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Customer Relationship Management Market

Global Customer Relationship Management Market Size, Share: By Revenue Distribution: Customer Support and Service, Marketing, E-Commerce, Sales; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; 2024-2032

Global Customer Relationship Management (CRM) Market Outlook

The global customer relationship management (CRM) market size is projected to grow at a CAGR of 14.75% between 2024 and 2032.

 

Key Takeaways

  • CRM is predicted to expand by 12% over the following five years and reach a staggering USD 129 billion by 2028.
  • According to customer relationship management (CRM) market statistics, CRM revenue increased 393% between 2010 and 2020, from USD 14 billion to USD 69 billion.
  • Salesforce, SAP, Oracle, and Microsoft Dynamics 365 are a few of the major companies in the market.
  • For every dollar invested in sales CRM software, most businesses receive a standard ROI of USD 8.71.

 

Customer relationship management (CRM) is a strategy and a set of tools that help businesses manage their interactions with current and potential customers, and optimise their sales and marketing processes. CRM can incorporate customer data from different sources, such as the company's website, email, live chat, direct mail, and social media, which can provide accurate customer information, purchase history, buying preferences, and customer challenges.

 

Some of the factors driving the customer relationship management (CRM) market growth are the growing popularity of cloud-based CRM solutions, the need for business process automation and integration, the need for data-driven decision making and customer insights, and the growing use of social media and mobile devices for customer engagement.

 

Customer Relationship Management Market

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Key Trends and Developments

Introduction of mobile CRM and remote work support, transition towards cloud-based CRM technology, and focus on customer’s data privacy are factors increasing the customer relationship management (CRM) market growth

 

Date Company Details
November 2023 Creatio Collaborated with CRM consultancy firm zolution in Singapore to provide its no-code platform to automate the workflows of Zolution’s clients
July 2023 Salesforce Announced the "Sales Planning" solution's general release, which will streamline the process of creating end-to-end plans for CRM data.
July 2023 Creatio Partnered with CVM people to deploy workflow automation and no-code CRM to maximise profitability for clients in the United Kingdom.
May 2023 Insightly Published its "Insightly Modern CRM Checklist" to assist companies experiencing rapid growth in evaluating their software systems.

 

 

Trends Impact
Adoption of cloud-based CRM solutions Reduced cost and complexity, increased scalability and flexibility, improved data security and accessibility for CRM market leaders.
Increasing integration of artificial intelligence (AI) and machine learning (ML) Enhanced customer insights and personalisation, automated workflows and processes, optimised marketing and sales strategies, increased customer satisfaction and retention.
Social CRM and omnichannel engagement Expanded reach and visibility, improved customer loyalty and advocacy, increased feedback and reviews, unified customer experience across multiple touchpoints in customer relationship management (CRM) market.
Introduction of mobile CRM and remote work support Improved productivity and efficiency, enhanced communication, improved customer service and response, and offers convenience.
Focus on customer data privacy Strengthened trust and reputation, reduced legal risks and penalties, enhanced data quality and accuracy, aligned with global standards and regulations.

 

Global Customer Relationship Management (CRM) Market Trends

The introduction of artificial intelligence (AI) in CRM is one of the major reasons for customer relationship management market development. The growth in Big Data, the introduction of the SaaS delivery model, and advances in machine learning and analytics have made AI inevitable in the transformation of CRM. The purpose of AI in CRM is to reduce physical work, to develop an automated system, to reconfigure interfaces focused on customer/business usage patterns. Key applications of AI in CRM include virtual customer support, predictive marketing analytics, workflow automation, customer engagement, social media tracking, and sentimental analysis.

 

Furthermore, the transition from enterprise to cloud-based CRM technology has been rapid, and demand for customer relationship management (CRM) powered by cloud is projected to grow more in the coming years. Additionally, due to the increased use of digital channels, such as social networks and mobile devices, consumers expect a quick response to their questions and concerns without any delay. CRM delivers services to assist and stay connected with its customers by deploying efficient contact centre management, answering their requests, and increasing customer loyalty. Thus, the growing demand for better customer experience is increasing the customer relationship management (CRM) market value.

 

Customer Relationship Management Market by revenue distribution

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Market Segmentation

Global Customer Relationship Management (CRM) Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

 

Market Breakup Categories
Revenue Distribution Customer Support and Service, Marketing, E-Commerce, Sales
Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa

 

Customer support and services are expected to hold significant market share as more businesses are adopting CRM solutions to enhance their customer satisfaction

The customer support and service segment accounts for the largest customer relationship management (CRM) market share as more businesses adopted CRM solutions to enhance their customer satisfaction and retention rates. CRM software enables organisations to streamline their customer service processes, automate workflows, manage tickets, and provide personalised support across multiple channels. Regions like North America, Europe, and the Middle East, and Africa, among others, have a high growth potential for SaaS-based CRM.

