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Tue 13 Aug 2002 04:00 AM

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CRM market continues to blossom

A recent report from Forrester Research predicts that the customer relationship management (CRM) market will grow from $42.8 billion in 2002 to $73.8 billion by 2007.

A recent report from Forrester Research suggests that the customer relationship management (CRM) market will continue to grow through to 2007. The analyst house predicts that the market will grow 11.5%, from $42.8 billion in 2002 to $73.8 billion by 2007.According to Bob Chatham, principal analyst at Forrester Research, the key drivers behind this growth include cross-channel integration, vendor verticalisation, web services and a shift in application pricing models. He also suggests that many companies will shift their focus from the technical elements of channel integration to process redesign efforts focused on improving customer experience. Of the multitude of CRM offerings currently available on the market, the analyst house’s report suggests that customer-facing channel apps will experience the slowest annual growth rate in the market, with just 7.3% over the next five years. The main reson for this, says Chatham, is the slowdown in Internet commerce software adoption.Conversely, marketing automation applications will represent the fastest-growing CRM segment as growth between 2002 and 2004 will remain around 14.5%, it will explode to 17% thereafter and reach $928 million in 2007, says tha analyst.

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