Best CRM Statistics You Need to Know for 2024
CRM is the reason most companies and industries today are growing substantially. In fact, it is so substantial that the CRM market is expected to reach $80 billion by the year 2024-2025. CRM is the core of what makes industries successful, and I’m here to show you the proof.
Below mentioned points will help you have a more comprehensive insight into recent and most useful CRM statistics. I have attempted to provide you with examples to help you better understand the scenario.
General crm statistics
- In 2018, the CRM market surpassed the $45 billion barriers and expanded by 15.6%, making it the largest and the fastest-growing enterprise software.
– Which-50.com - Since 2008, CRM businesses went from a low 12% to an astounding 87% in 2021.
– Softwareadvice.com - CRM is not only one of the fastest-growing markets in software today, but it also does not plan on slowing down. As CRM continues to expand and grow as major cloud software, companies embrace this software with open arms.
- 90% of companies with more than an average of 10 employees have invested in CRM software.
– Grandview research
The advantages of investing into CRM
- 87% of people that have become more involved with CRM software have reported that their most significant benefit was improved sales. (Finances Online)
- Using CRM has become a top software/tool for interacting with customers and providing a better experience.
- Sales productivity can increase to 34% with CRM. (Salesforce)
CRM returns $8.71 for every dollar spent, which can get you up to a 700% return. (Nucleus Research) - 73% of marketers use CRM as a way to share views of prospects across different departments. (Hubspot.com)
- CRM simplifies the difficulties of using sale technologies for daily tasks.
The crm market
With new and upcoming software comes an over diluted market. It can be overwhelming with the options of CRM tools as there are currently 379 CRM systems to choose from. With that, only 18% of CRM systems have a 4 or 5-star rating.
With almost 400 different platforms to choose from and only an embrace percentage with high ratings, some people can be turned off. But with something new to users and the industry, there are still things that can be improved. Even still, with this market, about half of sales teams are hardcore users of CRM.
CRM for sales
- For companies, the sale is a major department that is heavily focused on. 48% of companies in 2018 that were surveyed said to have been dedicated to improving online sales funnels. Another major focus for them was CRM. (Adam Enfroy)
- The average CRM’s that sales professionals adopted is 64%. From 2016 to now, adoption has grown to 113%, and in 2017 it’s 28%. (LinkedIn State of Sales)
- In 2018, CRM was reported to be used by 46% of sales teams. (review42)
CRM is the biggest benefit to sales, and a company not using it is like giving up a gold mine. Companies look to use CRM for many reasons:
- For Converting customers
- Improving sales and proficiency
- Improving leads and funnelling for sales traffic
- Allowing more feedback for customers statistics
CRM is the perfect tool for a company to record statistics from customers points of interest and consumer information. CRM allows companies to create a drive towards customers in a much more orientated and reliant way.
Mobile crm
- CRM mobile is giving some companies precisely what they are looking for. It opens up even more doors for accessibility and development for CRM and company usage. In fact, in 2019, the global CRM market grew 11% to $15 billion worldwide. (Marketing Dive)
- Banking, financial services and insurance have been some of the earliest adopters of mobile CRM solutions. Together they will have spent over $3 billion in 2019. (Marketing Dive)
- The healthcare industry is also rising in adoptions of mobile CRM and will raise more in 2028 to shift their focus on value-based care. (Marketing Dive)
- Mobile CRM not only simplifies using sales technologies but allows more access between devices. 81% of CRM users access their information on different devices. (Benchmark one)
- About 65% of companies with mobile CRM achieve their sales quotas, while 78% of firms without mobile CRM don’t meet their quota. (Innoppl Technologies)
AI for crm
With CRM becoming a new cloud software and something that is a new technology for companies, AI is another big step for CRM. AI will become more prevalent in the future, and it is only some time before companies will start implementing AI as well.
- Between 2017 and 2021, AI will be adding $1.2 trillion to companies using CRM. (Salesforce)
- AI used in CRM will create over 800,000 new jobs. (Salesforce)
The reason AI working with CRM will be so profitable is because of computer statistics. Everything already is data recorded, and information is being tracked down with CRM. Add AI to the mix; you have an unstoppable salesforce machine.
AI will be able to formulate, read, and execute tasks involving the databases with CRM. It will cut out all the manual work and streamline the process.
Conclusion
These CRM Statistics just add significant possibilities for companies’ revenue and work tactics. This will make it to where companies can gain much better access to their sales and customers.
So why doesn’t every company invest in CRM? Well, It’s typically the situation that marketing teams explore for a CDP to unify information from their CRM with alternative data, or to section that information from a CRM into a CDP for good. For marketing teams simply starting out and dealing with a smaller client base with restricted information varieties, CRMs are absolutely a viable and an awfully efficient choice.
Locobuzz is a unified customer experience management platform that will aid your business in unifying the business functions on a single, seamlessly integrated platform. Locobuzz unified platform actuates the possibility of combining different business activities, such as brand listening, competitor benchmarking, campaign analysis, online reputation management, enhancing brand performance and improving customer retention.
I believe in time, CRM will be a must and required by most massive sales industries. This is just the beginning for cloud software like CRM, and with the growth that it is showing, it seems like CRM will be the future of business software.
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