Customer Relationship Management Market

Global Customer Relationship Management (CRM) Market Size (2024 to 2032)

The customer relationship management (CRM) market was valued at USD 16.26 billion in 2023. The global market is predicted to reach USD 22.19 billion in 2024 and USD 267.44 billion by 2032, 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

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