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Global Customer Relationship Management (CRM) Market – Industry Trends and Forecast to 2030

  • ICT
  • Upcoming Report
  • Jan 2023
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Customer Relationship Management (CRM) Market – Industry Trends and Forecast to 2030

Market Size in USD Billion

CAGR - 3.5% Diagram

Diagram Forecast Period 2022–2030
Diagram Market Size (Base Year) USD 0.21 Billion
Diagram Market Size (Forecast Year) USD 0.28 Billion
Diagram CAGR 3.5%

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 2030.

Customer Relationship Management (CRM) Market

 Customer Relationship Management (CRM) Market Analysis and Size

Ongoing trends such as use of AI and automation, hyper-personalization of customer service and implementation of social media customer service can aid to reduce costs, improve customer satisfaction, increase response times and surge the adoption of customer relationship management (CRM) platforms across numerous industries. According to an Institutional Development Cell (IDC) study, AI-powered CRM solution of Salesforce, Inc. is used to give users a competitive advantage. Machine learning, deep learning, and natural language processing are all major components of CRM software that use AI to help businesses understand their customers' psychological condition.

Data Bridge Market Research analyses that the customer relationship management (CRM) market is expected to reach USD 0.28 billion by 2030, which is USD 0.21 billion in 2022, at a CAGR of 3.50% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Customer Relationship Management (CRM) Market Scope and Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021 (Customizable to 2015 - 2020)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Offering (Solutions and Services), Deployment Mode (On-Premises, Cloud-Based and Hybrid), Organization (Small and Medium-Sized Enterprises and Large Enterprises), Application (Banking, Financial Services, and Insurance (BFSI), Government, Education, Healthcare, Corporate, Industrial Manufacturing, Retail and Others)

Countries Covered

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, Israel, Egypt, South Africa, 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 (U.S.), Amdocs (U.S.), IBM (U.S.), Jive Software. (U.S.), WebMD LLC.  (U.S.), Microsoft (U.S.), Oracle (U.S.), Hewlett Packard Enterprise Development LP (U.S.), Pegasystems Inc. (U.S.), Ramco Systems. (India), SAGE Publications (U.S.), Salesforce, Inc. (U.S.), Aurea, Inc. (U.S.), Insightly, Inc. (U.S.), SAP SE (Germany), SugarCRM Inc. (U.S.)

Market Opportunities

  • Development in penetration rate of high speed internet
  • Increasing adoption of advanced technologies by small scale industries
  • Increasing research and development opportunities

Market Definition

Customer relationship management (CRM) is a system for organizing all of your business's contacts with current and potential clients. These findings benefit businesses in a number of ways, including increased transparency, improved business concept and information exchange, rigidity, and performance. Social CRM aides businesses in developing customer relationships and enhancing consumer awareness of their brand. In a transparent corporate environment, social CRM focuses on meeting the needs of the customers and adding value for them.

Customer Relationship Management (CRM) Market

Drivers

  • Increasing device (BYOD) trend and  organizations shifting towards virtualization technologies:

With the company mobility, conventional business practices have changed. Moreover, as a result of rapid developments in mobile computing, the BYOD movement is gaining traction in business environments. Businesses need to improve the entire stoner experience as a result of the advent of BYOD by streamlining device administration and operations. Also as a result of this tendency, end stoner calculating results have emerged, enabling employees to utilise and create these results without worrying about IT general restrictions. 78.48 of associations in the US have BYOD conditioning since 2018, according to Frost and Sullivan. BYOD consistently generates an average of $ 350 in value per mobile hand, claims Cisco. BYOD offers groups a gain of between $300 and $1300 per time from the average hand, according to estimates.

  • Increasing adoption of advanced technology

 With the significance of understanding customer behavior and preferences, organizations are highly adopting customer relationship management (CRM) strategies to provide best performance in real-time and stay ahead of their competitors. Moreover, rapid shifts in the fields of embedded analytics and business intelligence, the artificial intelligence and Internet of Things (IoT), and their implementation in customer relationship management (CRM) solutions are expected to promote innovation and product enhancement among customer relationship management vendors. Therefore, the increasing adoption of advanced technology is expected to drive the market growth.

Opportunities

  • Introduction of new tools

The surging introduction of new tools and other innovative products by market players offer numerous growth opportunities in the global market during the forecast period. For instance, Genesys, a software company that retails call center technology and customer experience to mid-sized and large-sized businesses, has launched new tools to allow swift innovation for AI-driven customer experiences in 2021. In this launch comprises open messaging Application Programming Interface (API), bot development and orchestration and employee development and feedback. These features offered by customer relationship management (CRM) applications.

