Banking CRM Software Market to Reach $39.2 Billion, Globally, by 2031 at 15.7% CAGR: Allied Market Research

High demand for banking CRM to enhance customer experience, high bank productivity and profitability, and better segmentation and customer retention, is expected to fuel the demand for banking CRM software market globally during the analyzed time frame.

PORTLAND, Ore., Feb. 22, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Banking CRM Software Market by Offering (Solution and Service), Deployment Mode (On-Premises and Cloud), and Application (Customer Service, Customer Experience Management, CRM Analytics, Marketing Automation, Social Media Monitoring and Others) And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031″ According to the report, the global banking CRM software industry generated $9.5 billion in 2021, and is estimated to reach $39.2 billion by 2031, witnessing a CAGR of 15.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Drivers, Restraints, and Opportunities-

With high bank productivity and profitability, the banking CRM software is being widely preferred by businesses and enterprises, which is fueling the growth of banking CRM software market. Besides these, security issues with the CRM software and high cost of implementation of CRM hamper the banking CRM software market growth. On the contrary, integration of AI, ML, and BI in banking CRM software is introducing a gradual shift towards banking industry.

Covid-19 scenario-

• As COVID-19 cases continued to surge and more restrictions were put in place during the pandemic. As a result, there was an increase in penetration of banks mobile applications and higher adoption of cloud computing technologies and solutions. This has spiked the growth for banking CRM software industry during the period.
• COVID-19 brought uncertainty and pressure to businesses across the financial services sector, with many businesses still trying to adapt to a new economic landscape. The banking industry is facing many challenges brought about by the pandemic and one obvious adjustment is an increase in the digitization of services.

The customer service segment to rule the roost-

By application, the customer service segment acquired the major banking CRM software market size in 2021. This is attributed to the banks’ ability to satisfy their customers and maintain their business owing to the automation, streamlining, and consolidation that this software can offer. Also, the rise of internet banking is promoting the expansion of the banking industry. Market for customer service CRM software.

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North America garnered the major share in 2021-

Region-wise, North America dominated the banking CRM software market share in 2021. One of the key factors influencing the growth of the market in the area is the increased need for banks customer relationship management (CRM) software to improve customer experience.

Leading Market Players-

• Salesforce, Inc.
• SugarCRM Inc.
• Microsoft
• Oracle
• LeadSquared
• Pegasystems Inc.
• Claritysoft
• Zoho Corporation Pvt. Ltd.
• HubSpot, Inc.
• KAPTURE

The report analyzes these key players in the global banking CRM software market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

KEY BENEFITS FOR STAKEHOLDERS

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the banking CRM software market analysis from 2021 to 2031 to identify the prevailing banking CRM software market share.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the banking CRM software market size segmentation assists to determine the prevailing banking CRM software market opportunity.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global banking CRM software market trends, key players, market segments, application areas, and market growth strategies.

Banking CRM Software Market Report Highlights

Offering              

Deployment Mode        

Application       

• Customer Service
• Customer Experience Management
• CRM Analytics
• Marketing Automation
• Salesforce Automation
• Others

By Region           

• North America (U.S., Canada)
• Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
• LAMEA (Latin America, Middle East, Africa)

Key Market Players : Salesforce, Inc., SugarCRM Inc., Microsoft, Oracle, LeadSquared, Pegasystems Inc., Zoho Corporation Pvt. Ltd., Claritysoft Technologies, HubSpot, Inc., KAPTURE

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