Cloud CRM Market
Report ID: SQMIG45A2343
Cloud CRM Market Size, Share, Growth Analysis, By Solution(Customer experience management, customer services, sales force automation, social media monitoring), By Deployment mode(On premise, cloudSegmentEnterprise SizeSub-segmentsLarge -medium enterprise, small enterpriseSegmentsEnd-UserSub segmentsRetail, BSFI), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2343 |
Region:
Global |
Published Date: May, 2024
Pages:
197
|Tables:
71
|Figures:
70
Cloud CRM Market Insights
Cloud CRM Market size was valued at USD 75.2 billion in 2022 and is expected to grow from USD 84.90 billion in 2023 to reach USD 175.82 billion by 2031, at a CAGR of 12.9% during the forecast period (2024-2031).
Customer relationship management is the powerful tool that is helps to improve and enhance the relationship with customers, it helps the business to manage the activities and interaction with the customers.it mainly focuses on sales, marketing, improving the customer services that helps to improve the customers satisfaction, customer retention and increased sales.
The CRM software is goes on increasing due to the factors such as the business needs the growth or expansion thus it is much important that to develop the good relation with customer and satisfying the customer that’s why it is important to understand the customer preferences and customer behaviour.as a result the CRM software market has taken a huge growth in sales, healthcare, finance, retail and technology.
The primary plan one can done is to apply customer centric strategies. business across the industries is recognizing the importance of delivering the personalized experiences and building a strong relationship with the customers. CRM software gather, collect and analyse the data, allowing them to tailor the marketing companies. Sales efforts and customer relationships to meet the individual needs
Furthermore, the integration CRM software with the emerging technologies present provides the exciting opportunities .and the combination of CRM with AI, Machine learning, and data analytics allows the business to get into deeper insights to customer behaviour, predict the buying patterns and personalizes interactions. These technology helps the business to achieve the target marketing companies. improves sales forecasting accuracy and enhance overall customer experience. The increase the use of mobile devices and smartphone led to surge demand mobile friendly customer relationship management solutions.
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Cloud CRM Market Segmental Analysis
The Cloud CRM Market is segmented on the basis of by solution deployment, by enterprise size and by end user. based on the solution it is segmented into Customer experience management, customer services, sales force automation, social media monitoring, CRM analytics, marketing automation and others. On the basis of deployment is it categorized into on premise, cloud. Depending on the enterprise size it is divided into Large -medium enterprise, small enterprise. And based on end user it is segmented into Retail, BSFI, discrete manufacturing, healthcare, IT & telecom, government and education &other end user.
Analysis based on solution type
Analysis based on solution type Customer experience management, customer services, sales force automation, social media monitoring, CRM analytics, marketing automation and others .in which the customer service segment has dominated the market. which includes the share of more than 24.6% the strong market position has been contributed towards the growth and popularity among the business.
Customer services is an important factor which is directly contributes towards the customer satisfaction, customer retention, loyalty. This tool is especially helps to manage the interactions with the customers and which helps to responds the queries and complaints .it also, involves typically the routine management such as ticket management. Case routing, Knowledge management and self-service routine.
The fastest growing segment is the marketing automation. with increase in the personalised marketing and effective customer engagement .it is the fastest growing segment because of the factors such as efficiency and productivity, personalization, data driven insights, integration with the CRM.
Analysis based on deployment
Analysis by the deployment it is divided into on premise, cloud. From both the segment the dominant segment is cloud-based segment, which includes the share of more than 58.5 % .and the fastest growing segment is premises based. this segments strong market position which are contributed towards the widespread adoption of CRM. It offers numerous advantages which are associated with business across the countries .one most important drives are scalability and flexibility.
It helps the organization to easily scale their business and operations ups and downs, depending on their needs. the flexibility mainly helps in maintain the fluctuations.
Analysis based on enterprise size.
The large enterprise segment is dominating the market which involves more than 63.6 % of market share and the small enterprises the fastest growing segment in the Cloud CRM Market. Large enterprises generally have the complex and large customer relationships, in which CRM helps it to provide and facilitate the best services for the large enterprises.
