Customer Relationship Management Market

The Customer Relationship Management Market is predicted to rise to USD 97 billion by 2028, witnessing 11.1% CAGR during 2021-2028

Customer Relationship Management Market Overview

Customer relationship management (CRM) can be defined as a technology that combines business strategies, software, and processes that help in managing relationships and interactions between companies and their customers and potential customers. A CRM system helps companies in contact management, sales management, increasing productivity, and developing, retaining, and acquiring customers.

To have an edge over the competition by knowing the market dynamics and current trends of “Customer Relationship Management Market”, request for Sample Report here

Major Customer Relationship Management Market Drivers

The growing digital transformation of businesses, increasing demand for CRM solutions for improving customer experience and services, and the rising focus on customer engagement through the use of social media platforms such as Facebook, Instagram, and Snapchat, among others are some of the major factors expected to drive the growth of the customer relationship management market over the forecast period. Additionally, the CRM software offers various advantages including smooth & efficient interaction with customers, gathering data from multiple channels, storing detailed information such as overall purchase history, personal info, and purchasing behavior patterns. This is further expected to augment the CRM market size growth. Moreover, rising internet penetration, the use of mobile devices, and the implementation of artificial intelligence in CRM systems are expected to provide growth opportunities to the market.

Restraint in the Customer Relationship Management Market

However, the high initial investment involved in the implementation of the customer relationship management system is expected to restraint the industry growth. Moreover, security and privacy concerns related to confidential data may further hamper the market growth.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Deployment Mode – Segment Analysis

Based on the deployment mode, the cloud segment is expected to grow substantially during the forecast period owing to the benefit of reduced costs of infrastructure, administration, set-up, and implementation of CRM software and solutions. Some of the cloud-based customer relationship management systems including Pipedrive, Salesforce Sales Cloud, FreshSales, Microsoft Dynamics 365 CRM, Zoho CRM, and Infusion Soft are further contributing to the growth of the market

Organization Size – Segment Analysis

Based on the organization size, small and medium-sized enterprises are expected to grow at a prominent CAGR over the forecast period owing to the rising number of SMEs throughout the world and growing demand for digital platforms for improving relationships with existing and potential customers. Moreover, according to the World Bank Group, small and medium enterprises represent about 90% of businesses worldwide and are estimated to provide 600 million jobs in 2030.

Application – Segment Analysis

Based on the application, marketing & sales automation is expected to hold a notable share in the market primarily due to the growing awareness regarding the significance of marketing in generating sales, capturing new customers, and customer retention. Additionally, marketing & sales automation solutions help in automating marketing processes management, multifunctional campaigns, and sales activities, across multiple channels.

Industry Vertical – Segment Analysis

Based on the industry vertical, retail and consumer goods are expected to account for a high market share over the forecast period. This can be attributed to the growing retail industry coupled with the rising e-commerce sector and increasing disposable income of consumers. Moreover, according to the National Retail Federation, the retail sales during 2020 will increase between 3.5 percent and 4.1 percent to reach more than $3.9 trillion in the U.S. which further contributes to the growth of the market.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here

Regional – Segment Analysis:

North America is expected to account for a high share in the customer relationship management market during the forecast period. This can be attributed to the growth in the healthcare, entertainment, and e-retail industries in the region. Additionally, the high penetration of the internet, mobile devices, and social media platforms is further accelerating the growth of the market. According to the World Bank, around 87% of the U.S. population use the internet in 2019. This is expected to contribute to the customer relationship management market growth in the region.

Top Market Players

Several leading Customer Relationship Management companies operating in the market, include, Salesforce.com, Inc., Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, Adobe Inc., SAS Institute Inc., Pipedrive, SAP SE, SugarCRM Inc., and Zoho Corporation Pvt. Ltd. among others.

Key Developments:

• • In 2021, Amazon Web Services, Inc. (AWS), an Amazon.com Inc. company partnered with Salesforce.com, Inc. this partnership is expected to help customers to use the full set of Salesforce and AWS capabilities together to quickly build and deploy powerful new business applications accelerating digital transformation.

Segments covered in the Report:

The global Customer Relationship Management market has been segmented on the basis of deployment mode, organization size, application, industry vertical, and key regions. Based on the deployment mode, the market is segmented into on-premise, cloud, and hybrid. Based on the organization size, the market is segmented into large scale, small and medium scale. Based on the application, the market is segmented into marketing & sales automation, customer management, lead generation and customer retention, customer support and contact center, and others. Based on industry vertical, the market is segmented into BFSI, manufacturing, it & telecommunication, retail and consumer goods, healthcare, transportation & logistics, and others.

For detailed scope of the “Customer Relationship Management Market” report request a Sample Copy of the report

Market Segmentation

Global Customer Relationship Management Market by Deployment Mode

• • On-Premise
  • Cloud
  • Hybrid

Global Customer Relationship Management Market by Organization Size

• • Large scale
  • Small and medium scale

Global Customer Relationship Management Market by Application

• • Marketing & Sales Automation
  • Customer Management
  • Lead Generation and Customer Retention
  • Customer Support and Contact Center
  • Others

Global Customer Relationship Management Market by Industry Vertical

• • BFSI
  • Manufacturing
  • IT & Telecommunication
  • Retail and Consumer Goods
  • Healthcare
  • Transportation & Logistics
  • Others

Global Customer Relationship Management Market by Region

• • North America Customer Relationship Management Market (Option 1: As a part of the free 25% customization)

    • By Deployment Mode
    • By Organization Size
    • By Application
    • By Industry Vertical
    • US Market All-Up
    • Canada Market All-Up

  • Europe Customer Relationship Management Market (Option 2: As a part of the free 25% customization)

    • By Deployment Mode
    • By Organization Size
    • By Application
    • By Industry Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Customer Relationship Management Market (Option 3: As a part of the free 25% customization)

    • By Deployment Mode
    • By Organization Size
    • By Application
    • By Industry Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Customer Relationship Management Market (Option 4: As a part of the free 25% customization)

    • By Deployment Mode
    • By Organization Size
    • By Application
    • By Industry Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Customer Relationship Management Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Salesforce.com, Inc.
  • Microsoft Corporation
  • International Business Machines Corporation
  • Oracle Corporation
  • Adobe Inc.
  • SAS Institute Inc.
  • Pipedrive
  • SAP SE
  • SugarCRM Inc. 
  • Zoho Corporation Pvt. Ltd.