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Customer Relationship Management Market

Customer Relationship Management Market

Customer Relationship Management Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

148

Base Year:

2021

Date

Nov - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1818

Segments Covered
  • By Components Software, Services
  • By Deployment Model On-Premise, Cloud, Hybrid
  • By Enterprise Size Large Scale, Small & Medium Scale
  • By Applications Customer Service, Customer Experience Management, CRM Analytics, Marketing Automation, Salesforce Automation, Other Applications
  • By Industry Verticals Banking Financial Services & Insurance (BFSI), Healthcare, Energy & Utility, IT & Telecommunications, Retail & E-Commerce, Manufacturing, Government & Defense, Media & Entertainment, Other Verticals
  • By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 51.5 Billion
Revenue 2028Revenue 2028: USD 106.6 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 12.9%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Customer Relationship Management Market Share

Market Synopsis:

The Global Customer Relationship Management Market was valued at USD 51.5 Billion in 2021 and is projected to reach a value of USD 106.6 Billion by 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 12.9% over the forecast period.

In marketing, Customer Relationship Management is an approach to managing customer satisfaction and loyalty by understanding customer needs, wants, and behaviors. CRM software enables organizations to consciously manage customer connections and partnerships commitment by utilizing a broad range of marketing and customer service channels. The need for CRM solutions is anticipated to be driven by the integration of cutting-edge technology across corporate domains to enhance operations and value delivery to customers. Additionally, the need for CRM systems is expanding as more people interact with brands through social media platforms and other digital channels. In order to increase their regional presence, organizations also aim to apply business strategies and market trends.

Customer Relationship Management Market Size, 2021 To 2028 (USD Billion)

Furthermore, businesses use effective technologies to manage customer data and apply actionable insights to strategic business decisions. Because of this, organizations are using CRM systems as part of their shift to customer-centric services. CRM and other integrated technologies that increase customer satisfaction are crucial for rapid digital transformation. The end user's journey is improved by this seamless transformation, which offers an excellent customer experience at all points of communication. As a result, the demand for CRM software is anticipated to increase in the near future, thereby boosting the growth of the market worldwide. CRM software maintains a significant amount of private and confidential information for both enterprises and consumers. Credit card information, medical health information, sales data, financial data, corporate intelligence, and financial instructions are among the system's crucial information. A significant barrier for corporations is the safety and security of such essential data.

Market Segmentation:

The Customer Relationship Management market is segmented on Components, Deployment Model, Enterprise Size, Applications, Industry Verticals, and Region. Based on the Components, the market is further segmented into Software and Services. Furthermore, based on the Deployment Model, the market is further bifurcated into On-Premises, Cloud, and Hybrid. In addition, based on the Enterprise Size, the market is further divided into Large Scale, Small & Medium Scale (SME). Likewise, based on the Applications, the market is further segmented into Customer Service, Customer Experience Management, CRM Analytics, Marketing Automation, Salesforce Automation, and Other Applications. Furthermore, based on the Industry Verticals, the market is further divided into Banking Financial Services & Insurance (BFSI), Healthcare, Energy & Utility, IT & Telecommunication, Retail & E-Commerce, Manufacturing, Government & Defense, Media & Entertainment, and Other Verticals.

Below tree is interactive. You can click the nodes to get more information.

Based on Components:

The Software segment is anticipated throughout the forecast period to rule the market. Customer Relationship Management (CRM) Software streamlines sales and marketing processes and centralizes customer data management. As a result, the demand for Software to manage customer experience and attract new clients has increased at an unheard-of rate among Small & Medium Scale (SMEs).

Based on Enterprise Size:

The largest market share is projected to belong to the Large Scale Enterprises. This share is because many large-scale businesses are investing in this kind of software to handle the growing difficulties with performance monitoring. Further, major firms have become the most significant business players due to high marketing, IT costs, and the requirement to manage a vast volume of consumer data. Owing to these factors, the Large Scale segment is expected to soar in the forecast period.

Asia Pacific is projected to grow at the highest CAGR during the forecast period

The Asia Pacific is accounted to rise at the highest Compound Annual Growth Rate (CAGR) during the forecast period. Due to its robust economic growth and ongoing customer retention and engagement developments, Asia-Pacific is anticipated to experience the most significant increase during the Customer Relationship Management market forecast timeframe. This rise is because organizations in this region are investing heavily in this market to maintain growth and boost productivity. The significant trend toward digital transformation, cloud deployment and technical advancement among small and medium-sized organizations, and ongoing modernization of marketing and sales strategy in emerging nations are other aspects that significantly contribute to the market growth. Additionally, to compete in the market, major Asian-Pacific firms are concentrating on improving their operations and raising their overall efficiency. This factor is anticipated to create a good potential for the Customer Relationship Management market throughout the projection period.

Competitive Landscape:

The key players in the Global Customer Relationship Management Market include- Aurea Software Inc., Insightly Inc., Microsoft Corporation, Oracle Corporation, Pegasystems, Sage Group, Salesforce.com INC, SAP SE, Sugar CRM, ZOHO Corporation PVT. Ltd. and others.

Segmentation of the Global Customer Relationship Management Market:

Parameter Details
Segments Covered
  • Components (Software, Services)
  • Deployment Model (On-Premise, Cloud, Hybrid)
  • Enterprise Size (Large Scale, Small & Medium Scale)
  • Applications (Customer Service, Customer Experience Management, CRM Analytics, Marketing Automation, Salesforce Automation, Other Applications)
  • Industry Verticals (Banking Financial Services & Insurance (BFSI), Healthcare, Energy & Utility, IT & Telecommunications, Retail & E-Commerce, Manufacturing, Government & Defense, Media & Entertainment, Other Verticals)
  • Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Aurea Software Inc.
  • Insightly Inc.
  • Microsoft Corporation
  • Oracle Corporation
  • Pegasystems
  • Sage Group
  • Salesforce.com INC
  • SAP SE
  • Sugar CRM
  • ZOHO Corporation PVT. Ltd.
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Customer Relationship Management Market to Reach Valuation of USD 106.6 Billion By 2028 - Rapid Digital Transformation to Drive Market Growth
In terms of revenue, the Global Customer Relationship Management Market is expected to reach USD 106.6 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 12.9% from 2022 to 2028. Customer Relationship Management Market (CRM) is a system for organizing all of your business's contac...
FAQ
Frequently Asked Question
  • The global Customer Relationship Management valued at USD 51.5 Billion in 2020 and is expected to reach USD 106.6 Billion in 2028 growing at a CAGR of 12.9%.

  • The prominent players in the market are Aurea Software Inc., Insightly Inc., Microsoft Corporation, Oracle Corporation, Pegasystems, Sage Group, Salesforce.com INC, SAP SE, Sugar CRM, ZOHO Corporation PVT. Ltd..

  • The market is project to grow at a CAGR of 12.9% between 2021 and 2028.

  • The driving factors of the Customer Relationship Management include

    • Focus On Customer Engagement

  • North America was the leading regional segment of the Customer Relationship Management in 2020.