Global Customer Relationship Management Market

Customer Relationship Management Market Overview

The global Customer Relationship Management market was valued at USD 58.03 billion in 2021 and is projected to hit around USD 128.95 billion by 2028, expected to grow at a compound annual growth rate (CAGR) of 12.7% from 2022 to 2028. CRM solutions are being driven by the constant demand for innovative solutions to analyze customer data, collect crucial customer data, and translate it into a superior customer experience strategy across all enterprises. This led to the integration of customer relationship management solutions with advanced technologies such as big data analytics, machine learning, and AI-powered analytics, which are expected to boost product innovation and development across CRM solutions, resulting in a better customer experience and increased operational efficiency. Additionally, CRM combines multiple support channels to handle issues as quickly as possible. CRM tools are gaining popularity worldwide due to their many deployment techniques, convenient mobile access, and scalability. Furthermore, the customer relationship management market is predicted to grow over the forecasted period by 2022-2028 due to the increasing usage of customer relationship management software, ease of setup, and ongoing price trends.

What is Customer Relationship Management Market?

Customer Relationship Management (CRM) is a strategy that enables businesses to improve existing customer connections while also quickly engaging new customers. Customer relationship management (CRM) streamlines the communication process with customers while also increasing their happiness with the service or product. It not only offers direction and standards for how to lead customer-business interactions, but it also serves as a repository for organizing and tracking all pertinent data. Customer relationship management enables sales managers to automate their sales processes and monitor the effectiveness of their teams.

Growth Drivers

Propelling Digital Transformation

The integration of digitally upgraded technologies across all business domains to boost operations and value delivery to customers is known as digital transformation. Companies are being forced to adopt new business strategies and market trends owing to this shift apart from their conventional foundation. After adequate data analysis, the insights gained by always connected technologies aid in providing a better client experience. In addition, the CRM industry and other integrated technologies that improve customer satisfaction are critical to the rapid digital change. This seamless change enhances the client experience by providing a superior customer experience across all communication touchpoints. As a result, the demand for software to properly adopt digitalization is projected to rise, which will bode well for the worldwide customer relationship management (CRM) market’s growth during the forecasted period by 2028.

Rising retail industry

To capitalize on market expansion, some new firms are emerging among the long-established established players in the retail business. Additionally, several new players are embracing an e-commerce business strategy to capitalize on the growing popularity of smartphones. As a result, market vendors are exposed to chances to expand their client base. China, India, and South Korea are all experiencing rapid growth in their retail environments. With major competitors such as JD.com and Alibaba, China dominates the Asian e-commerce business. According to IBEF, India’s retail sector is expected to grow from USD 672 billion in 2017 to USD 1,200 billion in 2021. Furthermore, with e-commerce behemoths like Amazon raking in USD 70.61 billion in online sales, traditional retailers like Walmart and Macy’s are fighting to stay up. A few brick-and-mortar businesses are reducing store locations and focusing on a smaller number of storefronts to stay competitive. These merchants also utilize the internet business platform for new revenue sources and develop an omnichannel presence. Thus, the rising retail sector is anticipated to drive the global market.

Pre Covid-19 Impact on Global Customer Relationship Management Market

Before the pandemic, organizations were increasingly on quick access to real-time customer data for increased customer engagement to drive sales growth and retain customers for a long time due to the rapid expansion of mobile and cloud solutions. Furthermore, one key trend was the sales and marketing arena globally, which was the increasing penetration of CRM systems through smart mobile devices and online services.

Covid-19 Impact on Global Customer Relationship Management Market

As a result of the COVID-19 pandemic, many businesses are being forced to revisit and leverage their strategies to ensure that sales are pursued, customers are served, and employees are productive, even if they are working remotely is driving the adoption of CRM systems. Also, because of the COVID-19 pandemic, companies only have one option, i.e., to keep their presence and devoted clients, which can help them during this lockdown. CRM software offers numerous advantages like customer mapping from initial contact discovery to post-purchase engagements, frequently disregarded by the companies, pushing the CRM system acceptance among the end-users.

