Global Customer Relationship Management (CRM) Market Size, Share, Trends, & Growth Forecast Report – Segmented by Deployment Model (On-Premises and Cloud), End Customer (Small and Medium Enterprises and Large Enterprises), Industry (BFSI, Retail, Manufacturing, IT and Telecommunications), Type (Customer Analytics, Sales Analytics and Marketing Analytics) and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Industry Analysis (2024 to 2029)
Global Customer Relationship Management (CRM) Market Size (2024 to 2029)
The customer relationship management (CRM) market is predicted to reach USD 22.19 billion in 2024 and USD 105.18 billion by 2029, growing at a CAGR of 36.5% during the forecast period.
Customer relationship management (CRM) software refers to a type of business software that includes a wide range of applications, as well as software that will help companies manage interactions, support, and customer data, automate sales and marketing, and access and manage key activities and information about partners, suppliers, and employees.
Customer relationship management has become an essential element for various functions in global companies. Advances in social CRM have made it faster and more accessible, and they have also provided vital information on business analytics. Businesses are embracing social CRM as an additional channel in CRM software solutions in general. Social CRM refers to a social layer in addition to traditional CRM software solutions. These solutions offer companies several benefits, including greater transparency, better communication of ideas and business information, flexibility, and performance. Social CRM helps companies establish customer engagement and increase their brand presence with customers.
MARKET TRENDS
Customer relationship management (CRM) is gaining momentum in today's business ecosystem. With the rise of social media, companies are also embracing social integration with CRM software, giving rise to social CRM as a new channel these days. Social CRM solutions combine traditional solutions with social media to improve business customer engagement. The solution provides a social platform for companies' changing CRM needs while providing flexibility in terms of scope, implementation, and administration. Social CRM integrates customer decisions into the combination of planning and feedback loop to engage customers with businesses.
CRM in the retail industry is expected to increase due to the growing presence of region-specific retailers. Retail ecosystems are emerging in China, India, and South Korea. Currently, China dominates the e-commerce market in Asia with big players like JD.com and Alibaba. In addition, the Indian retail market is estimated to be between USD 672 billion in 2017 and USD 1.2 billion in 2021, according to the IBEF.
Retail CRM brings value to salespeople by providing a one-stop shop to manage their entire customer service cycle, personalized marketing opportunities, and prompt customer service.
The retail ecosystem has focused on how small and medium businesses can use these tools to compete with large businesses. Since then, there has been a trend towards personalization and adaptability, especially in the small and medium business sector. CRM to meet these needs has led vendors to offer all-in-one CRM. Retailing in recent years has seen a major shift, with established players in the online market disrupting traditional brick and mortar stores. This has resulted in a significant number of offline stores needing CRM to compete with online retailers.
MARKET DRIVERS
The increase in business functions enriched by mobile devices, continuous access to critical information in real time, the development of high-speed network and wireless connectivity, the growth in the use of mobile devices, better return on investment, profitability, and vertical concentration in the market are the factors that have a positive impact on the CRM market
Complicated integration of mobile devices with CRM, poor user acceptance, implementation issues, and corporate data security are the challenges of the global Customer Relationship Management market
The integration of mobile devices, the web, and CRM, which helps to increase sales revenue in the organization, mobility, which helps to get information anytime and anywhere, and the participation of mobile devices are opportunities for the worldwide market. Mobile CRM, including customer functionality and customer support, the use of portable devices, and the Internet of Things (IoT), are the latest trends in the global CRM market.
REPORT COVERAGE
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
36.5% |
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Segments Covered |
By Type, Industry, Deployment Model, End Customer and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
AlgoTrader GmbH, Trading Technologies International, Inc., Tethys Technology, Inc., Tower Research Capital LLC, Lime Brokerage LLC, InfoReach, Inc., FlexTrade Systems, Inc., Hudson River Trading LLC, Citadel LLC Virtu Financial, and Others. |
SEGMENTAL ANALYSIS
Global Customer Relationship Management (CRM) Market Analysis By Type
According to the type, the market includes sales analysis, marketing analysis, customer analysis, etc.
Global Customer Relationship Management (CRM) Market Analysis By End Customer
The end customers covered by the report include small and medium enterprises as well as large enterprises.
Global Customer Relationship Management (CRM) Market Analysis By Industry
Industries served by the CRM market are BFSI, Retail, Manufacturing, IT, and Telecommunications.
Global Customer Relationship Management (CRM) Market Analysis By Deployment Model
Based on the deployment model, the market is bifurcated mainly into on-premises and cloud.
REGIONAL ANALYSIS
The global Customer Relationship Management market report explores regions such as North America, Europe, Asia-Pacific, and LAMEA.
North America and Europe are expected to dominate the CRM market during the forecast period owing to the increased use of mobile services or platforms for employees and business customers. Asia-Pacific, Middle East, and Africa are expected to be the emerging regions that will contribute the most to growth during the forecast period.
KEY PLAYERS IN THE GLOBAL CUSTOMER RELATIONSHIP MANAGEMENT (CRM) MARKET
Few of the leading players in the global CRM market include Salesforce.com, Zoho Corporation, Microsoft Corporation, Oracle Corporation, Sybase, Inc., Kony Solutions, resco.net, Software AG and Repsly, Inc., etc.
RECENT HAPPENINGS IN THE GLOBAL CUSTOMER RELATIONSHIP MANAGEMENT (CRM) MARKET
- In July 2019, Microsoft Commercial Marketplace Launch Partner Nimble launched Smart CRM for Office 365 as a Team Relationship Manager in the Microsoft Commercial Marketplace.
- In April 2019, Microsoft collaborates with Adobe for everyone on lead generation software. Adobe marketing software will be used to find potential customers for business products on LinkedIn, and Microsoft sales software will be used to complete the transaction.
- In April 2019, Infor, an industry-specific cloud application provider, launched Infor CloudSuite CRM, a cloud application, as part of its Infor Customer Experience suite of solutions.
DETAILED SEGMENTATION OF THE GLOBAL CUSTOMER RELATIONSHIP MANAGEMENT (CRM) MARKET INCLUDED IN THIS REPORT
The global CRM market is segmented based on the type, end customer, industry, deployment model, and region.
By Type
- Customer Analytics
- Sales Analytics
- Marketing Analytics
By Industry
- BFSI
- Retail
- IT and Telecommunications
- Manufacturing
By Deployment Model
- On-Premises
- Cloud
By End Customer
- Small and Medium Enterprises
- Large Enterprises
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
Frequently Asked Questions
What are the key drivers of growth in the global CRM market?
The primary drivers of growth include the increasing adoption of cloud-based CRM solutions, the rising importance of customer experience, advancements in artificial intelligence and machine learning, and the growing need for automated customer engagement and marketing strategies.
What are the major trends impacting the CRM market?
Major trends include the integration of AI and machine learning for predictive analytics and personalized customer experiences, the rise of mobile CRM, the increasing importance of omnichannel customer engagement, and the growth of social CRM which leverages social media data.
What role does AI play in modern CRM solutions?
AI enhances CRM by providing predictive analytics, automating routine tasks, enabling personalized customer interactions, and offering deep insights into customer behavior. This helps businesses to proactively address customer needs, improve satisfaction, and optimize marketing strategies.
What is the future outlook for the CRM market?
The future of the CRM market looks promising with continuous technological advancements, increasing adoption of AI and machine learning, growing demand for customer-centric strategies, and the expansion of CRM applications beyond traditional sales and customer service into areas like e-commerce, finance, and healthcare. The market is expected to continue its robust growth, driven by the need for improved customer relationship management and enhanced customer experiences.
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