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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
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.
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 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.
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.
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.
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.
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.
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.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2021-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 13.4% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Solution |
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Deployment |
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Application |
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Enterprise Size |
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End Use |
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By Region |
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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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