 

As per the customer relationship management (CRM) market analysis, CRM software is used widely in marketing companies for marketing automation, campaign management, lead generation, email marketing, social media marketing, and analytics. CRM software helps marketers to segment their target audience, create and execute effective marketing strategies, track, and measure the performance of their campaigns, and optimise their return on investment (ROI).

 

According to customer relationship management (CRM) market insights, the e-commerce segment encompasses CRM software for e-commerce platforms, such as online retailers, marketplaces, and digital services. CRM software helps e-commerce businesses to manage their online sales, inventory, orders, payments, deliveries, and customer feedback. It also enables e-commerce businesses to offer personalised recommendations, discounts, and loyalty programs to their customers, along with integrating with third-party applications, such as payment gateways, shipping providers, and social media platforms.

 

Competitive Landscape

The market players are increasing their collaboration, partnership, and research and development activities to gain a competitive edge in the market

 

Company Name Year Founded Headquarters Products/Services
Microsoft Corp. 1975 Washington, United States Operating systems, cloud computing, software, hardware, gaming, etc.
Oracle Corporation 1977 California, United States Database management systems, cloud computing, software, hardware, etc.
SAP SE 1972 Walldorf, Germany Enterprise software, cloud computing, business analytics, etc.
Pegasystems Inc. 1983 Massachusetts, United States Business process management, customer relationship management, etc.

 

Other key players in the customer relationship management (CRM) market include Salesforce.com, Inc., and Infor.

 

Customer Relationship Management Market by Region

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Global Customer Relationship Management (CRM) Market Analysis by Region

North America is a prominent region due to the high adoption of CRM solutions across several industries

The North America region is anticipated to hold a dominant position in the customer relationship management (CRM) market. This is due to the high adoption of CRM solutions among various industries, such as retail, healthcare, banking, and telecom, in the region. The presence of major CRM vendors, such as Salesforce, Microsoft, and Oracle, also contributes to the market growth in North America. Moreover, the increasing demand for cloud-based and mobile CRM solutions, and the integration of artificial intelligence (AI) and analytics, are expected to drive the market further in the region.

 

According to the customer relationship management (CRM) market report, the European regional market is driven by the growing need for enhancing customer experience and loyalty, and improving operational efficiency and productivity, among businesses. The rising adoption of CRM solutions by small and medium-sized enterprises (SMEs), as well as the increasing investments in digital transformation, are also fueling the market growth in Europe. Furthermore, the stringent data protection regulations, such as the General Data Protection Regulation (GDPR), are creating a demand for CRM solutions that comply with the legal and ethical standards.

 

