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Despite the economic challenges that many companies have faced over the past few years — primarily the global economic downfall of 2008, which served to severely affect developed economies in the US and Europe; as well as the ongoing problems affecting European firms following the Eurozone sovereign debt crisis — expenditure on customer relationship management (CRM) products has continued to observe substantial growth during the past 5 years, with Key Note estimating sales of CRM software to have increased by 38.8% between 2008 and 2012. Indeed, the industry has out-performed sales of other business software in recent years, with many companies realising the significant benefits provided by CRM solutions, which help to streamline operations while also providing expansive cost efficiencies — a factor that has become increasingly important to businesses in recent years following the economic downturn. The customer-centric business model has also become a crucial cornerstone of corporate strategies, thus fuelling demand for CRM systems, which supply businesses with comprehensive customer engagement tools while also providing real-time measurements of customer interactions across all operations.
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