CRM (customer relationship management software) software is designed to help the organization provide a unique and seamless customer experience and build better relationships by providing a complete picture of all customer interactions, tracking sales, organizing, and prioritizing the opportunities, and facilitating collaboration across different teams.
Sizing and Forecast
The CRM software market size has grown rapidly in recent years. It will grow from $142.72 billion in 2023 to $163.36 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to emergence of digital era, customer-centric business approach, sales and marketing automation needs, rise of e-commerce, globalization and market expansio.
The CRM software market size is expected to see rapid growth in the next few years. It will grow to $281.21 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%. The growth in the forecast period can be attributed to ai and predictive analytics integration, cloud-based solutions growth, mobile-centric crm, emphasis on customer experience (cx), iot integration. Major trends in the forecast period include hyper-personalization, customer journey mapping, omnichannel integration, data quality and governance, social crm evolution.
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Segmentation & Regional Insights
The CRM software market covered in this report is segmented –
1) By Deployment: Cloud CRM, On-Premise CRM
2) By Size of Enterprise: Small&Mid sized enterprises, Large enterprises
3) By Application: Sales, Marketing, Manufacturing, Customer service, Social networking, Supply chain, Distribution, Other Applications
Asia-Pacific was the largest region in the customer relationship management (CRM) software market in 2023. North America was the second largest region of the global customer relationship management (CRM) software market. The regions covered in the crm software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing number of customers of the organizations and the rising need for customer satisfaction are expected to benefit the customer relationship management software market in the forecast period. Organizations should offer customized services to customers, gain better knowledge of their purchasing habits and other details, develop cross-selling opportunities, and create competitive differentiators to retain existing customers and to attract new customers. These drive the demand for the use of CRM software in organizations to understand their customers in a better way and to maintain a good relationship with them. For example, Apollo Hospitals has implemented custom designed CRM software of Veon Consulting which resulted in high user adoption, 27% cut in the timeline of the review process, efficient handling of patient visits and outcome which saved manual efforts by 42%, and effective reporting and dashboards which reduced number of travels by 50%.
Key Industry Players
Major companies operating in the crm software market report are Microsoft Corporation, Huawei Technologies Co. Ltd., Oracle Corporation, SAP SE, Salesforce.com Inc., Adobe Inc., The Sage Group plc, NICE Systems Ltd., Genesys Telecommunications Laboratories Inc., HubSpot Inc., Zendesk Inc., Pegasystems Inc., Zoho Corporation, Verint Systems Inc., Freshworks Inc., Swiftpage ACT LLC, Pipedrive Inc., Creatio Ltd., SugarCRM Inc., Keap Co., Maximizer CRM Inc., vCita Company, Hotjar Ltd., Agile CRM Inc., Insightly Inc., Apptivo Inc., Nimble Inc., Salesboom.com Inc., Dapulse Ltd., InfoFlo Solutions Inc., Method CRM, PipelineDeals Inc., Really Simple Systems Ltd.
The crm software market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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