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Global Customer Relationship Management Market Share, Size: By Revenue Distribution: Customer Support and Service, Marketing, E-Commerce, Sales; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; Industry Events and Developments
Global Customer Relationship Management (CRM) Market Outlook
The global customer relationship management (CRM) market attained a value of USD 55.31 billion in 2020. The market is expected to grow at an estimated CAGR of 14.75% in the forecast period of 2023-2028. By 2021, 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 2020. 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.
Market Segmentation
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.
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On the basis of revenue distribution, the market can be divided into:
- Customer Support and Service
- Marketing
- E-Commerce
- Sales
The EMR report also covers the regional markets like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Market Analysis
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.
Competitive Landscape
November 2020- 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:
- Salesforce.com, Inc.
- Microsoft Corp.
- Oracle Corporation
- SAP
- Pegasystems Inc.
- Infor
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.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| 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 & Service, Marketing, E-Commerce, Sales |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Salesforce.com, inc., Microsoft Corp., Oracle Corporation, SAP, Pegasystems 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 (2018-2022)
8.3 Global Customer Relationship Management Market Forecast (2023-2028)
8.4 Global Customer Relationship Management Market by Revenue Distribution
8.4.1 Customer Support and Service
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Marketing
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 E-Commerce
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Sales
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2022)
8.4.4.3 Forecast Trend (2023-2028)
8.5 Global Customer Relationship Management Market by Region
8.5.1 North America
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Europe
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Asia Pacific
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 Latin America
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2022)
8.5.4.3 Forecast Trend (2023-2028)
8.5.5 Middle East and Africa
8.5.5.1 Market Share
8.5.5.2 Historical Trend (2018-2022)
8.5.5.3 Forecast Trend (2023-2028)
9 North America Customer Relationship Management Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Customer Relationship Management Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Customer Relationship Management Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Customer Relationship Management Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Customer Relationship Management Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
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 2028
2. Global Customer Relationship Management Historical Market: Breakup by Revenue Distribution (USD Million), 2018-2022
3. Global Customer Relationship Management Market Forecast: Breakup by Revenue Distribution (USD Million), 2023-2028
4. Global Customer Relationship Management Historical Market: Breakup by Region (USD Million), 2018-2022
5. Global Customer Relationship Management Market Forecast: Breakup by Region (USD Million), 2023-2028
6. North America Customer Relationship Management Historical Market: Breakup by Country (USD Million), 2018-2022
7. North America Customer Relationship Management Market Forecast: Breakup by Country (USD Million), 2023-2028
8. Europe Customer Relationship Management Historical Market: Breakup by Country (USD Million), 2018-2022
9. Europe Customer Relationship Management Market Forecast: Breakup by Country (USD Million), 2023-2028
10. Asia Pacific Customer Relationship Management Historical Market: Breakup by Country (USD Million), 2018-2022
11. Asia Pacific Customer Relationship Management Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Latin America Customer Relationship Management Historical Market: Breakup by Country (USD Million), 2018-2022
13. Latin America Customer Relationship Management Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Middle East and Africa Customer Relationship Management Historical Market: Breakup by Country (USD Million), 2018-2022
15. Middle East and Africa Customer Relationship Management Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Global Customer Relationship Management Market Structure
Key Questions Answered in the Report
In 2020, the global customer relationship management (CRM) market attained a value of nearly USD 55.31 billion.
The market is projected to grow at a CAGR of 14.75% between 2023 and 2028.
The major drivers of the market include the growing demand for better customer experience, increase in adoption of CRM software among enterprises, increasing use of emerging technologies, rapid digital transformation across businesses, strong economic growth, growing demand for efficient customer retention and engagement solutions, and ongoing modernisation.
The integration of artificial intelligence (AI) and the transition from enterprise to cloud-based CRM technology are the key industry trends propelling the market growth.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
On the basis of revenue distribution, the market can be divided into customer support and service, marketing, e-commerce, and sales.
The major players in the industry are Microsoft Corp., Oracle Corporation, SAP SE, Pegasystems Inc., Salesforce.com, Inc., and Infor.
Analyst Review
The global customer relationship management market attained a value of nearly USD 55.31 billion in 2020, driven by the increased integration of artificial intelligence (AI). Aided by the growing demand for improved customer engagement solutions and the rapid transition from enterprise to cloud-based CRM technology, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 14.75%.
EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. On the basis of revenue distribution, the market can be divided into customer support and service, marketing, e-commerce, and sales. The major regional markets for customer relationship management are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The major players in the industry are Microsoft Corp., Oracle Corporation, SAP SE, Pegasystems Inc., Salesforce.com, Inc., and Infor.
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 market insights that are accurate, actionable and help them remain ahead of their competition.
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