The customer relationship management market was valued at USD 9.28 billion in 2021 and is predicted to increase at a CAGR of 15.6% to USD 25.60 billion by 2028.
Customer relationship management, or CRM, is the technology used to analyze and manage the interaction between the company and customers. The goal of CRM is to improve companies’ relationships with customers to increase customer retention rates and ultimately growth in sales. Organizational departments such as sales and marketing and customer services and support are relying on CRM systems. This system includes artificial intelligence that improves customer experience and feedback and develops strong bonds with customers. These systems provide enterprises with various advantages including better communication of business ideas, increased transparency; provide information, performance, and flexibility. Additionally, 91% of organizations with more than ten employees in their workforce use customer relationship management systems. Salesforce CRM provider is the leader in the CRM applications market; According to Statista Salesforce took approximately 20 percent market share of the global CRM applications market in 2020. The annual revenue of Salesforce reached 26.49 billion U.S. dollars in its 2022 fiscal year. Its competitors include major software companies such as SAP, Oracle, and Microsoft.
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Major Key Players for Customer Relationship Management Market:
- Adobe Systems
- Genesys Telecommunications Laboratories
- Nice Systems
- Verint Systems Inc.
Market Dynamics and Factors:
Customer relationship management software is mostly used by large companies and an increasing industrialization help in increasing the growth of the CRM outsourcing sector. CRH sector is increasing over the past few years due to the growing use of digital channels by an individual to communicate with brands and organizations. Moreover, a recent survey conducted by SoftClouds suggests that for sales reporting and process automation, approximately 82% of the organizations use customer relationship management systems that boost the growth of the CRM market during the projected period. In addition to this, the adoption of emerging technologies, such as Artificial Intelligence (AI), machine learning, cloud computing technology, and the availability of different service models such as SaaS, IaaS, and PaaS is expected to drive the market over the forecast period.
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Customer Relationship Management Market Report Highlight:
- By type, the cloud segment is expected to have the maximum market share in customer relationship management during the projected period. Cloud, allows the individual to access the information from any device at any time which propels the growth of the market.
- By enterprise size, the large enterprise segment is predicted to expand the most in the customer relationship management market during the forecast year. Large enterprises have a huge customer base to maintain the relationship with customer enterprise use this software that drives the growth of the market.
- By application, the retail segment is expected to have the maximum market share in customer relationship management during the forecast period. Online shopping platforms and mobile applications give huge customer data to retail companies propelling the growth market.
- By region, Asia Pacific is expected to dominate the customer relationship management market, during the projection period. The rising demand for CRM systems from multiple sectors in this region supports the growth of the customer relationship management market in the Asia Pacific.
Key Industry Development:
- In September 2021, Oracle announced Oracle Fusion Marketing. It is the First Solution to Fully Automate Lead Generation and Qualification. Fusion Marketing enables marketers to automate lead generation and qualification from campaigns that span traditional marketing and advertising channels.
- In April 2022, SAP Customer Relationship Management provider added New After-Sales Service for customers using SAP ECC Customer Service and SAP CRM Service.
Customer Relationship Management Market Segmentation:
By Enterprise Size
- Large Enterprises
- Small Enterprises
- IT & Telecom
- Government & Education
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For this report, Introspective Market Research has segmented the Customer Relationship Management Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM
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Scope of the Report:
The objective of the research is to provide the market knowledge and strategic insights to assist decision-makers in making informed investment decisions and identifying potential gaps and growth opportunities. Historical revenue and sales volume are reported, and additional data is triangulated using top-down and bottom-up methodologies to predict forecast numbers for important regions covered in the research, as well as classified and well-known Types and end-use industries. Customer Relationship Management Market study explores the competitive landscape of the global market. In addition to rival market share research, in-depth profiling, product/service, and business overviews, the study focuses on BCG matrix, heat map analysis, and SWOT analysis to better correlate market competitiveness. Five forces analysis, Ansoff matrix, PESTEL analysis, and value chain analysis are used to better understand market conditions.
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