Global Customer Relationship Management Market was valued at USD 52.2 billion in 2021 and it is expected to reach a value of USD 125.8 billion by 2028, at a CAGR of 13.4% over the forecast period (2022-2028).
Advancement in technologies such as artificial , machine learning, cloud computing, easy availability of various service models like SAAS, IaaS, and PaaS are the major driving factors for the global customer relationship management market during the forecast period. Furthermore, increasing demand for automated engagement with customers, rising scope for digital operations, and improving customer services and experience are also driving the market for customer relationship management market across the globe.
The continuously growing use of digital channels by customers globally to communicate and inter-connect with several brands and organizations is projected to fuel the market growth over the forecast period. According to a survey conducted by SoftClouds, around 82% of global organizations use customer relationship management systems for their process automations and sales reporting as well. It gives a clear understanding of buyer behaviour and their choices, which enables brands and organization to use the best suitable customer relationship management strategies and deliver services on time.
With the increasing importance of understanding and knowing customer behaviour and preferences, organizations and brands are focusing on adoption of best customer relationship management system to deliver the most efficient performance in real-time and stay one step ahead of their rivals. In addition, rapid shifts in the IoT, embedded analytics, artificial intelligence, and implement for the same in customer relationship management solutions are likely to propel market growth throughout the forecast period. For instance, in June 2021, Salesforce.com Inc. announced their new service across digital 360 to enable organizations to grow their digital activities and delivers the next generation of digital marketing, experiences, and commerce.
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Global Customer Relationship Management Market Segmental Analysis
Global customer relationship management market is segmented on the basis of solution, enterprise size, end-use, deployment, and region. By, solution, the market is sub-segmented into customer service, marketing automation, social media monitoring, CRM analytics, and others. By enterprise size, the market is bifurcated into large enterprise and small enterprise. By end-use, the market is classified into manufacturing, retail, health care, and others. Based on deployment, the market is segmented into on-premise, cloud. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Analysis by Solution
By solution, the customer service segment dominated the market with a holding of more than 20% revenue share in 2021. Increasing adoption of customer relationship management strategies among various brands and organization for understanding current behaviour and needs of their customers is the major key factor driving the segment growth. In addition, an extensive rise in the usage of digital channels with the help of advanced technologies like artificial intelligence by customers all over the world to create a connection with brands and organization is further expected to drive the growth of the segment in the coming years.
Furthermore, the CRM analytics segment is anticipated to witness a significant growth rate during the forecast period. The availability of several types of platforms and continuously increasing adoption for integration of analytics in customer relationship management solutions which enables companies to derive the crucial business data and insights are the major factors projected to boost the growth of the segment. Moreover, ongoing demand for structured as well as unstructured data from numerous digital channels is also expected to contribute to the growth of the global customer relationship management market over the forecast period.
Analysis by End-Use
By end-use, the retail segment held the largest market share in 2021, accounted for a healthy CAGR of the market. Shifting towards customer relationship management services by retail companies to get customer data, understanding business growth, and latest trends is the key factor driving the segment growth. Moreover, a growth in the focus on digital marketing activities and latest and innovative IT solutions for the advancement of business standards are also projected to have a positive impact on the demand and growth of the industry. For instance, in December 2021, Freshworks Inc. launched its new Freshdesk Contact Center to a 7-Eleven location, which is a worldwide retail chain. It will swiftly answer the problems and will provide the same in-store advantages to online and also regular customer buyers.
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Global Customer Relationship Management Market Dynamics
Drivers
- The integration of developing technologies and increased advancement across business domains for the improvement of operations and on-time delivery to the customers is expected to drive the growth of the global customer relationship management market during the forecast period. Additionally, several companies are planning to implement business strategies, current market trend, and consumer behavior with the help of CRM systems to expand their geographical presence. According to a survey by PWC Experience Center, about half of the organizations globally stated that digital transformation is enhancing better customer experience and feedbacks.
Restraint
- Increasing threats with the security over CRM stored data is likely to be the major restraining factor for the market over the forecast period. CRM software stores a large quantity off personal and confidential data for both consumers and businesses. It carriers some critical information also such as credit card information, health data, and financial information. The safety and security for such data is a major challenge for the companies which may hinder the growth of the market in near future.
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Top Players in the Global Customer Relationship Management Market
- Microsoft Corporation
- IBM Corporation
- Infusion Software Inc.
- Zoho Corporation Pvt Ltd.
- Oracle Corporation
- Zendesk Inc.
- SAP SE
Recent Developments
- In August 2022, SugarCRM Inc., a leading provider for AI-driven CRM platform and ResPax, a major tour reservation system provider, announced a strategic partnership to offer the first and fully integrated CRM and tour booking platform for the travel and tourism sector.
- In July 2022, SAP SE, Germany announced the acquisition of Askdata, a startup mainly focused on the search-driven analytics. With this acquisition, SAP will strengthen their ability to help customers to take better informed decisions through artificial intelligence driven natural language searches.
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