The global customer relationship management market size was estimated at USD 61.62 billion in 2022 and is expected to hit around USD 215.72 billion by 2032, growing at a CAGR of 13.4% from 2023 to 2032.
Due to the pandemic, there was a dip in the growth of this market. The market did not grow according to the expectations. The customer relationship management software help in monitoring the business, managing and organizing the business in order to increase the customer satisfaction. The use of various technologies like Internet of Things, big data and artificial intelligence are expected to drive the demand for this software. The integration of the cloud based CRF software is also expected to grow.
The customer relationship management softwares are seeing an integration of emerging technologies in various business domains to improve the value delivery to its customers and to improve the operations. Various CRM companies are working on expanding their geographical presence with the help of business strategies and market trends. Many organisations have claimed that the digital transformation has helped in improving their customer experience. In order to provide customer centric services various organisations are deploying a CRM system which is a part of that organization. CRM and other integrated technologies help in providing improved customer satisfaction and it depends upon the rapid digital transformation across the world. By providing a superior customer experiences at all the communication touchpoints.
The customer relationship management software is able to provide seamless experience. CRM helps in adopting digitalization and it is expected to help in the growth of the market during the forecast. Customer relationship management helps in simplifying the process of communicating with the customers and provides satisfactory services to the customers. It helps in organizing and tracking all the relevant information regarding the guidelines of how to interact with the customers. In order to track the team's performance and to automate the sales activities, the sales managers are making use of the customer relationship management software.
Report Scope of the Customer Relationship Management Market
|Market Size in 2023||USD 69.56 Billion|
|Market Size by 2032||USD 215.72 Billion|
|Growth Rate from 2023 to 2032||
CAGR of 13.4%
|North America Market Share in 2022||44%|
|Deployment Segment Market Share in 2022||51%|
|Forecast Period||2023 to 2032|
|Segments Covered||Component, Deployment, Application, End User, Solution, Enterprise Size, Geography|
|Companies Mentioned,||Salesforce.com, Inc., Oracle Corporation, ADOBE INC., SugarCRM Inc., Insightly Inc., Microsoft Corporation, SAP SE, Zoho Corporation Pvt. Ltd, Copper CRM, Inc., Creatio|
On the basis of the component, the software segment accounted largest revenue share in 2022. In order to gain strategic and competitive advantage along with strong customer retention. As there's a lot of competition there is an adoption of CRM softwares in many industries. It also helps these industries in gaining new customers and retaining these customers by providing great customer service. In order to sustain the customers for a very long period of time, there has to be an outstanding customer service program. Apart from the software segment, the Services segment is also expected to have a good growth during the forecast.
The service segment of customer relationship management helps in good coordination between the software provider companies and the organisations that are using this software. It helps with the implementation, training and consultancy services. This software has applications in various industries like IT, telecommunication, BFSI and healthcare. By optimizing the needs and minimizing the cost of operation the product is able to offer value services to the existing customers.
Depending upon deployment, the cloud segment has had the largest market share 51% in 2022 and is expected to grow during the forecast. In the coming years the Cloud segment is expected to have the highest growth as it does not need any investment in the IT infrastructure and the storage of data is on the cloud server. The small and medium scale organizations are seeking the cloud segment for customer relationship management software.
On the basis of application the various segments are marketing and sales automation, lead generation, customer management, customer retention, customer support and contact center. Customer retention and lead generation sector had the largest market share during the recent years and it is expected to grow during the forecast. The adoption of the software is expected to help with the lead creation process and increase in the services and the product inquiries. Due to growing digitalization way across various businesses in the world. The demand for implementing the software in various industries is also increasing.
End User Insights
Due to the availability of client data owing to the growth of online shopping platforms and applications used on smartphones, the retailer and consumer goods segment is also expected to pose a demand for the CRM softwares. The retail segment accounted largest market share 25% in 2022.
The BFSI Segment is expected to grow as there is necessary use of customer specific softwares and growing digitalization. In order to gain and maintain the loyal customers many banks are using these services for their online platforms. CRM softwares are extensively used in the BFSI segment. The IT and telecom sector is also using the CRM software in order to manage their large client base. In order to understand the needs of the clients and to understand the current market trends, the CRM softwares are used.
The North American market had the largest market share 44% in 2022 due to increased use of technology, machine learning and industry automation. It is a hub for various industrial verticals with a large amount of customer base and therefore, the North American market is also expected to see good growth.
The Asia Pacific market is expected to have the highest growth during the forecast period in the customer relationship management market due to the growing developments and strong economic growth. The organisations are focusing on customer retention and engagement which helps in driving the market. Many companies are investing heavily in the customer relationship management market to help in the growth of the industry and to improve the productivity. As there is a major shift towards digital platforms cloud deployment and advancements in medium businesses, there is a demand for this market. Major players from the Asia Pacific market are trying to enhance their operations and improve the efficiency in order to stay competitive and retain the customers.
Key Market Developments
Some of the prominent players in the global customer relationship management market include:
Segments Covered in the Report
By End User
By Enterprise Size
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