Overview and Scope
Customer relationship management (CRM) is a strategic approach organizations employ to manage and analyze interactions with current and potential customers. It organizes, automates, and synchronizes sales, marketing, customer service, and technical support processes by enhancing customer satisfaction, streamlining business operations, and fostering long-term customer loyalty and retention.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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%. Furthe, 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.
Key Industry Players
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
The customer relationship management market report table of contents includes:
1. Executive Summary
2. Customer Relationship Management Market Characteristics
3. Customer Relationship Management Market Trends And Strategies
4. Customer Relationship Management Market – Macro Economic Scenario
5. Global Customer Relationship Management Market Size and Growth
…..
32. Global Customer Relationship Management Market Competitive Benchmarking
33. Global Customer Relationship Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Customer Relationship Management Market
35. Customer Relationship Management Market Future Outlook and Potential Analysis
36. Appendix
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