USD 51.68 billion
Customer Relationship Management Market Size, Share, Growth Analysis, By Solutions(Social Monitoring & Social Listening, Social Mapping, Social Middleware, Social Management), By Deployment Types(Hosted, On-Premises, Hybrid), By Application(Customer Service and Support, Marketing, Sales, Other Applications (Innovations), By End-Users(By Verticals (Automotive, Transportation and Logistics, BFSI, Consumer Goods and Retail), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45F2121 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
118
|Figures:
77
Customer Relationship Management Market Insights
Global Customer Relationship Management Market size was valued at USD 60.20 billion in 2022 and is poised to grow from USD 68.63 billion in 2023 to USD 195.77 billion by 2031, growing at a CAGR of 14.00% during the forecast period (2024-2031).
Advancement in technologies such as artificial intelligence, machine learning, cloud computing, easy availability of various service models like SaaS, IaaS, and PaaS are the major driving factors for the global customer relationship management market during the forecast period. Furthermore, increasing demand for automated engagement with customers, rising scope for digital operations, and improving customer services and experience are also driving the market for customer relationship management market across the globe.
The continuously growing use of digital channels by customers globally to communicate and inter-connect with several brands and organizations is projected to fuel the market growth over the forecast period.
With the increasing importance of understanding customer behaviour and preferences, organizations and brands are focusing on adoption of best customer relationship management system to deliver the most efficient performance in real-time and stay one step ahead of their rivals. In addition, rapid shifts in the IoT, embedded analytics, artificial intelligence, and implement for the same in customer relationship management solutions are likely to propel market growth throughout the forecast period.
US Customer Relationship Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Manufacturing
Fastest Growth
Manufacturing
Growth Rate
13.9% CAGR
Global Customer Relationship Management Market ($ Bn)
Country Share for North America Region (%)
Country Share for Asia Pacific Region (%)
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Customer Relationship Management Market Segmental Analysis
Global Customer Relationship Management Market is segmented by Solutions, Deployment Types, Application, End-Users, and region. Based on Solutions, the market is segmented into Social Monitoring and Social Listening, Social Mapping, Social Middleware, Social Management, and Social Measurement. Based on Deployment Types, the market is segmented into Hosted, On-Premise, Hybrid. Based on Application, the market is segmented into Customer Service and Support, Marketing, Sales, and Other Applications. Based on End-Users, the market is segmented into By Verticals, and By Company Size. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Customer Relationship Management Market Analysis by Solution
By solution, the customer service segment dominated the market with a holding of more than 25% revenue share in 2022. Increasing adoption of customer relationship management strategies among various brands and organization for understanding current behaviour and needs of their customers is the major key factor driving the segment growth. In addition, an extensive rise in the usage of digital channels with the help of advanced technologies like artificial intelligence by customers all over the world to create a connection with brands and organization is further expected to drive the growth of the segment in the coming years.
Furthermore, the CRM analytics segment is anticipated to witness a significant growth rate during the forecast period. The availability of several types of platforms and continuously increasing adoption for integration of analytics in customer relationship management solutions which enables companies to derive the crucial business data and insights are the major factors projected to boost the growth of the segment. Moreover, ongoing demand for structured as well as unstructured data from numerous digital channels is also expected to contribute to the growth of the global customer relationship management market over the forecast period.
Customer Relationship Management Market Analysis by End-Use
By end-use, the retail segment held the largest market share in 2022, accounted for a healthy CAGR of the market. Shifting towards customer relationship management services by retail companies to get customer data, understanding business growth, and latest trends is the key factor driving the segment growth. Moreover, a growth in the focus on digital marketing activities and latest and innovative IT solutions for the advancement of business standards are also projected to have a positive impact on the demand and growth of the industry. For instance, in December 2021, Freshworks Inc. launched its new Freshdesk Contact Center to a 7-Eleven location, which is a worldwide retail chain. It swiftly answers to the problems and provides the same in-store advantages to online and also regular customer buyers.
Global Customer Relationship Management Market By End-Use
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Customer Relationship Management Market Regional Insights
Globally, North America held the largest global Customer Relationship Management market share and accounted for more than 49.3% of the overall market in 2022. Increasing adoption of customer relationship management solutions and advancement in technologies are the key driving factors of the market in the region. Moreover, an extensive rise in the digital transformation in various sectors including banking, retail, and healthcare, is projected to propel the market growth over the forecast period.
