The global Customer Relationship Management (CRM) market achieved a valuation of USD 57.66 billion in 2023, with a projected compound annual growth rate (CAGR) of 11.2% from 2023 to 2030, anticipating a substantial increase to nearly USD 121.22 billion.
Market Overview
As of the most recent Customer Relationship Management Market update, the global economic landscape reflects a dynamic interplay of various factors. Major financial markets continue to navigate the aftermath of the unprecedented events that unfolded in recent years, such as the global pandemic and geopolitical shifts. Equities have demonstrated resilience amid ongoing uncertainties, propelled by technological advancements, innovation, and accommodative monetary policies. However, challenges persist, including inflationary pressures, supply chain disruptions, and regulatory changes in various sectors. Investors are closely monitoring central bank decisions, fiscal policies, and emerging trends to assess potential opportunities and risks. The market’s response to evolving conditions underscores the importance of adaptability and strategic planning for both businesses and investors in this complex and ever-changing environment.
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Report Scope:
The comprehensive report on the Customer Relationship Management Market provides a detailed analysis of market dynamics, drivers, restraints, segmentation, regional insights, and the overarching market scope.
Research Methodology:
The research methodology employed in this report ensures the delivery of accurate and reliable insights. A free sample report is available to understand the thorough research process.
Drivers and Restraints:
The report highlights the increased emphasis on customer engagement, emergence of small and medium enterprises (SMEs), the role of social platforms, and real-time idea exchange as major drivers of CRM market growth. However, challenges such as high CRM software costs, security concerns, and the absence of a human touch are identified as significant obstacles.
Segmentation:
- Deployment Mode: The CRM market is segmented into On-Premises, Cloud, and Hybrid. In 2023, the Cloud segment dominated with a market share of 63.6%, driven by the advantages of Software as a Service (SAAS) deployment.
- Verticals: Vertical segmentation includes BFSI, Retail, Healthcare, IT & Telecom, Discrete Manufacturing, Government & Education, and Others. The BFSI segment led in 2023, utilizing CRM systems to enhance customer experience and gain advantages in customer segmentation and database accessibility.
by Component
Software
Services
by Deployment Mode
On-Premise
Cloud
Hybrid
by Application
Customer Service
Customer Experience Management
CRM Analytics
Marketing Automation
Salesforce Automation
Others
by Industry
Vertical BFSI
Retail
Healthcare
IT & Telecom
Discrete Manufacturing
Government & Education
Others
Regional Insights:
- North America: Holding the largest market share in 2023, North America serves as a hub for various industries due to technological advancements and a shift towards digital transformation.
- Asia Pacific: Anticipated to grow at the highest CAGR during the forecast period, Asia Pacific experiences extensive investment in CRM, driven by economic growth, digital transformation, and technological improvements in small and medium enterprises.
Market Key Players
1. Salesforce.com
2. SAP AG
3. Oracle Corporation
4. Microsoft Corporation
5. Adobe Systems Inc
6. Amdocs
7. Convergys Corporation
8. Huawei Technologies Co. Ltd
9. Infor Global Solutions, Inc
10.SAS Institute Inc
11.SYNNEX Corporation
12.The Sage Group Plc
13.Verint Systems Inc
14.IBM Corporation
15.SugarCRM
16.NICE Ltd
17.IMS Health
18.NetSuite Inc
19.ZOHO Corporation
20.Infusionsoft
21.Copper CRM, Inc.
22.Insightly Inc.
23.Creatio
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Key questions answered in the Customer Relationship Management Market report include:
What is Customer Relationship Management?
What factors drive Customer Relationship Management Market growth?
What are the main challenges for Customer Relationship Management Market growth?
What was the Customer Relationship Management market size in 2023?
Which trends are expected to contribute to Customer Relationship Management market growth?
What recent industry trends can generate additional revenue streams for the Customer Relationship Management Market?
What growth strategies are players considering to increase their foothold in the Customer Relationship Management Market?
Who held the largest market share in the Customer Relationship Management Market?
Key Offerings:
Past Market Size and Competitive Landscape (2021 to 2023)
Past Pricing and price curve by region (2021 to 2023)
Market Size, Share, Size & Forecast by different segment | 2023−2029
Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation – A detailed analysis by segment with their sub-segments and Region
Competitive Landscape – Profiles of selected key players by region from a strategic perspective
Competitive landscape – Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER’s analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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