The latest research study “Customer Relationship Management (CRM) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global customer relationship management market size reached a value of US$ 51.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 103.1 Billion by 2027, exhibiting a CAGR of 11.80% during 2022-2027.
Customer Relationship Management (CRM) refers to several solutions and software utilized by organizations to manage the external relationship and interactions with customers. It identifies sales opportunities, stores customer data, maintains a record of service issues or complaints, and helps with marketing campaigns. CRM also assists businesses in accounting, management, streamlining sales, etc., by offering real-time access to a centralized database, thereby eliminating the need for unnecessary paperwork. It proves advantageous in speeding up business communications. As a result, CRM solutions are extensively adopted across numerous sectors, including telecommunications, banking, financial services and insurance (BFSI), retail, healthcare, etc.
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Customer Relationship Management Market Trends and Drivers:
The escalating requirement for automated customer engagement across various industries to enhance the customer experience is among the key factors driving the Customer Relationship Management (CRM) market. In addition to this, the expanding consumer usage of digital channels, such as social media platforms, to interact with brands is further augmenting the market growth.
Moreover, the increasing adoption of efficient tools for handling customer data and the rising utilization of actionable insights to make informed business decisions are also positively influencing the global market. Besides this, the shifting preferences from push marketing to pull marketing and the growing integration of AI, Big Data, and IoT in CRM are acting as significant growth-inducing factors.
Furthermore, the inflating popularity of cloud solutions, digitization, and numerous technological advancements in business intelligence and the emerging trend of work-from-home (WFH) policies, owing to the sudden outbreak of the COVID-19 pandemic, are expected to stimulate the Customer Relationship Management (CRM) market over the forecasted period.
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Global Customer Relationship Management Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Customer Relationship Management Companies:
Adobe Inc., Cisco Systems Inc., Insightly Inc., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Pegasystems Inc., Ramco Systems Limited, Sage Group plc, Salesforce.com Inc., SAP SE, SugarCRM Inc. and Zoho Corporation Private Limited.
The report has segmented the market on the basis of region, component, deployment mode, organization size, application and industry vertical.
Breakup by Component:
- Software
- Services
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Application:
- Customer Service
- Customer Experience Management
- CRM Analytics
- Marketing Automation
- Salesforce Automation
- Others
Breakup by Industry Vertical:
- BFSI
- Retail
- Healthcare
- IT and Telecom
- Discrete Manufacturing
- Government and Education
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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