The large enterprises have witnessed a significant adoption as a large enterprise, which helped to understand the streamlining the customer facing operations enhancing the overall business.
One important factor that is dominating the market is the scalability offered by CRM software. large organization requires CRM solutions that can handle high volumes of customer data and accommodates complex sales process.
Analysis based on end user
The BFSI (banking, financial services and insurance) are emerged as frontrunner in segment which is also, dominating the market with the market share of 23 %.
The BFSI segment is highly depends on the effective customer management to endure relationship and built customer relationship and customer loyalty. This software offers facilitates efficient management of customer management of customer information, track interactions and automate the process.
Adding more the BFSI is facing a lot of competition and gaining competitive edge is crucial for the growth. CRM software assists financial institution in analysing the data identifying the trends and generating actionable insights .and thus BFSI companies can accelerate the sales and the growth.
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Cloud CRM Market Regional Insights
The Europe is considered the fastest growing region. Due the factor such as proliferation of Also, various industries in the Europe region have adopted as well as integrated the advanced and the latest technologies and also due to IT organisations and key players. North America is considered as the dominating market with the market share of 38 % the north America is the dominating country due to the factors such as digital transformation in which the north America is in front head thus helpful for customer engagement and loyalty. This has been attributed due to the cutting-edge technologies and focusing on the weather conditions and also, the presence of key players crop CRM programs is the driving the growth in the market So, all these factors together accelerate the demand for Cloud CRM Market. in this region. Also, Europe is the second largest region in market. also, growth is also seen in U.K, France, Spain, Italy and Spain.
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Cloud CRM Market Dynamics
Drivers
Increased demand for the customer relationship management
- Business across various sectors are recognising the importance of understanding customer behaviour, preferences and the trends. this shifts towards the customer centric approach necessary for the advancement of the CRM.
Restraints
Data privacy and security
- With the proliferation of the digital channel and extensive collection of customer data and business face significant challenges in ensuring the security and confidentially of sensitive information.
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Cloud CRM Market Competitive Landscape
Companies with develop the strategic relationship with other companies to develop the market position, expanding the product and getting the access for the product also collaboration with manufactures for the innovation and development purpose. Technology advancement is the important aspect for the competitive landscape in which companies highly invest on research and development for development of the product.
Top Player’s Company Profiles
- Salesforce Inc
- Oracle corporation
- SAP SE
- Sage group Plc
- Adobe Inc.
- HubSpot
- SugarCRM Inc.
- Fresh works Inc.
- IBM Corporation
- Copper CRM Inc
- Zendesk Inc.
- Zoho corporation
- Microsoft corp.
- Workday Inc
- Citrix corp.
Recent Developments
- In September 2023, Salesforce launched the next generation of einstein copilot .it is conversational assistant powered by AI technology .it helps to improve the productivity and creativity.
- In May 2022, Zendesk launched a conversational commerce tool which helps companies to enhance tools to improve connections with shoppers.The tool will provide customers with direct support from the sales and marketing team to do the conversational through digital sources.
- In April 2021, HubSpot launched new CRM tool named as hub operation this tool helped many businesses across the globe
Cloud CRM Key Market Trends
- Growing investment in cloud CRM R&D activities: Cloud CRM is the type of modification which aims to increase the services provided by the CRM software which helps to improve the customer satisfaction helps to increase the customer engagement.
Cloud CRM Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Coordinates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our Cloud CRM Marketanalysis, the market is witnessing significant growth driven by increased demand for airborne cloud CRM. As, there are some initial costs associated with the development of the new technologies and the initial development in the market.
The Europe region is the fastest growing, due to the rise in adoption as well as the integration of advanced technologies into various systems. The major trend is the adoption of technological advancement, as the integration of these advanced technologies, helps in bringing advancement to the Global Cloud CRM Market. This thus, surges its adoption and accelerates the growth of the Global Cloud CRM Market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 75.2 billion |
| Market size value in 2031 | USD 175.82 billion |
| Growth Rate | 12.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cloud CRM Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cloud CRM Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cloud CRM Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cloud CRM Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cloud CRM Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cloud CRM Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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