The latest report by IMARC, titled “Customer Relationship Management (CRM) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global customer relationship management market size reached US$ 57.4 Billion in 2022. Customer relationship management (CRM) refers to numerous solutions designed to manage, organize, and monitor interactions and relationships of organizations with customers. These solutions offer real-time communication, and supplement and improve traditional relationships by phone and e-mail. It helps businesses efficiently carrying out the procedures of sales, accounting, and management by offering real-time access to a centralized database, thus eradicating the need for unnecessary paperwork. In recent years, CRM has gained momentum as it is being widely employed in various industry verticals, such as banking, financial services and insurance (BSFI), retail, telecommunications, healthcare, government, and education.
Global Customer Relationship Management Market Trends:
One of the primary factors driving the market is the extensive utilization of artificial intelligence (AI). For instance, organizational departments, including sales and marketing and customer services and support, are extensively integrating customer relationship management systems with AI in order to enhance consumer experience and feedback and develop strong bonds with them, thereby positively influencing the market growth. Additionally, rapid digital transformation is escalating the demand for CRM solutions due to the growing usage of digital channels like social media platforms by individuals to interact with brands. Besides this, CRM solutions minimize costs, increase response times and enhance consumer satisfaction. Along with this, the sudden coronavirus disease (COVID-19) outbreak has led to extensive adoption of work-from-home (WFH) policies, thereby prompting companies to opt for CRM solutions to interact with employees effectively in a remote-working environment. Other major growth-inducing factors include the shifting preferences from push marketing to pull marketing, increasing popularity of cloud solutions, and constant technological advancements in business intelligence. Looking forward, IMARC Group expects the market value to reach US$ 110.3 Billion by 2028, expanding at a CAGR of 11.2% during the forecast period (2023-2028).
- Based on the component, the market has been bifurcated into software and services.
- On the basis of the deployment mode, the market has been divided into on-premises and cloud-based.
- Based on the organization size, the market has been segregated into small and medium-sized enterprises and large enterprises.
- On the basis of the application, the market has been segmented into customer service, customer experience management, CRM analytics, marketing automation, salesforce automation, and others.
- Based on the industry vertical, the market has been categorized into BSFI, retail, healthcare, IT and telecom, discrete manufacturing, government and education, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some 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.
|Base Year of the Analysis
||Component, Deployment Mode, Organization Size, Application, Industry Vertical, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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