The customer relationship management global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Customer Relationship Management Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size —
The customer relationship management market size has grown rapidly in recent years. It will grow from $67.14 billion in 2023 to $77.99 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to increasing competition, growing customer expectations, evolving business models, regulatory compliance, rising customer acquisition costs, globalization, changing demographics.
The customer relationship management market size is expected to see rapid growth in the next few years. It will grow to $135.35 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to mobile CRM adoption, focus on customer experience, emphasis on data analytics, integration with other business systems, subscription economy growth, rise of social CRM. Major trends in the forecast period include adoption of cloud-based solutions, integration of artificial intelligence, growth in demand for omnichannel platforms, development of mobile applications, collaboration between providers and vendors, expansion of functionalities to include social media, adoption of automation tools, integration with marketing automation platforms.
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Scope Of Customer Relationship Management Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Customer Relationship Management Market Overview
Market Drivers –
The growing use of digital channels by customers is expected to propel the growth of the customer relationship management market going forward. Digital channels refer to online means of distributing social content, including owned, paid, and earned media. The use of digital channels is increasing due to accessibility and convenience, expanding internet connectivity, the rise of mobile devices, and advancements in technology, including artificial intelligence, virtual reality, and augmented reality. The digital channels provide businesses diverse opportunities to engage with customers, gather insights, and build lasting relationships. Through effective customer relationship management, which integrates and manages digital channels, businesses can enhance customer satisfaction, drive sales, and achieve long-term success. For instance, in February 2024, according to the Census Bureau, a US-based agency of the federal government, in 2023, U.S. e-commerce sales surged to $1.119 trillion, up 7.6% from 2022, surpassing the overall retail sales growth of 2.1%. Further, E-commerce sales accounted for 22.0% of retail sales, marking the highest penetration rate recorded. Therefore, the growing use of digital channels by customers is driving the growth of the customer relationship management market.
Market Trends —
Major companies operating in the cyber security as a service market are developing innovative technologies, such as Checkpoint Quantum Titan, to deliver advanced threat prevention. Checkpoint Quantum Titan is a comprehensive solution that integrates security visibility, analysis, and controls across various security layers and data sources to enhance protection against cyber threats. For instance, in October 2022, Check Point Software Technologies Ltd., an Israel-based software company, launched Checkpoint Quantum Titan, a revolutionary cybersecurity platform that harnesses the power of artificial intelligence (AI) and deep learning to provide advanced threat prevention and autonomous IoT security. This platform is unique in its ability to identify IoT devices and apply zero-trust threat prevention profiles. Initial investments in three cybersecurity startups include Dig Security, Enso Security, and Zero Networks. It is designed to identify IoT devices and apply zero-trust threat prevention profiles efficiently, making it a comprehensive solution for addressing complex cybersecurity challenges.
The customer relationship management market covered in this report is segmented —
1) By Component: Software, Services
2) By Deployment: On-Premises, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises
4) By Application: Marketing And Sales Automation, Customer Management, Lead Generation And Customer Retention, Customer Support And Contact Centre, CRM Analytics, Social Media Management
5) By Vertical: Banking, Financial Services And Insurance (BFSI), Manufacturing, Information Technology And Telecommunications, Retail And Consumer Goods, Healthcare, Government, Transportation And Logistics, Other Vertical
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Regional Insights —
North America was the largest region in the customer relationship management market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the customer relationship management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies —
Major companies operating in the customer relationship management market are Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Hewlett Packard Enterprise Development LP, Salesforce Inc., Adobe Inc., ServiceNow Inc., Amdocs Limited, Sage Group plc, NICE Systems Ltd., HubSpot Inc., Zoho Corporation, Pegasystems Inc., Zendesk Inc., WebMD LLC, Monday.com Ltd., Freshworks Inc., Jive Software, Acquia Inc., Ramco Systems, SugarCRM Inc., Insightly Inc., Copper CRM Inc., Verint Systems Inc., INFOR Inc., Aurea Inc., Nimble
Table of Contents
1. Executive Summary
2. Customer Relationship Management Market Report Structure
3. Customer Relationship Management Market Trends And Strategies
4. Customer Relationship Management Market — Macro Economic Scenario
5. Customer Relationship Management Market Size And Growth
…..
27. Customer Relationship Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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