Wednesday, Oct 06, 2004
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By Sandeep Joshi
NEW DELHI, OCT. 5. The Indian Interaction Customer Relationship Management (ICRM) market is poised to grow at a compounded annual growth rate (CAGR) of 19.5 per cent to $267.9 million by 2010 from $77 million in 2003, states the latest Market Engineering Research Report for the Indian ICRM Market 2000-10 prepared by the international growth consulting firm, Frost & Sullivan. Stating that the ICRM market registered a significant growth of 38.2 per cent in 2003 as compared to 2002, the report adds that India's recognition as an offshore outsourced hub coupled with increased market sophistication and demands from domestic customers have compounded to realise ICRM as one of the fastest growing segments in India. The defined market segmentation for ICRM market in the Indian region is automatic call distributor, outbound solutions, interactive voice response, computer telephony integration, workforce management, e-mail management, call monitoring, speech technology, and real time web collaboration. The report states that some of the factors that have driven the Indian ICRM market are convergence of data and voice, need for solutions that provide integrated database and streamlined channel mix, business intelligence, one-point solution from connectivity to CRM and to provide higher levels of differentiated service to customers to maintain existing revenue streams, and increase the amount of investment made by the customer. According to Sowmiya Rajen, Research Analyst, Frost & Sullivan, "With factors such as adoption trends skewing towards bundled requirements and rate of current user compared to potential users reported to be increasing, the Indian ICRM market is indicative of being in a growth phase and is likely to reach a critical scale over the next few years."
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