The Asia Pacific region holds a growing customer relationship management (CRM) market share and is driven by rapid economic development, urbanisation, and the growing penetration of internet and smartphone users. The emergence of new industries, such as e-commerce, online gaming, and social media, are also boosting the demand for CRM solutions in Asia Pacific. Additionally, the increasing awareness and adoption of CRM solutions by SMEs, especially in China, India, and Southeast Asia, are expected to propel the market growth in the region.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Revenue Distribution
  • Region
Breakup by Revenue Distribution
  • Customer Support and Service
  • Marketing
  • E-Commerce
  • Sales
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Microsoft Corp.
  • Oracle Corporation
  • SAP SE
  • Pegasystems Inc.
  • Salesforce.com, Inc.
  • Infor
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Customer Relationship Management Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Customer Relationship Management Historical Market (2018-2023) 
    8.3    Global Customer Relationship Management Market Forecast (2024-2032)
    8.4    Global Customer Relationship Management Market by Revenue Distribution
        8.4.1    Customer Support and Service
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Marketing
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    E-Commerce
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
        8.4.4    Sales
            8.4.4.1    Historical Trend (2018-2023)
            8.4.4.2    Forecast Trend (2024-2032)
    8.5    Global Customer Relationship Management Market by Region     
        8.5.1    North America
            8.5.1.1    Historical Trend (2018-2023) 
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Europe
            8.5.2.1    Historical Trend (2018-2023) 
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Asia Pacific
            8.5.3.1    Historical Trend (2018-2023) 
            8.5.3.2    Forecast Trend (2024-2032)
        8.5.4    Latin America
            8.5.4.1    Historical Trend (2018-2023) 
            8.5.4.2    Forecast Trend (2024-2032)
        8.5.5    Middle East and Africa
            8.5.5.1    Historical Trend (2018-2023) 
            8.5.5.2    Forecast Trend (2024-2032)
9    North America Customer Relationship Management Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Customer Relationship Management Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5   Others
11    Asia Pacific Customer Relationship Management Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Customer Relationship Management Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Customer Relationship Management Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.2.1    Microsoft Corp.
            15.2.1.1    Company Overview
            15.2.1.2    Product Portfolio
            15.2.1.3    Demographic Reach and Achievements
            15.2.1.4    Certifications
        15.2.2    Oracle Corporation
            15.2.2.1    Company Overview
            15.2.2.2    Product Portfolio
            15.2.2.3    Demographic Reach and Achievements
            15.2.2.4    Certifications
        15.2.3    SAP SE
            15.2.3.1    Company Overview
            15.2.3.2    Product Portfolio
            15.2.3.3    Demographic Reach and Achievements
            15.2.3.4    Certifications
        15.2.4    Pegasystems Inc.
            15.2.4.1    Company Overview
            15.2.4.2    Product Portfolio
            15.2.4.3    Demographic Reach and Achievements
            15.2.4.4    Certifications
        15.2.5    Salesforce.com, Inc.
            15.2.5.1    Company Overview
            15.2.5.2    Product Portfolio
            15.2.5.3    Demographic Reach and Achievements
            15.2.5.4    Certifications
        15.2.6     Infor
            15.2.6.1    Company Overview
            15.2.6.2    Product Portfolio
            15.2.6.3    Demographic Reach and Achievements
            15.2.6.4    Certifications
16    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global Customer Relationship Management Market: Key Industry Highlights, 2018 and 2032
2.    Global Customer Relationship Management Historical Market: Breakup by Revenue Distribution (USD Million), 2018-2023
3.    Global Customer Relationship Management Market Forecast: Breakup by Revenue Distribution (USD Million), 2024-2032
4.    Global Customer Relationship Management Historical Market: Breakup by Region (USD Million), 2018-2023
5.    Global Customer Relationship Management Market Forecast: Breakup by Region (USD Million), 2024-2032
6.    North America Customer Relationship Management Historical Market: Breakup by Country (USD Million), 2018-2023
7.    North America Customer Relationship Management Market Forecast: Breakup by Country (USD Million), 2024-2032
8.    Europe Customer Relationship Management Historical Market: Breakup by Country (USD Million), 2018-2023
9.    Europe Customer Relationship Management Market Forecast: Breakup by Country (USD Million), 2024-2032
10.    Asia Pacific Customer Relationship Management Historical Market: Breakup by Country (USD Million), 2018-2023
11.    Asia Pacific Customer Relationship Management Market Forecast: Breakup by Country (USD Million), 2024-2032
12.    Latin America Customer Relationship Management Historical Market: Breakup by Country (USD Million), 2018-2023
13.    Latin America Customer Relationship Management Market Forecast: Breakup by Country (USD Million), 2024-2032
14.    Middle East and Africa Customer Relationship Management Historical Market: Breakup by Country (USD Million), 2018-2023
15.    Middle East and Africa Customer Relationship Management Market Forecast: Breakup by Country (USD Million), 2024-2032
16.    Global Customer Relationship Management Market Structure

Key Questions Answered in the Report

The customer relationship management (CRM) market is expected to grow at a CAGR of 14.75% between 2024 and 2032.

CRM stands for customer relationship management, and it is a strategy and toolkit that improves customer satisfaction, loyalty, and profitability to increase business growth. By offering a consolidated, single view of customer interactions across multiple touchpoints, it helps organisations to provide customised experiences and efficient communications.

CRM is useful for almost all sectors of the economy and for departments within a company, especially for sales, marketing, and customer support. It is applicable in a variety of industries due to its capacity to increase customer interactions, expedite processes, and procure valuable insights.

There are three primary categories of CRM systems, namely, operational, analytical, and collaborative.

Companies invest in CRM because it yields measurable benefits like better customer service, stronger customer relationships, higher sales volumes, improved inter-departmental efficiencies, shorter sales cycles, and lower operating costs. CRM also helps customer service departments operate more efficiently and respond to inquiries more quickly.

The major drivers of the customer relationship management (CRM) market include the growing demand for better customer experience, increase in adoption of CRM software among enterprises, rapid digital transformation across businesses, strong economic growth, growing demand for efficient customer retention and engagement solutions, and ongoing modernisation.

Key trends aiding market expansion include the integration of artificial intelligence (AI) and the transition from enterprise to cloud-based CRM technology.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

Based on revenue distribution, the market can be divided into customer support and service, marketing, e-commerce, and sales.

Key players in the market are Microsoft Corp., Oracle Corporation, SAP SE, Pegasystems Inc., Salesforce.com, Inc., and Infor.

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