Post Covid-19 Impact on Global Customer Relationship Management Market

Following Covid-19, demand for the optimal deployment of new technologies such as predictive and prescriptive analytics to maximize current operational processes is expected to continue to rise, a key driving factor for investments and innovation in the CRM market. Furthermore, as the importance of knowing customer behavior and preferences grows, firms are expected to embrace customer relationship management techniques to provide the greatest performance in real-time and stay ahead of their competitors.

By Solution Segment Analysis

Based on the Solution, the market is categorized as Customer Service, CRM Analytics, Customer Experience Management, Marketing Automation, Social Media Monitoring, Salesforce Automation, and Others. The Customer Service segment is expected to hold a significant share of the global Customer Relationship Management market over the forecast period. The growing importance of understanding customer behavior and preferences, which encourages businesses and organizations to continue using customer relationship management strategies to give the greatest service performance in real-time, is one of the key driving reasons for the market’s growth.

By Enterprise Segment Analysis

The market is classified into Large Enterprises and Small & Medium enterprises based on the Enterprise. The Large Enterprises segment is estimated to dominate the global Customer Relationship Management market over the forecasted period by 2028. CRM solutions are used in large companies with various operational departments to combine customer data with business process management capabilities, allowing users to seamlessly coordinate their sales, marketing, and customer support activities and boost their overall performance.

By Region Segment Analysis

Based on region segment, the market is bifurcated into North America, Europe, Asia-Pacific, South America, and The Middle East & Africa. North America is likely to lead the Global Customer Relationship Management Market over the forecasted 2022-2028 due to the increased use of emerging technology such as machine learning and industrial automation and a major shift in business toward digital transformation. Furthermore, North America is also becoming a hub for various industrial verticals such as healthcare, IT and Telecom, and the energy and utility sector, which is further expected to boost the market across the region.

Competitors Analysis

The Companies include Microsoft Corporation, Insightly, Inc., Pegasystems, Sage Group plc, Salesforce.com, Inc., SAP SE, Netsuite Inc., Oracle Corporation, SugarCRM, Zoho Corporation Pvt. Ltd, and Other Prominent Players in the Customer Relationship Management Market. Key Stakeholders

• Market research and consulting firms
• Industry Associations
• Local Governments
• Regulatory bodies
• Customer Relationship Management Market providers
• Suppliers
• Retailers
• Service Providers

Recent Developments

• In April 2021, Salesforce released Service Cloud 360, a new iteration of its Service Cloud offering. The new version of the software intends to make it easier for customer support representatives to provide individualized digital engagement and manage customer requests while working from home. Customer service leaders and agents may use Service Cloud 360 to offer customer experiences that increase engagement and close deals and modernize contact centers and restructure customer service operations.
• In January 2021, SugarCRM Inc., the pioneer of time-aware customer service, has announced the release of SugarPredict, the first data-driven AI for CRM. SugarPredict enables businesses to achieve new levels of prediction accuracy without the time, money, or technical expertise normally associated with AI implementation.

Scope of the Report

Report Attribute	Details
Market Size Value in 2021	USD 58.03 Billion
The revenue forecast in 2028	USD 128.95 Billion
Growth Rate	CAGR of 12.7% from 2022 to 2028.
Historical data	2017 – 2020
Base Year	2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The Companies include Microsoft Corporation, Insightly, Inc., Pegasystems, Sage Group plc, Salesforce.com, Inc., SAP SE, Netsuite Inc., Oracle Corporation, SugarCRM, Zoho Corporation Pvt. Ltd, and Other Prominent Players in the Customer Relationship Management Market.

Market Modelling

By Solution

• Customer Service
• CRM Analytics
• Customer Experience Management
• Marketing Automation
• Social Media Monitoring
• Salesforce Automation
• Others

By Deployment Mode

• Online
• Offline

By Enterprise

• Large Enterprises
• Small & Medium Enterprise

By End-User

• BFSI
• Retail
• Discrete Manufacturing
• Healthcare
• IT & Telecom
• Government & Education
• Others

By Region

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East & Africa

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