How big is the banking customer relationship management (crm) software market today, and what are its future growth expectations?
The banking customer relationship management (CRM) software market size has grown rapidly in recent years. It will grow from $15.4 billion in 2024 to $18.14 billion in 2025 at a compound annual growth rate (CAGR) of 17.8%. The growth in the historic period can be attributed to increasing demand for self-service banking, increasing demand for automated customer insights software, increasing demand for cloud solutions, increasing demand by funding research and development initiatives, and rising desire for improved customer service.
The banking customer relationship management (CRM) software market size is expected to see rapid growth in the next few years. It will grow to $34.48 billion in 2029 at a compound annual growth rate (CAGR) of 17.4%. The growth in the forecast period can be attributed to rising product demand from small and medium-sized businesses, growing, competitors in the customer relationship management (CRM) software industry, increasing use of internet banking, increasing digitalization of the banking sector, and rising popularity of mobile banking. Major trends in the forecast period include technology development, digital technology, innovative products, incorporating artificial intelligence (AI) and machine learning (ML), integration of advanced analytics and business intelligence (BI) tools, and use of blockchain technology in customer relationship management (CRM) systems.
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What have been the primary factors driving the banking customer relationship management (crm) software market’s growth?
The growing online banking services are expected to propel the growth of the banking customer relationship management (CRM) software market going forward. Online banking is a convenient and efficient way for customers to manage their finances and perform various banking transactions electronically through their bank’s secure online platform. The prominence of online banking is rising due to convenience, security, and easy access to a wide range of financial services. The banking CRM software manages and analyzes customer interactions and data across digital channels, providing enhanced customer service, personalized experiences, and improved operational efficiency. For instance, in July 2024, according to Worldmetrics, a UK-based organization, in 2024 online banking transactions reached $9.8 billion, and are expected to reach $161.6 billion by 2028. Therefore, the growing online banking service drives the banking customer relationship management (CRM) software market.
What are the key segments within the banking customer relationship management (crm) software market?
The banking customer relationship management (CRM) software market covered in this report is segmented –
1) By Offering: Solution, Services
2) By Deployment Mode: On-Premises, Cloud
3) By Application: Customer Service, Customer Experience Management, Customer Relationship Management (CRM) Analytics, Marketing Automation, Salesforce Automation, Other Applications
Subsegments:
1) By Solution: Cloud-Based CRM Solutions, On-Premise CRM Solutions, Mobile CRM Solutions, Integrated CRM Solutions With Core Banking Systems, AI-Driven CRM Solutions, Data Analytics And Reporting Solutions For CRM
2) By Services: Implementation Services, Integration Services, Training And Consulting Services, Support And Maintenance Services, Customization And Configuration Services, Managed Services For CRM Systems
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Which key players are shaping the banking customer relationship management (crm) software market?
Major companies operating in the banking customer relationship management (CRM) software market are Microsoft Corporation, Oracle Corporation, Salesforce Inc., Fiserv Inc., Infor Global Solutions, Sage Group, Genesys Cloud Services Inc., HubSpot Inc., Zoho Corporation, Pegasystems Inc., Temenos AG, Acidaes Solutions Private Limited (CRMNEXT), Creatio, SAP SE, Doxim Inc., SugarCRM Inc., Kapture CX, NexJ Systems Inc., Leadsquared Inc., Claritysoft LLC, Liferay Inc.
How will emerging trends drive the banking customer relationship management (crm) software market throughout the forecast period?
Major companies operating in the banking customer relationship management (CRM) software market are integrating artificial intelligence (AI) to enhance the efficiency of transaction dispute management for banks. Integrating artificial intelligence (AI) into transaction dispute management can significantly boost efficiency for banks by automating the detection and resolution of disputes. AI algorithms analyze transaction data to identify patterns and anomalies, enabling quicker and more accurate identification of fraudulent activities or errors. For instance, in June 2024, Salesforce, a US-based cloud computing company, launched new AI-driven features designed to improve the efficiency of transaction dispute management for banks. The key features comprise AI-powered Transaction Dispute Management, which simplifies the dispute resolution process from initiation to resolution, and Einstein Copilot Banking Actions, an AI assistant that automates tasks and enhances communication with customers and stakeholders. These tools integrate banking transaction information with Salesforce customer data, greatly minimizing manual tasks and errors while enhancing customer interactions.
How do regional factors impact the banking customer relationship management (crm) software market, and which region is the largest contributor?
North America was the largest region in the banking customer relationship management (CRM) software market in 2023. The regions covered in the banking customer relationship management (CRM) software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Banking Customer Relationship Management (CRM) Software Market Report 2025 Offer?
The banking customer relationship management (crm) software market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Banking customer relationship management (CRM) software is a specialized system designed to help financial institutions manage their interactions with current and potential customers. This software enables banks to streamline and enhance customer service, improve customer retention, and drive sales growth by centralizing and analyzing customer data.
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