Customer Relationship Management Industry Overview
The global customer relationship management market size was valued at USD 52.4 billion in 2021 and is expected to reach USD 157.6 billion by 2030, at a CAGR of 13.3% from 2022 to 2030.
The COVID-19 pandemic has driven several organizations across the globe to develop a roadmap and to understand together with their consumers how to move ahead in the future. Rising demand for automated engagement with customers, improving the scope of digital operations and enhancing customer experience and services are driving the demand for Customer Relationship Management (CRM) solutions across various industries globally. Emerging technologies, such as cloud computing technology, Artificial Intelligence (AI), machine learning, and the availability of various service models such as SaaS, Infrastructure as a Service (IaaS), and Platform as a Service (PaaS) are projected to drive the market over the forecast period.
Gather more insights about the market drivers, restrains and growth of the Global Customer Relationship Management Market
According to industry estimates, over 91% of organizations with more than ten employees in their workforce use customer relationship management systems. Organizational departments such as sales and marketing and customer services and support are increasingly integrating CRM systems with artificial intelligence to improve customer experience and feedback and develop strong bonds with their customers. Furthermore, factors such as efforts to accelerate business content, shifting their strategy from push marketing to pull marketing, and providing real-time communication, will empower organizations to adopt customer relationship management solutions over the forecast period.
The growing use of digital channels by customers to communicate with brands and organizations is anticipated to boost the market growth over the forecast period. A recent survey conducted by SoftClouds suggests that approximately 82% of the organizations use customer relationship management systems for sales reporting and process automation. It gives a better understanding of buyer behavior and their preference, which enables brands and organizations to adopt the best customer relationship management strategies and deliver performance in real-time. For instance, in December 2021, Freshworks Inc. offered Freshdesk Contact Center to 7-Eleven store, a global chain of retail stores. The solution will resolve queries quickly and deliver the same-in-store conveniences to their regular customers and online shoppers.
With the growing importance of understanding customer behavior and their preferences, organizations are adopting customer relationship management strategies to deliver the best performance in real-time and stay ahead of their rivals. Rapid shifts in the fields of business intelligence and embedded analytics, Internet of Things (IoT), artificial intelligence, and their implementation in customer relationship management solutions are likely to promote product enhancement and innovation among CRM vendors. For instance, in June 2021, Salesforce.com, Inc. announced new capabilities across digital 360 to help enterprises to boost their digital activities and deliver the next generation of digital experiences, commerce, and marketing.
The CRM market is anticipated to witness the tussle between emerging vendors, large vendors, and new and niche vendors to expand their business reach into new markets and industries. Furthermore, several customer relationship management providers are working with system integrators (SI) and independent software vendors (ISV) to sustain in this competitive market. The growing adoption of customer relationship management applications, ease of deployment, and ongoing price trends are expected to drive the growth of customer relationship management market.
Customer Relationship Management Market Segmentation
Based on the Solution Insights, the market is segmented into Customer Service, Customer Experience Management, CRM Analytics, Marketing Automation, Salesforce Automation, Social Media Monitoring and Others.
Based on the Deployment Insights, the market is segmented into On-premise and Cloud.
Based on Enterprise Size Insights, the market is segmented into Large Enterprises, Small and Medium Enterprises.
Based on End-use Insights, the market is segmented into BFSI, Retail, Healthcare, Telecom & IT, Discrete Manufacturing, Government & Education and Others.
Based on the Customer Relationship Management Regional Insights, the market is segmented into North America, Europe, Asia Pacific, South America and Middle East & Africa (MEA).
Market Share Insights:
Key Companies Profile:
Leading market participants are investing in research and development activities to drive organic growth and increase their market shares. Additionally, companies are also engaging in new product development to expand and strengthen their existing portfolios and acquire new customers.
Some prominent players in the global Customer Relationship Management market include
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