Singapore Customer Relationship Management Market Outlook - Forecast Trends, Market Size, Share and Growth Analysis Report (2024-2032)

Singapore Customer Relationship Management Market Growth

Growing demand for data-driven decision-making, the rapid growth of the online retail sector, and the Smart Nation initiative by the Singaporean government are some of the prominent drivers increasing the demand of Singapore customer relationship management market. The Smart Nation initiative by the Singapore government aims to drive digital transformation in different sectors, urging companies to embrace cutting-edge technologies such as CRM systems to enhance operational efficiency and customer interaction.

The focus on customer experience is becoming increasingly important for businesses to differentiate themselves from their competitors. CRM systems are essential in understanding customer preferences, personalising interactions, and ensuring high levels of customer satisfaction. The emphasis on keeping existing customers by improving service quality and implementing loyalty programs is driving the demand for effective CRM solutions.

Key Trends and Recent Developments

The need for personalised customer engagement, the establishment of new SMEs, the integration of AI and cloud features in CRM tools, and the growing e-commerce sector are accelerating the Singapore customer relationship management market value.

November 2023

Creatio, a global vendor of a no-code platform to automate workflows and CRM announced its partnership with Singapore-based Zolution, a leading CRM consultancy helping businesses optimise their customer relationship management strategies. The partnership aimed to further drive no-code business automation and boost customer engagement for medium and large enterprises in the region.

March 2023

Salesforce launched, Einstein GPT, the world’s first generative AI tool for CRM platforms with several exclusive features such as the creation of personalized content across Salesforce’s cloud, support for public and private AI models built specifically for CRM, and integration with OpenAI’s advanced technologies such as ChatGPT. 

September 2021

Salesforce, a global CRM solutions provider, announced the launch of Hyperforce, its next-generation infrastructure architecture in December 2021 in an official press release. The launch was made possible through a strategic partnership with Amazon Web Services (AWS), enabling Salesforce’s customers around the globe to deploy its applications and services easily in Singapore by leveraging the scale and agility of public cloud computing.

April 2021

Singapore Airlines (SIA) selected Salesforce, a leading CRM service provider in the country to develop and implement a new customer case and knowledge management system for its operations. This new system, 1Point, was deployed across SIA’s contact centres and customer feedback handling units globally by the end of 2021.

Growing Number of SMEs Driving Singapore Customer Relationship Management Market Revenue

According to the National Statistics Office, a total of 296,000 enterprises were registered in Singapore during 2021 of which 99% were SMEs. Most of these businesses are gradually shifting to high-end CRM tools for efficient customer management and data analysis, driving the overall consumption in Singapore’s customer relationship management market. 

Increased Need for Personalised Customer Engagement Driving the Growth of Singapore Customer Relationship Management Market

The increased need for personalised customer engagement by businesses is one of the major drivers for market. Businesses are increasingly preferring CRM tools to stand out amongst the competition and build stronger customer relationships. These tools are of immense help in gathering customer data, analysing their patterns, and developing efficient marketing strategies, helping businesses grow in the long run. With the rising e-commerce retail consumption and growth of services such as finance and banking, which require personal engagement on the part of the user, the customer relationship management industry is expected to witness a sharp expansion in the coming years. 

Integration of AI and Cloud Features in CRM Solutions Creating New Market Opportunities

The integration of AI and cloud features in CRM tools is a growing trend of Singapore customer relationship management market, owing to several benefits such as easy installation, high-level security features, round-the-clock access to data, personalised marketing efforts, and cost-effectiveness. Key industry players are investing in the development of AI and cloud-enabled CRM tools to meet their growing demand, thereby propelling market growth. For instance, leading ICT firm Huawei collaborated with AI unicorn 4Paradigm and Singapore-based startup Advocado to launch the first-of-its-kind AI-enabled cloud CRM platform in 2021. The platform empowers small and medium enterprises (SMEs) as well as retailers across Singapore to customise and automate their customer engagement efforts. 

Growing E-Commerce Retail Segment Enhancing the Requirement for Efficient Customer Relationship Management in Singapore

The growing digitisation of Singapore’s retail sector coupled with the rise of e-commerce businesses has increased the customer relationship management demand in the region. These tools have become a necessity for online businesses owing to their ability to manage vast amounts of customer data, personalise marketing efforts and improve customer experiences across multiple touchpoints. While retail e-commerce accounted for approximately 1.8% of the revenue generated by the country’s e-commerce industry in 2022, a further expansion is expected to generate additional revenue in the customer relationship management market of Singapore. 

Singapore Customer Relationship Management Industry Segmentation

“Singapore Customer Relationship Management Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Component

• Solutions
• Services

Market Breakup by Deployment Mode

• Cloud
• On-Premises

Market Breakup by Enterprise Size

• Small and Medium Enterprises (SMEs)
• Large Enterprises

Market Breakup by Application

• Sales and Marketing
• Customer Service
• Digital Commerce
• Others

Market Breakup by End Use

• BFSI
• IT and Telecom
• Retail
• Healthcare
• Government and Education 
• Discrete Manufacturing 
• Others

Singapore Customer Relationship Management Market Share

Based on deployment mode, the market is divided into cloud and on-premises. The cloud segment occupies a significant market share as the cloud-based CRM solutions offer scalability, cost-effectiveness, easy implementation and maintenance, remote access capabilities, and robust security and compliance features. The increasing adoption of digital transformation initiatives and the necessity for businesses to stay agile in the country further contribute to the growing preference for cloud-based CRM systems.

Leading Companies in the Singapore Customer Relationship Management Market

The market players are increasing their collaboration with technology providers to enhance their CRM capabilities.

• IBM Corporation
• Oracle Corporation
• SAP SE
• Microsoft Corporation
• Salesforce, Inc.
• Adobe Inc.
• Infor Inc.
• Sage Group Plc
• Zoho Corp.
• Pegasystems Inc.
• Others