by Michelle Alese
With over 600 CRM in the space and dozens of new CRM software entering the market every year, companies need an edge in order to stand out among the more established businesses. One exciting path companies are taking to do this is to introduce AI functionality as a core feature. It’s been shown that using predictive intelligence improves customer experience, with 74% of marketers already depending on this functionality in 2015 (Salesforce). Therefore, it’s no surprise that CRM companies are seeing AI as an important next step to make their software more robust, and help users improve customer relationships.
The CRM landscape is vast and continuously evolving with each software provider offering different functionalities. Popular features include keeping track of contacts, scouting for potential leads, managing sales pipelines, monitoring project progress, and analyzing business performance. The number of CRM in the space is reflective of how important the software is to businesses of all sizes and industries.
CRM By the Numbers
- There are currently over 600 CRM in the space, with the growth of the CRM industry only continuing to boom. According to Grand View Research, the CRM market is expected to reach $81.9 billion by 2025
- 53% of companies identified investing in a CRM software as one of the top priorities of their IT departments in 2018, alongside Enterprise Resource Planning (ERP) software.
- Small to medium-sized businesses are driving the growth of the CRM industry with the segment estimated to grow at a compound annual growth rate (CAGR) of 18.0% over the next nine years.
- More CRMs have already been founded in the current decade (2010-2018) than any previous decade.
- The vast majority of companies (70%) have less than 50 employees. Only 1% of CRM have 10,000+ employees.
- The average year founded for CRM companies with more than 10,000 employees is 1980. This means that the current most successful CRM companies were founded over 25 years ago.