Vantage Market Research
Nov 12, 2021
According to a new report by Vantage Market Research, the non-profit CRM software market is expected to reach USD 927.3 Million by 2028, growing at a CAGR of 3.6% from 2021 to 2028. The increasing adoption of CRM technology by small and medium enterprises with the emergence of various technologies is anticipated to fuel the growth of the non-profit CRM software market within the forecast period.
Key Findings:
- The cloud-based segment is projected to grow at a CAGR of over 2.54% over the forecast period owing to the increasing applications of this technology in various industries.
- The SMEs segment held a market share of around 62.56% in 2020. This share is due to the increased government initiatives through digital campaigns.
- North America is expected to expand at a CAGR of over 2.21% from 2021 to 2028. This surge is attributed to the early adoption of developed technologies like such as machine learning, and industrial automation by the region.
Some of the key players in the non-profit CRM software market include Salsa Labs, Oracle, Salesforce.org, Bloomerang, Virtuous, DonorSnap, Patron Technology, Bitrix24, Z2 Systems, Kindful, NGP VAN, Blackbaud, and CiviCRM, among others.
The increasing adoption of CRM technology by small and medium enterprises is anticipated to augment the growth of the non-profit CRM software market during the forecast period. This is owing to the increasing benefits of the software offered to the organizations to gain strategic as well as a competitive advantage and strong customer retention over their competitors. The implementation of non-profit CRM software facilitates the enterprises to attract, maintain and keep members that are keen to support the organization financially as well as through volunteer work. This software is also used by non-profit employees that need to do marketing, PR, or fundraisings. The non-profit CRM can be used by managers to track the efficiency of their marketing efforts and also to track the various activities of their members such as events, and fundraising, among others. Furthermore, the cloud-based segment witness the highest growth, owing to the benefits its offers which include cost-effectiveness, high flexibility, scalability, and low hardware maintenance cost, among others. Additionally, the adoption of this software by various industrial verticals such as IT & telecommunication, BFSI, and healthcare, is further anticipated to propel the growth of the market in the years to come.
Asia Pacific region is poised to record the highest CAGR. This is attributable to the robust economic growth in the economies like India and China along with the advancements in customer retention and engagement, which drives establishments to invest in customer relationship management software in order to grow and enhance the efficiency of the products. Furthermore, the increase in the shift toward digital transformation, cloud deployment & technological advancement among small & medium enterprises is also anticipated to support the regional growth of the market in the estimated timeframe.