Moreover, Asia Pacific is expected to grow at fastest CAGR over the forecast period owing to the increase in demand for innovative and advanced customer relationship management solutions by several emerging economies such as India, China, and Indonesia. The rapid expansion of the retail industry in the developing nations such as India and China is also expected to drive the growth of the sector in the near future. Additionally, the increasing investments by large international players in the countries like Indonesia, India, and Brazil for the expansion of their reach and acquire large consumer base is fostering the regional growth.
Global Customer Relationship Management Market By Region
- Largest
- Fastest
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Customer Relationship Management Market Dynamics
Customer Relationship Management Market Drivers
Technological Integrations across business domains to drive market growth
- The integration of developing technologies and increased advancement across business domains for the improvement of operations and on-time delivery to the customers is expected to drive the growth of the global customer relationship management market during the forecast period.
- Additionally, several companies are planning to implement business strategies, current market trend, and consumer behavior with the help of CRM systems to expand their geographical presence. According to a survey by PWC Experience Center, about half of the organizations globally stated that digital transformation is enhancing better customer experience and feedbacks.
Customer Relationship Management Market Restraint
Data Leakage and Cyber threats to restrain the market growth
- Increasing threats with the security over CRM stored data is likely to be the major restraining factor for the market over the forecast period. CRM software stores a large quantity off personal and confidential data for both consumers and businesses.
- It carriers some critical information also such as credit card information, health data, and financial information. The safety and security for such data is a major challenge for the companies which may hinder the growth of the market in near future.
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Customer Relationship Management Market Competitive Landscape
The global customer relationship management market is fairly fragmented with the presence of well-known and established market players such as Microsoft Corporation, IBM Corporation, and Adobe Systems, Inc. Major players of the global market are mainly focusing on innovations, new product launches, acquisition & mergers, and increasing investments as key strategies in order to increase their market position and expand their product portfolio.
Top Players in the Global Customer Relationship Management Market
- Acquia (US)
- Amdocs (Israel)
- Nimble (US)
- Pegasystems (US)
- Ramco Systems (India)
- SAGE (UK)
- ITC Infotech (India)
- HubSpot, Inc. (US)
- Zoho Corporation (India)
- Freshworks Inc. (India)
- Copper (US)
- Monday.com (Israel)
- Bitrix24 (Russia)
- Creatio (US)
- Oracle CX Cloud (US)
- Close.io (US)
- Salesforce Essentials (US)
- Pipeliner CRM (Austria)
- Vtiger (India)
- Capsule CRM (UK)
- Caspio (US)
Customer Relationship Management Market Recent Developments
- In August 2022, SugarCRM Inc., a leading provider for AI-driven CRM platform and ResPax, a major tour reservation system provider, announced a strategic partnership to offer the first and fully integrated CRM and tour booking platform for the travel and tourism sector.
- In July 2022, SAP SE, Germany announced the acquisition of Askdata, a startup mainly focused on the search-driven analytics. With this acquisition, SAP will strengthen their ability to help customers to take better informed decisions through artificial intelligence driven natural language searches.
Customer Relationship Management Key Market Trends
- Implementation of AI: Increasing implementation of artificial intelligence across the globe coupled with the rising need for integrating AI with customer relationship management systems to improve the overall customer experience.
- Implementation of CRM software: CRM software based on the artificial intelligence technology including machine learning, natural language processing, and deep learning help brands and organizations in understanding the psychological state of their target customer. For instance, Zoho CRM’s Zia and Salesforce’s Einstein launched AI-powered CRM having voice technology to gather customer information. As a result, incorporation of AI technology is likely to boost the market demand and growth in the coming years.
Customer Relationship Management Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global customer relationship management report analysis, the global customer relationship management market is witnessing a healthy growth during the forecast period owing to the development of artificial intelligence, machine learning, and other technologies across the globe. Furthermore, increasing expenditure on the research & development sector for new innovations and more advanced technologies to enhance CRM solutions among the brands and organizations is also projected to fuel the growth of the market during the forecast period. However, the challenges under an CRM system such as bad data, lack of support, security issues, and irregular workflows are anticipated to have negative impact on the global market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 60.20 billion |
| Market size value in 2031 | USD 195.77 billion |
| Growth Rate | 14.00% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| 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 Customer Relationship Management 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 Customer Relationship Management 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 Customer Relationship Management 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 Customer Relationship Management 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 Customer Relationship Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Customer Relationship Management 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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