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Global Customer Relationship Management (CRM) Market to Grow at a CAGR of 14.75% Over the Forecast Period of 2021-2026.

According to a new report by EMR titled, ‘Global Customer Relationship Management (CRM) Market Report and Forecast 2021-2026’, the global customer relationship management (CRM) market stood at a value of around USD 55.31 billion in 2020. The industry is further expected to witness a healthy growth, displaying a CAGR of 14.75% in the forecast period of 2021-2026 to attain USD 63.47 billion by 2021.

North America leads the global customer relationship management (CRM) market, accounting for nearly half of the global share and is followed by Europe. Within North America, the US serves as a significant region contributing to the market growth. On the other hand, the Asia Pacific and Latin America are the emerging markets in the industry. In the Asia Pacific, the increased focus on SaaS, mobile CRM, and analytics are driving the high market growth in the region. The customer support and service dominates the market among other revenue distribution segments, accounting for nearly 36% of the global market share.

Due to the increasing popularity of cloud-based technology, the manufacturers are rapidly adopting it in the customer relationship management (CRM) industry to enhance the customer experience. (SFDC) (NYSE: CRM), a key player in the global customer relationship management industry, is emphasising on the SaaS model, a category of cloud computing, seeing its high growth opportunity in almost all regional markets. In November 2020,, Inc. announced the integration of Amazon Connect with its latest innovation, that is, Salesforce Service Cloud Voice, thus, expanding its strategic partnership with Amazon Web Services, Inc., an company (NASDAQ: AMZN), to deliver personalised and frictionless service to its customers. Such developments with the rising technological advancement are expected to aid the market over the forecast period.

Market Breakup by Revenue Distribution and Regions:

  • Based on revenue distribution, the industry can be categorised into customer support and service, marketing, e-commerce, and sales.
  • Region-wise, the global customer relationship management (CRM) market can be divided into North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The growing demand for convenient, efficient, and time-saving services is driving the growth of the global customer relationship management (CRM) market.
  • With the growing technological developments, including the introduction of artificial intelligence (AI) in customer relationship management services, the industry is witnessing a further growth. 
  • The rising disposable incomes and increasing smartphone and internet penetration, particularly in emerging economies, are providing further impetus to the market.   
  • The rising demand for cloud-based CRM technology, owing to better customer experience and increased consumer awareness, is further propelling the market forward.

Key Offerings of the Report:

  • The EMR report gives an overview of the global customer relationship management market for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) information for the regional markets of customer relationship management.
  • It also provides an assessment of the industry based on the Porter’s Five Forces model along with a SWOT and value chain analysis.

The major players in the global customer relationship management market are, Inc., Microsoft Corp., Oracle Corporation, SAP, Pegasystems Inc., and Infor. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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