Customer Relationship Management Market Share, Report and Global Forecast 2024-2032
IMARC Group, a leading market research company, has recently releases report titled “Customer Relationship Management (CRM) Market Report by Component (Software, Services), Deployment Mode (On-premises, Cloud-based), Organization Size (Small and Medium-sized Enterprises, Large Enterprises), Application (Customer Service, Customer Experience Management, CRM Analytics, Marketing Automation, Salesforce Automation, and Others), Industry Vertical (BFSI, Retail, Healthcare, IT and Telecom, Discrete Manufacturing, Government and Education, and Others), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the global customer relationship management market share.
How Big is the Customer Relationship Management (CRM) Market?
The global customer relationship management (CRM) market size reached US$ 63.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 151.5 Billion by 2032, exhibiting a growth rate (CAGR) of 9.9% during 2024-2032.
Industry Overview of Customer Relationship Management (CRM)
Customer relationship management, commonly known as CRM, encompasses various solutions and software utilized by organizations to handle external interactions and customer relationships effectively. It serves as a repository for customer data, identifies sales prospects, tracks service issues or grievances, and manages marketing campaigns. Furthermore, it aids in optimizing sales, accounting, and overall management by granting real-time access to a centralized database, thereby reducing reliance on paperwork and enhancing communication efficiency. Over the past years, CRM solutions have garnered significant popularity across diverse sectors such as banking, financial services and insurance (BFSI), telecommunications, retail, healthcare, government, and education.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/customer-relationship-management-market/requestsample
What are the growth prospects and trends in the customer relationship management (CRM) industry?
CRM systems are in high demand in the industry due to their capacity to improve customer service, develop better brand-customer connections, and increase client acquisition and retention. This is primarily driven by the growing need for automated customer involvement to improve the entire customer experience.
Furthermore, the use of digital channels, mainly social media platforms, for brand interactions is contributing to the rising demand for CRM solutions. Enterprises are also adopting efficient tools to manage customer data and leverage actionable insights for informed decision-making. Additionally, the shift from push marketing to pull marketing strategies is fueling market expansion. The adoption of work-from-home policies, prompted by the COVID-19 pandemic, is further encouraging organizations to adopt CRM solutions for effective customer interactions in remote-working environments.
Moreover, the integration of CRM software with advanced technologies including artificial intelligence (AI), the Internet of Things (IoT), and big data is driving product demand. Several other factors, such as the increasing popularity of cloud solutions, rapid digitization, and advancements in business intelligence technologies, are also contributing to a positive market outlook.
Leading Companies Operating in the Global Customer Relationship Management (CRM) Industry:
- 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.
- Zoho Corporation Private Limited.
Customer Relationship Management (CRM) Market Report Segmentation:
The report has segmented the market into the following categories:
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:
- 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:
- 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
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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