Customer Relationship Management Market Forecast: From USD 57.66 Bn in 2024 to USD 121.22 Bn by 2030 at an 11.2% CAGR
Anticipated Growth in Revenue:
Customer Relationship Management Market size was valued at USD 57.66 Bn. in 2023 and the total revenue is expected to grow at 11.2 % through 2024 to 2030, reaching nearly USD 121.22 Bn.
Customer Relationship Management Market Overview:
The Customer Relationship Management (CRM) Market is a strategic approach that facilitates businesses in enhancing their existing customer relationships while efficiently acquiring new ones. CRM optimizes customer interactions and heightens customer satisfaction with the product or service offered. Acting as a guideline and standard for managing customer-business interactions, CRM also serves as an organized repository for tracking all relevant data. The CRM market was valued at USD 57.66 billion in 2023 and is expected to grow at a CAGR of 11.2%, reaching nearly USD 121.22 billion by 2030.
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Market Scope:
The report offers a comprehensive analysis of the global CRM market, presenting the market size and trends from 2023 to 2030. It includes an in-depth examination of key players, market dynamics, and various segments. The objective is to provide stakeholders with detailed insights into the market, including historical data and future projections. The report also incorporates PORTER and PESTEL analyses, assessing the potential impact of microeconomic factors on the market..
Drivers:
Several factors are driving the CRM market growth. The increased focus on customer engagement, the rise of small and medium-sized enterprises (SMEs), the proliferation of social platforms, and the demand for real-time idea exchange are major drivers. Companies are developing solutions for social monitoring, listening, middleware, management, and measurement to deliver superior customer experiences.
Research indicates that CRM systems are utilized by 91% of firms with more than ten employees. Sales, marketing, customer service, and support departments are increasingly integrating CRM systems into their operations to enhance customer experience and boost revenue. Additionally, 82% of companies use CRM systems for sales reporting and process automation. The demand for effective solutions to manage customer data and make data-driven decisions using insights from unstructured datasets is rising.
Segmentation:
by Component
Software
Services
by Deployment Mode
On-Premise
Cloud
Hybrid
by Application
Customer Service
Customer Experience Management
CRM Analytics
Marketing Automation
Salesforce Automation
Others
by Industry
Vertical BFSI
Retail
Healthcare
IT & Telecom
Discrete Manufacturing
Government & Education
Others
Key Players: The key players are
1. Salesforce.com
2. SAP AG
3. Oracle Corporation
4. Microsoft Corporation
5. Adobe Systems Inc
6. Amdocs
7. Convergys Corporation
8. Huawei Technologies Co. Ltd
9. Infor Global Solutions, Inc
10.SAS Institute Inc
11.SYNNEX Corporation
12.The Sage Group Plc
13.Verint Systems Inc
14.IBM Corporation
15.SugarCRM
16.NICE Ltd
17.IMS Health
18.NetSuite Inc
19.ZOHO Corporation
20.Infusionsoft
21.Copper CRM, Inc.
22.Insightly Inc.
23.Creatio
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Regional Analysis:
North America: North America held the largest market share in 2023. The region is a hub for various industrial verticals, including healthcare, IT and Telecom, and energy and utilities, driven by technological advancements and digital transformation. The need for CRM software is significant due to the large customer base in these industries.
Asia Pacific: Asia Pacific is expected to grow at the highest CAGR during the forecast period. Strong economic growth, continuous developments in customer retention and engagement, and significant investments in CRM solutions are driving market growth. The region is witnessing substantial shifts towards digital transformation, cloud deployment, and technological advancements among SMEs, contributing to market expansion.
COVID-19 Impact Analysis on Customer Relationship Management Market:
The COVID-19 pandemic has accelerated the adoption of digital tools and CRM systems as businesses transitioned to remote operations. The need for efficient customer engagement and data management became more critical during the pandemic. Companies increasingly relied on CRM solutions to maintain customer relationships and streamline operations amidst the disruptions caused by COVID-19. The pandemic highlighted the importance of CRM systems in ensuring business continuity and adapting to the new normal, further driving market growth.
Key Questions Answered in the Customer Relationship Management Market Report are:
- What will be the CAGR of the Customer Relationship Management market during the forecast period?
- Which segment emerged as the leading segment in the Customer Relationship Management market?
- Which are the prominent players in the Customer Relationship Management market?
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