- The global mobile customer relationship management (CRM) market will grow 11% to $15 billion worldwide this year from 2018 as businesses seek to connect with their customers through their mobile devices, per a forecast that Future Market Insights shared with Mobile Marketer.
- Banking, financial services and insurance (BFSI) have been some of the earliest adopters of mobile CRM solutions. Their spending on mobile CRM will exceed $3 billion this year, although spending by the retail industry likely will overtake BSFI as one of the significant spenders on mobile CRM solutions in the next decade, per the report.
- The healthcare industry's adoption of mobile CRM also will rise by 2028 as companies shift their focus toward "value-based care" business models. Big companies are likely to be the earliest adopters of mobile CRM services, the study said.
Mobile CRM services growth is coming as digitized workforces make real-time access to critical information a necessity to foster streamlined operations, Future Markets Insights said. Businesses are placing customer satisfaction at the top of their priority list and are seeking insights for their sales efforts. "CRM on demand" is a significant trend in the mobile CRM market, as businesses turn to cloud-based suites that promise flexibility and scalability, per the report.
Spending reaching $15 billion means that revenue opportunities for vendors of mobile CRM services are expanding as sales personnel across organizations vie to make informed decisions that are "data-driven," per the report. Vendors in the mobile CRM market are largely focused on R&D investments, and efficiency is the most important factor dictating purchase decisions. Vendors are offering flexible "pay-per-use" pricing models, as end-use preference for flexible pricing is driving a shift away from subscription models, the report said.
For vendors of CRM services, acquisitions and partnerships will continue to be part of their growth strategies. As an example, AMDOCS last year announced its acquisition of Ubiquity, a provider of premium digital content services and technology solutions, to add services such as licensing, processing and delivery. The deal positioned AMDOCS among a convergence of content and video distributors, per the report.