CRM software market will generate $11.4 bln by 2008

According to IDC, the worldwide customer relationship management (CRM) applications market will reach $11.4 bln in revenues by 2008, experiencing a compound annual growth rate (CAGR) of 8.9% over the 2004-2008 forecast period. Siebel continues to maintain its leadership position in the worldwide CRM applications market, although down from market shares previously achieved in 2002 and 2001. SAP has effectively established itself in this market and solidly occupies the number 2 position. According to IDC, analytics are becoming critical components of generally accepted customer management strategies. IDC reports the worldwide CRM analytic applications software market revenues grew 12.7% to reach a healthy $908.7 mln in 2003. IDC also reports that market concentration is increasing as the top 5 vendors by revenue represent 44% of the market.