A global market analyst by the name of Datamonitor expects the CRM market to spend about $2 billion by 2008. This is almost double of what is being spent today. The largest CRM market is EMEA which is expected to spend close to $600 million on customer relationship management applications.
When it comes to the small business customer relationship management applications, there is a considerable difference in CRM solutions and enterprise class CRM. But this difference is eliminated by the high quality functionalities that are included within the application at a fraction of the cost. This is one of the reasons why hosted CRM is becoming a global force.
The high capital costs were eliminated and a certain degree of flexibility was introduced into CRM applications.Today most vendors have a host of products for small businesses. Most of these products can be further tailored to meet the individual needs of the customers.
This influx of customer relationship management into the small to medium sized business world has also led to far more precise business models. The overall environment has become far more competitive and healthier.
