The global customer relationship management (CRM) market size reached US$ 57.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 110.3 Billion by 2028, exhibiting a growth rate (CAGR) of 11.2% during 2023-2028.
Customer relationship management, or CRM, refers to various solutions and software employed by organizations to manage the external interactions and relationships with customers. It stores the customer data, identify sales opportunities, maintain a record of service issues or complaints, and manage marketing campaigns. It also assists businesses in streamlining sales, accounting, and management by providing real-time access to a centralized database, thus eliminating the need for unnecessary paperwork and speeding up communication. In recent years, CRM solutions have gained immense traction across numerous industries, including banking, financial services and insurance (BFSI), telecommunications, retail, healthcare, government, and education.
CRM solutions help enhance customer service, build stronger brand-customer relationships, and improve customer retention and acquisition. As a result, the escalating demand for automated customer engagement for better customer experience represents the primary factor driving the market growth. Besides this, the growing usage of digital channels like social media platforms by individuals to interact with brands is augmenting the demand for CRM solutions. Additionally, enterprises are employing efficient tools to handle customer data and utilize actionable insights to make informed business decisions. Along with this, the shifting preferences from push marketing to pull marketing are propelling the market growth. Furthermore, the widespread adoption of work-from-home (WFH) policies due to the recent coronavirus disease (COVID-19) outbreak is encouraging organizations to adopt CRM solutions to interact with customers effectively in a remote-working environment. Moreover, the increasing integration of CRM software with advanced technologies, such as the Internet of Things (IoT), artificial intelligence (AI), and big data, are catalyzing the product demand. Other factors, including the growing popularity of cloud solutions, rapid digitization, and technological advancements in business intelligence, are also creating a positive market outlook.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global customer relationship management (CRM) market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, deployment mode, organization size, application and industry vertical
Breakup by Component:
Software
Services
Breakup by Deployment Mode:
On-premises
Cloud-based
Breakup by Organization Size:
Small and Medium-sized Enterprises
Large Enterprises
Breakup by Application:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Customer Service
Customer Experience Management
CRM Analytics
Marketing Automation
Salesforce Automation
Others
Breakup by Industry Vertical:
BFSI
Retail
Healthcare
IT and Telecom
Discrete Manufacturing
Government and Education
Others
Breakup by Region:
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North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Insightly Inc., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Pegasystems Inc., Ramco Systems Limited (The Ramco Cements Limited), Sage Group plc, Salesforce Inc., SAP SE, SugarCRM Inc. and Zoho Corporation Private Limited.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2022
Historical Period
2017-2022
Forecast Period
2023-2028
Units
US$ Billion
Segment Coverage
Component, Deployment Mode, Organization Size, Application, Industry Vertical, Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered
Insightly Inc., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Pegasystems Inc., Ramco Systems Limited (The Ramco Cements Limited), Sage Group plc, Salesforce Inc., SAP SE, SugarCRM Inc. and Zoho Corporation Private Limited
Customization Scope
10% Free Customization
Report Price and Purchase Option
Single User License: US$ 2499
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Post-Sale Analyst Support
10-12 Weeks
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The global customer relationship management (CRM) market was valued at US$ 57.4 Billion in 2022.
We expect the global customer relationship management (CRM) market to exhibit a CAGR of 11.2% during 2023-2028.
The rising demand for automated customer engagement solution, such as CRM solutions, to enhance customer service and build stronger brand-customer relationships, is primarily driving the global customer relationship management (CRM) market.
The sudden outbreak of the COVID-19 pandemic has led to the rising employment of Customer
Relationship Management (CRM) solutions across numerous end-use industries, including retail,
healthcare, government, etc., to interact with customers effectively in the remote-working
environment.
Based on the component, the global customer relationship management (CRM) market can be
segmented into software and services. Currently, software holds the majority of the total market share.
Based on the deployment mode, the global customer relationship management (CRM) market has been divided into on-premises and cloud-based, where cloud-based currently exhibits a clear dominance in the market.
Based on the organization size, the global customer relationship management (CRM) market can be categorized into small and medium-sized enterprises and large enterprises. Currently, large enterprises account for the majority of the global market share.
Based on the application, the global customer relationship management (CRM) market has been
segregated into customer service, customer experience management, CRM analytics, marketing
automation, salesforce automation, and others. Among these, customer service holds the largest market
share.
Based on the industry vertical, the global customer relationship management (CRM) market can be bifurcated into BFSI, retail, healthcare, IT and telecom, discrete manufacturing, government and education, and others. Currently, the retail industry exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global customer relationship management (CRM) market include Insightly Inc., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Pegasystems Inc., Ramco Systems Limited (The Ramco Cements Limited), Sage Group plc, Salesforce Inc., SAP SE, SugarCRM Inc. and Zoho Corporation Private Limited.
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