New research published by Gartner has highlighted the growing investment businesses are making in customer research management (CRM), with increased spending on CRM and data management strategy.
A survey of 102 business professionals carried out by the organisation has revealed half (50 per cent) of businesses are planning to increase their levels of investment in CRM this year.
This is a particularly important area for companies to focus on at present, as the significant growth in consumer information being handled by businesses means there are a wealth of insights that can be gleaned from the effective analysis of big data.
Covering more than 20 industries and 30 countries, the report gives a strong indication that companies are now taking seriously the benefits that can be derived from CRM systems, with an overall 2.5 per cent rise in budgets for this activity anticipated over the coming months.
Overall, more than one-third of respondents to the survey described themselves as “advanced” users of CRM, with more than five years’ experience working in the field.
Jim Davies, research director at Gartner, commented: “The survey findings highlight the continuing trend for organisations to commit to improving the management of their customer relationships.
“We are observing an increasing number of large, transformational projects being undertaken as organisations look to embrace social and mobile interactions for sales, marketing and customer support.”
Gartner has predicted the European CRM technologies market will grow by nine per cent this year, reaching total revenues of $5.5 billion (£3.3 billion). Meanwhile, cloud adoption is also forecast to increase considerably among European businesses, with more than 49 per cent of CRM solutions to be cloud-based by the end of the year.
Overall, the total cloud CRM application sector is expected to be valued at $2.3 billion by the end of 2014 – an annual rise of 24 per cent.
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