Europe Cloud CRM Market Worth $12.0 Billion by 2024 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 16, 2019 /PRNewswire/ -- According to market research report "Europe Cloud CRM Market by Vertical (Nonprofit and Higher Education), Nonprofit (Education, Research and Innovation, Social Affairs, Children and Youth, Art & Culture, and Others), and country (UK, Germany, France, and Switzerland) - Global Forecast to 2024", published by MarketsandMarkets™, the Europe Cloud Customer Relationship Management (CRM) Market size is expected to grow from USD 9.0 billion in 2019 to USD 12.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 5.86% during the forecast period.
The adoption rate of Europe cloud CRM solutions is expected to grow significantly, especially in the nonprofit vertical, due to the rising adoption of digital payment systems and mobile fundraising apps to raise their funds.
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Among verticals, the nonprofit vertical to grow rapidly during the forecast period
Increased digitization and government compliances for nonprofit organizations are increasing the demand for CRM in the nonprofit vertical. The majority of non-profit organizations in France are using social media and have a positive opinion about the adoption of digital technology. Nonprofit Organizations (NPOs) in Germany are adopting digital payment systems and mobile fundraising apps to raise their funds. The transformation of the fundraising process may have a positive impact on the adoption of new technologies by NPOs to raise funds more effectively. NPOs in Switzerland are obliged to the government policy for establishing trust among people and raising investments across the globe while working with a limited budget and using effective training programs. CRM adoption would help NPOs in improving their training procedure under a limited budget. In Switzerland, NPOs are mandated to evaluate and publish their activities in annual reports and conduct related research to serve society effectively. The requirements of effective monitoring, research and precise evaluation of activities can be achieved with the use of a cloud CRM solution. The adoption of CRM solutions would enable NPOs to collaborate effectively with donors and beneficiaries and better manage and maintain meaningful data and insights.
Among nonprofit sub-verticals, the children and youth sub-vertical to grow at highest CAGR during the forecast period
The children and youth sub-vertical is expected to grow at the highest CAGR during the forecast period. Several NPOs that are focused on welfare of children and youth are expected to grow in the future. The youth population in various countries is more accustomed to the digital communication media as compared to the earlier generation, hence NPOs working for children and youth are expected to go for the CRM software to manage customer relationships.
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Among countries in Europe, the UK to account for the largest market size during the forecast period
The UK is expected to be the main revenue contributor to the Europe Cloud CRM Market. The growth of the CRM market in the UK is expected to grow, as GDPR compliance in the UK would present huge demand for cloud CRM software. The GDPR compliance is expected to boost the demand for CRM software in the UK. The GDPR compliance requires certain precautions to be taken, some of the modern CRM software come with features that help organizations adhere to the GDPR compliances. Strict GDPR compliance in the UK is expected to boost the demand for the CRM software during the forecast period.
In the Europe Cloud CRM Market, the key market players and innovators include Microsoft (US), Oracle (US), ELCA (Switzerland), 1CRM (Canada), Cirrus Shield (France), Zoho (Chennai), SAP (Germany), Hubspot (US) Unit4 (Netherlands), Cocomore (Switzerland), Curexus GmbH (Germany), ALISTON Consulting (France), Absys Cyborg (France), SugarCRM Inc. (US), Vtiger (India), Bexio (Switzerland), Bpm'Online (US), TYPO3 (Germany), and eWay CRM (US).
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