; Customer Relationship Management Market Forecast to 2032

Customer Relationship Management Market

Customer Relationship Management Market Size, Share, and Analysis, By Solution (Social Media Monitoring, Customer Service, CRM Analytics, Marketing Automation, Customer Experience Management, Salesforce Automation, Others), By Deployment (Cloud, On-Premises), By Application (Customer Management, Marketing and Sales Automation, Lead Generation & Customer Retention, Others), By Enterprise Size (Large Enterprise, SMEs), By End Use (Finance, IT, Manufacturing, Construction, Government, Education, Distribution, Healthcare, Retail, Others) and Regional Forecasts, 2022-2032

Published on: Jun-2023
Report Code: FG ICT 01578
No. of Pages: 170-350
Report Format: PDF

Product Overview:

Customer Relationship Management size was USD 65.31 billion in 2021 and projected to grow from USD 83.6 billion in 2023 to USD 259 billion by 2032, exhibiting a CAGR of 13.4% during the forecast period.

Customer Relationship Management software aids in managing, arranging and observing business operations for enhancing the satisfaction of customer. The adoption of using advanced technologies like artificial intelligence, Internet of Things (IoT), and big data is increasing and is expected to boost the demand for software. Due to the easiness for accessing and combination of cloud-based customer relationship management software is expected to be having high demand.

Market Highlights

Customer Relationship Management Market is expected to project a CAGR of 13.4% during the forecast period, 2022-2032

Customer Relationship Management Market is expected to reach USD 259 billion, growing at a CAGR of 13.4% during forecast period. Customer Relationship Management is way which aids companies to enhance existing customer relationships and for involving new customers. Customer relationship management helps in making the communication process easy with customer by improving the satisfaction regarding the product or service. Customer relationship management is helpful for organizing in tracking the relevant information like finding leads, increase sales, retain customers and closing deals.

 

Customer Relationship Management Market Segmentation:

Cloud segment is expected to grow with high CAGR during the forecast period

Customer Relationship Management Market is classified based on the Deployment into Cloud, On-Premises.  The Cloud segment is expected to dominate the market in forecast period. Computing provides benefits like high flexibility, real-time access, cost-effectiveness, and low maintenance costs. With the collaborations, governments are focusing on improving their presence online through redesigning their websites and confirming the presence of personalized content which are expected to drive the growth of the market during the forecast period.

Large Enterprises segment expected to grow with high CAGR during the forecast period

Customer Relationship Management Market is classified based on the Enterprise Size into Large Enterprise, SMEs. The large enterprises segment is expected to dominate the market in forecast period. Due to the presence of several operational departments in large organizations, customer relationship management solutions are used to aid combining the customer data with business process management and letting the users to communicate with their sales, and marketing, customer support processes, which are expected to drive the growth of the market during the forecast period.

Market Dynamics:   

Growth Drivers

Digital Transformation is Expected to Boost the Growth of the Market

The combining of several innovative technologies throughout the business domain results in creating demand for the growth of customer relationship management solutions. Various business strategies implemented by the key market players based on the market trends, to expand their market geographically may also aid in the growth of the market by providing better customer experience. Digital transformation depends on customer relationship management and various integrated technologies that enhance the customer satisfaction. To adopt digitalization, CRM software is required which is expected to drive the growth of customer relationship management market in the forecast period.

Growing Remote Working is Expected to Boost the Growth of the Market

After the Covid-19 pandemic, the remote working has been increased and the rising mobile and distributed teams, customer relationship management software with mobile access has become important. Mobile customer relationship management solutions allow the field service agents, sales representatives, and other customer-facing people to access the real-time data and update the information by combining them efficiently having positive impact on the growth of the market.

Restraint

Data Leak May Restrain the Growth of the Market

Customer Relationship Management software reserves a huge quantity of personal and restricted data of both businesses and consumers like patient health data, credit card information, financial information, sales data, etc., and the security breach of such vital data may hamper the growth of the Customer Relationship Management market.

Recent Developments:

  • In December 2021, Freshworks Inc. started Freshdesk Contact Center to a 7-Eleven location which will answer problems quickly and supply the same in-store advantages to online and regular customer.
  • In June 2021, new digital 360 capabilities were declared by Salesforce.com, Inc. to help organizations in improving their digital operations and digital experiences.

Customer Relationship Management Market

Key Players Covered:

  • IBM
  • Oracle
  • Adobe
  • Microsoft
  • Creatio
  • Insightly, Inc.
  • Salesforce.com
  • Zoho Corporation Pvt. Ltd.
  • Copper CRM, Inc.
  • NetSuite Inc
  • HubSpot
  • Pipedrive
  • SYNNEX Corporation
  • SugarCRM
  • Zendesk
  • SAP
  • Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Customer Relationship Management Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America dominated the global customer relationship management market in 2021 and is expected to maintain its dominance over the projected period. The shift of business from product-oriented to customer-centric in countries of this region is expected to boost the growth of the market. These businesses are including smartphone customer relationship management solutions and is aiding in the growth of the market. The increasing expenditure on CRM systems are expected to drive the customer relationship management CRM market in the forecast period.

  

Impact of Covid-19 on Customer Relationship Management Market

The COVID-19 outbreak had resulted in the downfall of several economies globally. Several countries had imposed lockdowns and applied travel restrictions to control the spread of the virus. To follow social distancing norms lockdowns were implemented and remote working has started which resulted in businesses to depend on digital channels for customer engagement. Customer Relationship Management software played vital role in enabling businesses to manage customer interactions digitally. COVID-19 had a positive impact on the growth of Customer Relationship management market.

Customer Relationship Management Market is further segmented by region into:

  • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
  • Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
  • Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.

Customer Relationship Management Market Scope and Segments:

ATTRIBUTE

  DETAILS

Study Period

2018-2032

Base Year

2022

Forecast Period

2021-2032

Historical Period

2019-2021

Growth Rate

CAGR of 13.4% from 2022-2032

Unit

Value (USD Billion)

Segmentation

Main Segments List

Solution

  • Social Media Monitoring
  • Customer Service
  • CRM Analytics
  • Marketing Automation
  • Customer Experience Management
  • Salesforce Automation
  • Others

Deployment

  • Cloud
  • On-Premises

Application

  • Customer Management
  • Marketing and Sales Automation
  • Lead Generation & Customer Retention
  • Others

Enterprise Size

  • Large Enterprise
  • SMEs

End Use

  • Finance
  • IT
  • Manufacturing
  • Construction
  • Government
  • Education
  • Distribution
  • Healthcare
  • Retail
  • Others

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Scandinavia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Frequently Asked Questions (FAQ):

Customer Relationship Management Market size was estimated at USD 65.31 billion in 2021 and is expected to reach USD 259 billion in 2032.

Customer Relationship Management software aids in managing, arranging and observing business operations for enhancing the satisfaction of customer. The adoption of using advanced technologies like artificial intelligence, Internet of Things (IoT), and big data is increasing and is expected to boost the demand for software.

Cloud and Large Enterprises segment accounted for the largest Customer Relationship Management market share.

Key players: IBM, Oracle, Adobe, Microsoft, Creatio, Insightly, Inc., Salesforce.com, Zoho Corporation Pvt. Ltd., Copper CRM, Inc., NetSuite Inc, HubSpot, Pipedrive, SYNNEX Corporation, SugarCRM, Zendesk, SAP and Other Prominent Players are the key players in the Customer Relationship Management Market.

Digital Transformation and Growing Remote Working are the factors driving the Customer Relationship Management market.

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