IoT Hype: CRM Software to reap the benefit in 2016

Much hype of the buzzwords like the Internet of Things (IoT) and Big Data is likely to have a positive impact on Customer Relationship Management CRM) software in 2016. CRM pundits projected this year would be of CRM technologies and software.

IoT refers to an environment that features data transfer between interconnected devices. And, Big data is a term for data sets that are so large or complex that traditional data processing applications are inadequate.

The year 2015, was not a promising year for the CRM sector as it witnessed many ups and downs. Despite, Salesforce introduced IoT Cloud, a new product that enables customers to use sensor-gathered data in their CRM software and take action on what they want.

Of late, besides, many apps, the companies have been using many verticals of CRM software, including SocialCRM, Cloud CRM, Mobile CRM and Vertical CRM.

According to statistics, more than 86 percent of companies use customer management strategies to achieve higher customer base and high ROI. As of 2013, around 75 percent of companies used CRM software.

Experts feel that the current year will be the year of CRM technologies and software unlike 2015.

As per the some the predictions by the pundits,  the CRM software will become more social in 2016. With the growing trends of social media and social networking sites, companies have been engaged themselves on these platforms to reach out to their customers.

CMS pundits opined that CRM solutions will be accelerated in 2016. The four big vendors are Salesforce, SAP, Oracle and Microsoft. These vendors are likely to introduce some products considering the booms in IoT and big data.

As per Gartner’s report, the CRM software market is likely to grow at 14.8 percent and Software as a Service (SaaS) CRM at 22.6 percent through 2017. The CRM software market registered a growth of 13.3 percent in 2014 at $23.2 billion from $20.4 billion in 2013.