Global lead management software market is expected to grow at a significant CAGR of 17.39% in the upcoming period as the scope and its applications are rising enormously across the globe. Lead management is a process of qualifying, capturing leads, and generate new potential business clientele by operating via marketing programs or campaigns. Lead management software is termed as a specific feature of “Customer Relationship Management (CRM)” functionality that companies should consider in order to advance their sales and marketing toolkits to grow businesses in the digital age.
The factors that are playing a major role in the growth of lead management software market are the rising demand for social interaction, developing-cloud-based solutions, acceptance of the software in insurance and banking industry, and increasing advantages of crowdsourcing. However, the high cost of implementation of the lead management software may restrain overall market growth in the years to come. Lead management software market is segmented based on product type, application, end-user, and region.
Cloud-based and on premise are the product types that could be explored in the lead management software in the forecast period. Based on technology, lead filtering and assessment and lead acquisition could classify lead management software in the forecast period. Lead acquisition sector comprises quick apply web forms, batch imports, and electronic data transfer. Lead filtering and assessment sector comprise prioritization, data verification, lead scoring/grading, device intelligence, data appending, and fraud screening.
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The market may be categorized based on applications like non-profit, established businesses, startup businesses, and others that could be explored in the forecast period. The established business sector accounted for the substantial market share of lead management software and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be fear of losing potential consumers to smaller players.
Retail & Manufacturers, Food & Beverages, Renewables & Environment, Government Relations, Pharmaceuticals, Health, Wellness, and Fitness, Marketing and Advertising, Hospitality, Logistics and Supply Chain, Insurance, and other end-users could be explored in lead management software in the forecast period.
Globally, North America accounted for the substantial market share of lead management software and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the growing demand for cloud-based solutions, social interaction, the presence of key manufacturers in this region, and developed infrastructure. Canada and the United States are the major consumers of lead management software in this region.
Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The developing countries like India and China are the major consumers of lead management software in the region. The key players of lead management software market are Salesforce, Adobe, Oracle, IBM, and Microsoft. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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