Customer Relationship Management Market to Reach Valuation of USD 106.6 Billion By 2028 - Rapid Digital Transformation to Drive Market Growth

Vantage Market Research

Sep 01, 2022

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 (CRM) is a system for organizing all of your business's contacts with current and potential clients. The goal is straightforward: to strengthen business ties. The global need for Customer Relationship Management (CRM) systems is driven by increased automated customer engagement, expanded digital operations, and improved customer experience and services. Emerging technologies like cloud computing, artificial intelligence (AI), machine learning, and the availability of different service models like SaaS, Infrastructure as a Service (IaaS), and Platform as a Service are anticipated to boost the market over the projected period (PaaS).

Key Highlights from Report:

· The Cloudsegment dominated the growth of the Customer Relationship Management Market in 2021. Users can access the same data from any device at any time, thanks to the deployment of Customer Relationship Management (CRM) software in the cloud. Due to the rising product demand, Small and Medium-Sized businesses are driving the industry. The Software as a Service (SaaS) deployment paradigm has many advantages, including high flexibility, real-time access, scalability, cost-effectiveness, and reduced hardware maintenance costs. Since these solutions are hosted on the vendor's server and can be accessed remotely from any location, organizations favor the cloud-based deployment of different Customer Relationship Management (CRM) solutions.

· Retail & E-Commerce, from the Industry Verticals, a segment dominated the growth of the Customer Relationship Management Market in 2021. The expanding online shopping platforms and mobile applications provide large amounts of client data to retail organizations. To comprehend business growth, industry trends, and customer experience, these retail and e-commerce firms are moving toward Customer Relationship Management software and solutions. The segment will be driven over the forecast period partly by the growing emphasis on digital marketing initiatives and customized sophisticated IT solutions.

· Asia Pacific is predicted to mention the fastest growth of the Customer Relationship Management Market during the forecast period. The regional market expansion is fueled by the increased demand for cutting-edge CRM solutions from developing nations like China and India. The demand for Customer Relationship Management systems is predicted to increase due to the growth of the e-commerce sector in Asian nations like India. Other significant factors anticipated to fuel the expansion of the Customer Relationship Management (CRM)Market in the Asia Pacific region throughout the forecast period include the expanding range of enterprises in the area, optimistic growth predictions across economies, and a sizable consumer base.

Market Dynamics:

The need for Customer Relationship Management (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. To increase their regional presence, businesses also aim to apply business strategies and market trends. Following data analysis, this method aids businesses in providing a better customer experience. CRM and other integrated technologies that increase customer satisfaction are crucial for rapid digital transformation. As a result, the demand for CRM software is anticipated to increase in the near future, thereby boosting the growth of the global market.

North America is accounted to have potential growth in the Customer Relationship Management Market during the forecast period. In 2021, the U.S. accounted for the largest revenue share in North America. The region's numerous businesses, which rely on cutting-edge technologies and are anticipated to rule the market during the forecast period, are increasingly adopting CRM solutions, one of the primary driving factors in the market. Furthermore, throughout the forecast period, the North American market is anticipated to grow due to the widespread acceptance of digital transformation across numerous industries, including banking, retail, and hospitality.

The Global Customer Relationship Management Market is Segmented as follows:

  • 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

A list of the Key Players in the Global Customer Relationship Management Market is:

Aurea Software Inc., Insightly Inc., Microsoft Corporation, Oracle Corporation, Pegasystems, Sage Group, Salesforce.com INC, SAP SE, Sugar CRM, ZOHO Corporation PVT. Ltd.

The Global Customer Relationship Management Market Scope can be Tabulated as below:

Parameter Details
Market Size Provided for Years 2016-2028
Base Year 2021
Historic Years 2016-2020
Forecast Years 2022-2028
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 & Counties Covered
  • North America
    • U.S.
    • Canada
    • Mexic
  • Eurpe
    • U.K
    • France
    • Germany
    • Italy
    • Spain
    • Rest Of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Suth Korea
    • South East Asia
    • Rest Of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest Of Latin America
  • Middle East & Africa
    • GCC Cuntries
    • South Africa
    • Rest Of Middle East & Africa
Companies Covered
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