Global Customer Relationship Management (CRM) Market By Component (Software and Service), Deployment Model (On-premise, Cloud, and Hybrid) Organization size (Large Scale, Small and Medium Size Enterprise), Application (Customer Service, Customer, Experience Management, CRM Analytics, Marketing Automation, Salesforce Automation and Others), Industry Vertical (BFSI, Healthcare, Energy and Utility, IT and Telecommunication, Retail and E-commerce, Manufacturing, Government and Defense , Media and Entertainment and Others)– Industry Trends and Forecast to 2029
Market Analysis and Size
Customer relationship management is an approach which helps associations to ameliorate being client connections and for engaging new customer fleetly. The use of customer relationship management simplifies the process of communicating with client and increase their satisfaction about the service or product. It not only contains direction and guidelines about how to direct relations take place between client and enterprise, but is also used for organizing and tracking all the applicable information.
Data Bridge Market Research analyses that the customer relationship management (CRM) market value, which was USD 0.21 billion in 2021, is expected to reach the value of USD 0.27 billion by 2029, at a CAGR of 3.00% during the forecast period. The customer relationship management market report also covers pricing analysis, patent analysis, and technological advancements in depth.
Customer relationship management (CRM) is a technology for management all your company's relationships and potential customers and interactions with customers .The aim is to simple: Improve business relationships.
These results give enterprises with several advantages including increased translucency, better communication of business ideas and information, inflexibility and performance. Social CRM helps companies to establish client engagements and increase their brand presence among guests. Social CRM focuses on landing the guests need and creating value for them in a transparent business terrain.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2019 - 2014)
Revenue in USD Billion, Volumes in Units, Pricing in USD
Component (Software and Service), Deployment Model (On-premise, Cloud, and Hybrid) Organization size (Large Scale, Small and Medium Size Enterprise) Application (Customer Service, Customer, Experience Management, CRM Analytics, Marketing Automation, Salesforce Automation and Others), Industry Vertical (BFSI, Healthcare, Energy and Utility, IT and Telecommunication, Retail and E-commerce, Manufacturing, Government and Defense , Media and Entertainment and Others)
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Market Players Covered
Acquia, Inc (US), Amdocs (US), IBM (US), Jive Software. (US), WebMD LLC. (US), Microsoft (US), Oracle (US), Hewlett Packard Enterprise Development LP (US) , Pegasystems Inc. (US) , Ramco Systems. (Chennai) SAGE Publications (US) ,Salesforce, Inc. (US)
Global Customer Relationship Management (CRM) Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:
- Device (BYOD) trend and the shift of organizations towards virtualization technologies:
Traditional commercial procedures have changed as a result of enterprise mobility. The BYOD movement is gaining in momentum in business surrounds, owing to the rapid-fire advancements in mobile computing. With the rise of BYOD, businesses must streamline device administration and operations by enhancing the entire stoner experience. Likewise, this tendency has given rise to end stoner calculating results, which allow workers to use and make these results without having to worry about IT general controls. According to Frost and Sullivan, 78.48 of associations in the US had BYOD conditioning since 2018. According to CISCO, BYOD produces an normal of$ 350 in value per mobile hand each time. BYOD provides associations with an estimated$ 300-$ 1300 per time benefit from the average hand.
. Growing complexities associated with procurement to present numerous opportunities for small scale businesses
Owing to the global economic rise, there is a huge scope of growth for the information and communication technology industry. Surging adoption of cloud computing, growing adoption of new and advanced technology and strong emphasis businesses across the globe are putting on eliminating the conventional approaches and paperwork indicates a good scope of growth.
- Advanced technologies to present many opportunities
Rising urbanization, modernization, and globalization drive market value growth. In other words, surging demand for requirements such as privacy, security, authenticity, legality, trust, universality and scalability in organizational operations and quality monitoring and strengthening IT industry in developing economies such as India and China will present very many opportunities for the growth of the market.
Growing industrial infrastructure and increased penetration of smartphones in the developing economies are other market growth determinants. Furthermore, rising proliferation of high speed internet in the developing economies will extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, rising need to fortify the enterprises network against unauthorised and unprecedented strikes will further expand the future growth of the market.
- Growing concerns to limit the scope of growth in the long run
Lack of technical expertise in the underdeveloped and backward economies will create hindrances for the growth of the market. Also, existence of the technology is unaware to many industries which will narrow down the scope of growth for the market. Further, suspension of business activity on account of the coronavirus pandemic will yet again create hindrances.
- The rising concern related to security act as hindrance to the market growth for End User Computing:
The transition toward new technology by numerous businesses results in the product of more complicated data, raising security pitfalls. The connectivity of decreasingly connected bias raises enterprises about security breaches. According to the Center for Strategic and International Studies (CSIS) and McAfee, cybercrimes, which include damage and destruction of data, stolen plutocrat, lost property, intellectual property theft, and other areas. This major emergence of security challenges has redounded in growing concern about data security and encryption, which has hampered the request expansion of client relationship management (CRM).
This customer relationship management (CRM) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the customer relationship management (CRM) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Customer Relationship Management (CRM) Market
The outbreak of the global COVID-19 epidemic has changed the ways through which companies operate. The lockdown restrictions and work from home culture due to the epidemic have increased the focus of the companies on effective styles of engaging with their guests in the remote working atmosphere. This is estimated to increase the relinquishment and operation of CRM results by the companies to more serve their guests, boost deals engagement, and ameliorate hand productivity.
Several companies are enforcing client relationship operation result across their client engagement departments for perfecting their diurnal conditioning, meet client satisfaction and engage further guests in the competitive request. In addition, CRM merchandisers are helping associations in various sectors to accelerate their digital metamorphosis and enhance their client relationship operation capabilities that's anticipated to further propel the growth of the CRM request.
- In January 2019, Infusionsoft Inc launched the assiduity’s first smart customer operation software erected specifically for small businesses in the home, particular and professional service diligence.
Global Customer Relationship Management (CRM) Market Scope
The customer relationship management (CRM) market is segmented on the basis of component deployment model ,organization size, application, and industry vertical .The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Large scale
- Small and medium scale
- Customer Service
- Customer Experience Management
- CRM Analytics
- Marketing Automation
- Salesforce Automation
- Energy and Utility
- IT & Telecommunication
- Retail and E-commerce
- Government and Defense
- Media and Entertainment
Customer Relationship Management (CRM) Market Regional Analysis/Insights
The customer relationship management (CRM) market is analysed and market size insights and trends are provided by country, component deployment model ,organization size, application, and industry vertical as referenced above.
The countries covered in the customer relationship management (CRM) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the market owing to the prevalence of advanced IT infrastructure and quick adoption of modern technologies in developed countries comparing to the developing nations. Asia-Pacific will continue to undergo substantial gains during the forecast period and will score the highest growth rate. This is because of the increasing rate of digitization of the economies, rising application by the BFSI industry and surging investments towards the development of IT infrastructure in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Customer Relationship Management (CRM) Market Share Analysis
The customer relationship management (CRM) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to customer relationship management (CRM) market.
Some of the major players operating in the customer relationship management (CRM) market are:
- Acquia, Inc (US)
- Amdocs (US)
- IBM (US)
- Jive Software. (US)
- WebMD LLC. (US)
- Microsoft (US)
- Oracle (US)
- hewlett packard enterprise development lp (US)
- Pegasystems Inc. (US)
- Ramco Systems. (Chennai)
- SAGE Publications (US)
- Salesforce, Inc. (US)
Research Methodology: Global Customer Relationship Management (CRM) Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The stage includes the obtainment of market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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