The global customer relationship management (CRM) market attained a value of USD 55.31 billion in 2019. The market is expected to grow at an estimated CAGR of 14.75% in the forecast period of 2020-2025. By 2020, the CRM market is projected to attain USD 63.47 billion
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North America is the largest regional market for customer relationship management (CRM), accounting for nearly half the market share. The United States is a significant CRM market in this region. BFSI and retail are among the significant end-users, supporting the market growth. North America has some of the well-known international vendors and is capable of delivering regional CRM demands. The North America CRM market is followed by Europe, which accounted for over a quarter of the market share in 2019. Manufacturing and retail are the largest end-users of the software in Europe, propelling the overall market growth. The Asia Pacific and Latin America are the other emerging markets for CRM. These regions are shifting their focus on SaaS, Mobile CRM, and analytics.
The customer support and service is the largest revenue distribution segment within the market, accounting for nearly 36% of the total revenue distribution. It is followed by sales, marketing, and e-commerce. The growth potential for the CRM market is quite healthy. Regions like North America, Europe, and the Middle East, and Africa, among others, have a high growth potential for SaaS-based CRM. Integration with social CRM is also expected to witness high growth in the coming years globally.
Salesforce.com (SFDC) (NYSE: CRM) was the leading key player in the CRM industry in 2018. The main reason behind Salesforce's success and leadership position is its total emphasis on the SaaS model, which has a high growth opportunity in almost all regional markets. It was one of the first players in the industry to cross USD 5 billion in its sales of CRM software. Service Cloud accounts for nearly half the company’s total sales revenue. SAP follows Salesforce.com as the other leading player in the industry. The growth of the company in the industry is being aided by its extensive investment into R&D undertakings.
Properties and Applications
Customer relationship management (CRM) refers to processes and systems used by companies to monitor and evaluate customer interactions. CRM can strengthen customer relationships, help maintain customers, and drive sales growth. 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.
On the basis of revenue distribution, the market can be divided into:
The EMR report also covers the regional markets like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The introduction and development of artificial intelligence (AI) for customer relationship management (CRM) is driving the market further. 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. The transition from enterprise to Cloud-based CRM technology has increased significantly, and CRM powered by Cloud is projected to grow more in the coming years.
The growing demand for better customer experience is driving the market for customer relationship management (CRM). 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 with no 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.
November 2019- Salesforce.com, Inc. announced the expansion of its strategic partnership with Amazon Web Services, Inc., an Amazon.com company (NASDAQ: AMZN), as part of which Salesforce will integrate Amazon Connect with its Salesforce Service Cloud Voice.
The report gives a detailed analysis of the following key players in the global customer relationship management (CRM) market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the industry based on Porter’s five forces model along with giving a SWOT analysis.
1.1 Objectives of the Study
1.1.1 Research Objective
1.1.2 Key Findings of the Report
2 Research Methodology
2.1 Data Extraction
2.2 Data Corroboration
2.3 Market Structure
2.5 Market Models
3.1 Market Outlook
3.2 Market Scope and Segmentation
3.3 Additional Insights
4 Executive Summary
4.1 Key Market Developments
4.2 Market Analysis
4.3 Cost Structure
4.4 Key Players
4.5 Market Revenue and Growth
5 Market Dynamics
5.1 Market Driver Analysis
5.2 Market Restraint Analysis
5.3 Industry Challenges
5.4 Industry Opportunities
6 Global Customer Relationship Management (CRM) Market Analysis
6.1 Figure: Global Customer Relationship Management (CRM) Software Historical Market (2015-2019) & Forecast (2020-2025)
6.2 Chart: Global Customer Relationship Management (CRM) Market Breakup by Revenue Distribution
6.2.1 Customer Support & Service
6.3 Figure: Global Customer Relationship Management (CRM) Market Breakup by Revenue Distribution: Historical Market (2015-2019) & Forecast (2020-2025)
6.3.1 Customer Support & Service
6.4 Chart: Global Customer Relationship Management (CRM) Market Breakup by Region
6.4.1 North America
184.108.40.206 United States of America
220.127.116.11 United Kingdom
6.4.3 Asia Pacific
6.4.4 Latin America
6.4.5 Middle East and Africa
18.104.22.168 Saudi Arabia
22.214.171.124 United Arab Emirates
126.96.36.199 South Africa
6.5 Figure: Global Customer Relationship Management (CRM) Market Breakup by Region: Historical Market (2015-2019) & Forecast (2020-2025)
6.5.1 North America
188.8.131.52 United States of America
184.108.40.206 United Kingdom
6.5.3 Asia Pacific
6.5.4 Latin America
6.5.5 Middle East and Africa
220.127.116.11 Saudi Arabia
18.104.22.168 United Arab Emirates
22.214.171.124 South Africa
7 SWOT Analysis
8 Porter’s Five Forces Analysis
8.2 Buyer’s Power
8.3 Supplier’s Power
8.4 New Entrants
8.5 Degree of Rivalry
9 EMR’s Key Indicators for Demand
10 EMR’s Key Indicators for Price
11 Procurement Strategy
11.1 Sourcing Models
11.2 Pros and Cons
11.3 SLA and KPIs
12 Cost Analysis
12.1 Hardware Cost
12.2 Software Cost
12.3 Implementation Cost
12.4 Training Cost
12.5 Support Cost
13 Competitive Landscape & Supplier Analysis
13.1 Salesforce.com, inc.
13.1.1 Company Overview
13.1.2 Financial Analysis
13.2 Microsoft Corp.
13.2.1 Company Overview
13.2.2 Financial Analysis
13.3 Oracle Corporation
13.3.1 Company Overview
13.3.2 Financial Analysis
13.4.1 Company Overview
13.4.2 Financial Analysis
13.5 Pegasystems Inc.
13.5.1 Company Overview
13.5.2 Financial Analysis
13.6.1 Company Overview
13.6.2 Financial Analysis
14 Events and Developments
The global customer relationship management (CRM) market attained a value of USD 55.31 billion in 2019. It is expected to witness a further growth in the forecast period of 2020-2025, growing at a CAGR of 14.75%. The CRM market is projected to reach USD 63.47 billion by 2025.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on revenue distribution, the market can be segmented into customer support and service, marketing, e-commerce, and sales. The major regional markets for CRM are North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa. The key players in the above industry include Salesforce.com, inc., Microsoft Corp., Oracle Corporation, SAP, Pegasystems Inc., and Infor.
The major drivers of the industry such as rising disposable incomes, increasing population, development of artificial intelligence (AI), rise in Big Data, and growing demand for superior customer experience are driving the growth of the market globally. EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with industry insights that are accurate, actionable, and help them remain ahead of their competition.
EMR’s approach gives their clients a comprehensive assessment of the prevailing and projected industry conditions through the collection, collation, and analysis of data from trusted sources. The key questions answered in the market study are:
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