Restraints

  • Growing concerns to limit the scope of growth in the long run

The lack of technical know-how in underdeveloped and backward economies would obstruct market expansion. Additionally, many industries are uninformed of technology's existence, which will limit the market expansion. Additionally, the halt of commercial operations due to the coronavirus epidemic will again restrain the market growth rate.

  • The rising concern related to security act as hindrance to the market growth for End User Computing:

Numerous firms' use of new technology leads to the production of more complex data, increasing security risks. According to the center for Strategic and International Studies (CSIS) and McAfee, the tendency against lowering connectivity raises concerns about security breaches among businesses. Cybercrimes include data loss and destruction, plutocrat stealing, lost property, intellectual property theft, and other sectors. This significant increase in security risks has led to increased concerns about data security and encryption, which has impeded the need for expanding 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 COVID-19 epidemic's onset has altered ways through which companies operate. As a result of epidemic's imposed lockdown regulations and work-from-home culture, businesses now place a greater emphasis on effective ways to interact with their customers. According to estimates, this will raise the use of CRM in numerous companies’ results in order to provide better service to their customers, promote deal involvement, and improve employee productivity.

Many businesses enforce client connection operation results across their client engagement departments to improve their daily conditioning, satisfy clients, and attract more customers in the fiercely competitive market. Additionally, CRM merchandisers are assisting organizations in numerous sectors to hasten their digital transformation and improve their capacity for customer relationship operations.

Recent Development

  • In 2022, SAP SE has announced their collaboration with Lanka Walltiles. Lanka Walltiles is the largest conglomerate in Sri Lanka, to propel the business transformation of a Sri Lankan business by using S/4 HANA cloud. The Sri Lankan conglomerate would automate its business procedures and simplify its data-driven decision-making by using With SAP’s S/4 HANA across customer-centricity, partner and employee experience.

 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.

Component  

  • Solution
  • Services

Deployment Mode

  • On-Premise
  • Cloud
  • Hybrid

Organizational size 

  • Large scale 
  • Small and medium scale  

Application

  • Customer Service
  • Customer Experience Management
  • CRM Analytics
  • Marketing Automation
  • Salesforce Automation
  • Others

Industry Vertical

  • BFSI
  • Healthcare
  • Energy and Utility
  • IT & Telecommunication
  • Retail and E-commerce
  • Manufacturing
  • Government and Defense 
  • Media and Entertainment
  • Others 

Customer Relationship Management (CRM) Market Regional Analysis/Insights

The customer relationship management (CRM) market is analyzed 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, Israel, Egypt, South Africa, 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 customer relationship management (CRM) market in terms of revenue and market due to the quick adoption of modern technologies and the prevalence of advanced IT infrastructure in developed nations compared to developing nations.

Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2023-2030 owing to growing rate of digitization of the economies, increasing application by the BFSI industry 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 (U.S.)
  • Amdocs (U.S.)
  • IBM (U.S.)
  • Jive Software. (U.S.)
  • WebMD LLC.  (U.S.)
  • Microsoft (U.S.)
  • Oracle (U.S.)
  • Hewlett Packard Enterprise Development LP (U.S.)
  • Pegasystems Inc. (U.S.)
  • Ramco Systems. (India)
  • SAGE Publications (U.S.)
  • Salesforce, Inc. (U.S.)
  • Aurea, Inc. (U.S.)
  • Insightly, Inc. (U.S.)
  • SAP SE (Germany)
  • SugarCRM Inc. (U.S.)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed 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. 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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Customization Available:

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

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FREQUENTLY ASK QUESTIONS

The customer relationship management (CRM) market size will be worth USD 0.28 billion by 2030.
The growth rate of the customer relationship management (CRM) market is 3.50% in the forecast period by 2030.
Increasing device (BYOD) trend and organizations shifting towards virtualization technologies & Increasing adoption of advanced technology are the growth drivers of the customer relationship management (CRM) market.
Component, deployment model, organization size, application, and industry vertical are the factors on which the customer relationship management (CRM) market research is based.
Major companies in the customer relationship management (CRM) market are Acquia, Inc (U.S.), Amdocs (U.S.), IBM (U.S.), Jive Software. (U.S.), WebMD LLC. (U.S.), Microsoft (U.S.), Oracle (U.S.), Hewlett Packard Enterprise Development LP (U.S.), Pegasystems Inc. (U.S.), Ramco Systems. (India), SAGE Publications (U.S.), Salesforce, Inc. (U.S.), Aurea, Inc. (U.S.), Insightly, Inc. (U.S.), SAP SE (Germany), SugarCRM Inc. (U.S.).
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