business software. Salesforce, SAP, Oracle, and Microsoft Dynamics 365 are just a few of the companies that provide these services. Salesforce has maintained its position at the top of the CRM industry year after year, achieving anywhere from 16.8 percent (in 2018) and 19.6 percent (in 2017) of overall CRM market share, with 19.5 percent in the most recent year covered. Although SAP and Oracle alternate as the second-largest market share providers, Microsoft and Adobe entered the scene only in 2017, with each failing to reach the 5-percent threshold.
Professional services have the largest proportion of the CRM market by industry.
According to a survey conducted by Apps Run The World and published by Statista, professional services hold the biggest market share for industry-specific CRM, accounting for close to 30 percent of the total CRM market. This is based on information from Salesforce. Professional services relate to highly qualified career people who frequently require some form of official certification in order to perform their employment, such as lawyers, accountants, medical professionals, engineers, information technology specialists, and teachers. The manufacturing sector follows, accounting for approximately 12 percent of the total, followed by banking and financial services, accounting for approximately 9 percent, and finally retail, accounting for approximately 8 percent. CRM, on the other hand, is primed to become increasingly influential in areas like as retail, and particularly ecommerce in the future. Industry sectors such as leisure, hospitality, restaurants and other tailored entertainment services are all affected by this trend as well.
Sales representatives who reach their quotas while utilizing a mobile CRM are three times more likely to do so than those who do not.
A presence on mobile devices is required by today’s standards for every good piece of SaaS software. Web browser versions are frequently responsive to varied screen sizes and adapt when accessed via a laptop, tablet, or mobile device. Some CRMs have specialized mobile CRM apps that can be downloaded from the Apple App Store or the Google Play Store. Others have web-based CRM apps that can be downloaded from either of these stores. A study conducted by the University of Michigan found that sales representatives who utilize mobile CRMs achieve their sales targets roughly 66% of the time. Conversely, those without mobile CRMs only achieve their sales targets about 22% of the time, according to this data. For a salesman who needs to increase conversion rates in order to earn bonuses, that is an impressive three-to-one ratio to consider.
This statistic, which was published in 2015, may appear to be a little obsolete and out of current, yet it contains some interesting information. In this study, which was published by Statista, the results showed that the most desired new tool to be included in a CRM kit was social media monitoring. This tool received 25 percent of the vote. Just behind it, at 24 percent, is the capacity to draw in new leads from social media accounts, which is something that a handful of the finest CRMs are currently capable of achieving. Following these characteristics are the availability of a mobile application, tracking of consumer loyalty, ecommerce integration, and the assignment of territories.
How to make use of these CRM study findings: our conclusion
There are other online resources that provide a trove of CRM research and statistics (such as Capterra), but we’ve done the legwork of reviewing and comparing them all to provide you with the most comprehensive rundown of some key CRM statistics when it comes to CRM adoption rates, CRM growth, CRM revenue, and other important CRM metrics.
Every study comes to the same general conclusion: customer relationship management (CRM) will continue to grow in importance and market share, adoption rates, and usage, as well as expand into a wide range of new industries. It is gradually becoming a crucial tool in the corporate toolkit, especially during epidemic times, not only for salesmen, but also for marketers and customer service representatives, among other roles.