Customer Relationship Management Market Is Expected To Expand At A Cagr Of 13.3% From 2022 To 2030

 Customer Relationship Management Industry Overview

The global customer relationship management market size was valued at USD 52.4 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 13.3% from 2022 to 2030. The COVID-19 pandemic has driven several organizations across the globe to develop a roadmap and to understand together with their consumers how to move ahead in the future. Rising demand for automated engagement with customers, improving the scope of digital operations, and enhancing customer experience and services are driving the demand for Customer Relationship Management (CRM) solutions across various industries globally. Emerging technologies, such as cloud computing technology, Artificial Intelligence (AI), machine learning, and the availability of various service models such as SaaS, Infrastructure as a Service (IaaS), and Platform as a Service (PaaS) are projected to drive the market over the forecast period.

According to industry estimates, over 91% of organizations with more than ten employees in their workforce use customer relationship management systems. Organizational departments such as sales and marketing and customer services and support are increasingly integrating CRM systems with artificial intelligence to improve customer experience and feedback and develop strong bonds with their customers. Furthermore, factors such as efforts to accelerate business content, shifting their strategy from push marketing to pull marketing, and providing real-time communication, will empower organizations to adopt customer relationship management solutions over the forecast period.

 

Gather more insights about the market drivers, restrains and growth of the Global Customer Relationship Management market

 

The growing use of digital channels by customers to communicate with brands and organizations is anticipated to boost the market growth over the forecast period. A recent survey conducted by SoftClouds suggests that approximately 82% of the organizations use customer relationship management systems for sales reporting and process automation. It gives a better understanding of buyer behavior and their preference, which enables brands and organizations to adopt the best customer relationship management strategies and deliver performance in real-time. For instance, in December 2021, Freshworks Inc. offered Freshdesk Contact Center to 7-Eleven store, a global chain of retail stores. The solution will resolve queries quickly and deliver the same-in-store conveniences to their regular customers and online shoppers.

With the growing importance of understanding customer behavior and their preferences, organizations are adopting customer relationship management strategies to deliver the best performance in real-time and stay ahead of their rivals. Rapid shifts in the fields of business intelligence and embedded analytics, Internet of Things (IoT), artificial intelligence, and their implementation in customer relationship management solutions are likely to promote product enhancement and innovation among CRM vendors. For instance, in June 2021, Salesforce.com, Inc. announced new capabilities across digital 360 to help enterprises to boost their digital activities and deliver the next generation of digital experiences, commerce, and marketing.

The CRM market is anticipated to witness the tussle between emerging vendors, large vendors, and new and niche vendors to expand their business reach into new markets and industries. Furthermore, several customer relationship management providers are working with system integrators (SI) and independent software vendors (ISV) to sustain in this competitive market. The growing adoption of customer relationship management applications, ease of deployment, and ongoing price trends are expected to drive the growth of customer relationship management market.

 

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

  • Digital Transaction Management Market - The global digital transaction management market size was valued at USD 8.04 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 25.5% from 2022 to 2030. The growth of the market can be attributed to the paradigm shift toward workflow and process automation across numerous industries and industry verticals.

 

  • Neobanking Market - The global neobanking market size was valued at USD 47.39 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 53.4% from 2022 to 2030. The rising demand for convenience among customers in the banking sector is expected to drive market growth. Neobanks offer banking solutions without the need for physical branches or offices.

 

Customer Relationship Management Market Segmentation

Grand View Research has segmented the global customer relationship management market report based on solution, deployment, enterprise size, end use, and region:

  • Solution Outlook (Revenue, USD Million, 2017 - 2030)
    • Customer Service
    • Customer Experience Management
    • CRM Analytics
    • Marketing Automation
    • Salesforce Automation
    • Social Media Monitoring
    • Others

 

  • Deployment Outlook (Revenue, USD Million, 2017 - 2030)
    • On-premise
    • Cloud

 

  • Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)
    • Large Enterprises
    • Small & Medium Enterprise

 

  • End-use Outlook (Revenue, USD Million, 2017 - 2030)
    • BFSI
    • Retail
    • Healthcare
    • IT & Telecom
    • Discrete Manufacturing
    • Government & Education
    • Others

 

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Market Share Insights

  • October 2021: SAP SE announced the integration of SAP Sales Cloud Solution with Microsoft Teams. This integration of SAP Sales Cloud Solution with Microsoft Teams enables users to access customer and sales information instantly from Microsoft Teams and also update the records of customer meetings in real-time without leaving the Microsoft Teams.
  • July 2019: Nimble, a launch partner in the Microsoft Commercial Marketplace has launched a Smart CRM for Office 365 as a team relationship manager at Microsoft’s Commercial Marketplace.

 

Key Companies profiled:

Some of the prominent players in the customer relationship management market include:

  • com, Inc.
  • Microsoft Corporation
  • SAP SE
  • Oracle Corporation
  • ADOBE INC.
  • SugarCRM Inc.
  • Zoho Corporation Pvt. Ltd
  • Copper CRM, Inc.
  • Insightly Inc.
  • Creatio

 

Order a free sample PDF of the Customer Relationship Management Market Intelligence Study, published by Grand View Research. 

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