USD 51.68 billion
Report ID: SQSG45F2035 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 118 | Figures: 77
Customer Relationship Management Market size was valued at USD 51.68 billion in 2021 and is poised to grow from USD 58.82 billion in 2022 to USD 163.16 billion by 2030, growing at a CAGR of 13.9% in the forecast period (2023-2030).
Advancement in technologies such as artificial intelligence, machine learning, cloud computing, easy availability of various service models like SaaS, IaaS, and PaaS are the major driving factors for the global customer relationship management market during the forecast period. Furthermore, increasing demand for automated engagement with customers, rising scope for digital operations, and improving customer services and experience are also driving the market for customer relationship management market across the globe.
The continuously growing use of digital channels by customers globally to communicate and inter-connect with several brands and organizations is projected to fuel the market growth over the forecast period.
With the increasing importance of understanding customer behaviour and preferences, organizations and brands are focusing on adoption of best customer relationship management system to deliver the most efficient performance in real-time and stay one step ahead of their rivals. In addition, rapid shifts in the IoT, embedded analytics, artificial intelligence, and implement for the same in customer relationship management solutions are likely to propel market growth throughout the forecast period.
US Customer Relationship Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 51.68 billion
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Customer Relationship Management Market is segmented on the basis of solution, enterprise size, end-use, deployment, and region. By, solution, the market is sub-segmented into customer service, marketing automation, social media monitoring, CRM analytics, and others. By enterprise size, the market is bifurcated into large enterprise and small enterprise. By end-use, the market is classified into manufacturing, retail, health care, and others. Based on deployment, the market is segmented into on-premise, cloud. By region, the market segmentation spans North America, Europe, Asia Pacific, Latin America, and MEA.
Customer Relationship Management Market Analysis by Solution
By solution, the customer service segment dominated the market with a holding of more than 25% revenue share in 2022. Increasing adoption of customer relationship management strategies among various brands and organization for understanding current behaviour and needs of their customers is the major key factor driving the segment growth. In addition, an extensive rise in the usage of digital channels with the help of advanced technologies like artificial intelligence by customers all over the world to create a connection with brands and organization is further expected to drive the growth of the segment in the coming years.
Furthermore, the CRM analytics segment is anticipated to witness a significant growth rate during the forecast period. The availability of several types of platforms and continuously increasing adoption for integration of analytics in customer relationship management solutions which enables companies to derive the crucial business data and insights are the major factors projected to boost the growth of the segment. Moreover, ongoing demand for structured as well as unstructured data from numerous digital channels is also expected to contribute to the growth of the global customer relationship management market over the forecast period.
Customer Relationship Management Market Analysis by End-Use
By end-use, the retail segment held the largest market share in 2022, accounted for a healthy CAGR of the market. Shifting towards customer relationship management services by retail companies to get customer data, understanding business growth, and latest trends is the key factor driving the segment growth. Moreover, a growth in the focus on digital marketing activities and latest and innovative IT solutions for the advancement of business standards are also projected to have a positive impact on the demand and growth of the industry. For instance, in December 2021, Freshworks Inc. launched its new Freshdesk Contact Center to a 7-Eleven location, which is a worldwide retail chain. It swiftly answers to the problems and provides the same in-store advantages to online and also regular customer buyers.
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Globally, North America held the largest global Customer Relationship Management market share and accounted for more than 49.3% of the overall market in 2022. Increasing adoption of customer relationship management solutions and advancement in technologies are the key driving factors of the market in the region. Moreover, an extensive rise in the digital transformation in various sectors including banking, retail, and healthcare, is projected to propel the market growth over the forecast period.
Moreover, Asia Pacific is expected to grow at fastest CAGR over the forecast period owing to the increase in demand for innovative and advanced customer relationship management solutions by several emerging economies such as India, China, and Indonesia. The rapid expansion of the retail industry in the developing nations such as India and China is also expected to drive the growth of the sector in the near future. Additionally, the increasing investments by large international players in the countries like Indonesia, India, and Brazil for the expansion of their reach and acquire large consumer base is fostering the regional growth.
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Customer Relationship Management Market Drivers
Technological Integrations across business domains to drive market growth
Customer Relationship Management Market Restraint
Data Leakage and Cyber threats to restrain the market growth
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The global customer relationship management market is fairly fragmented with the presence of well-known and established market players such as Microsoft Corporation, IBM Corporation, and Adobe Systems, Inc. Major players of the global market are mainly focusing on innovations, new product launches, acquisition & mergers, and increasing investments as key strategies in order to increase their market position and expand their product portfolio.
Top Players in the Global Customer Relationship Management Market
Customer Relationship Management Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global customer relationship management report analysis, the global customer relationship management market is witnessing a healthy growth during the forecast period owing to the development of artificial intelligence, machine learning, and other technologies across the globe. Furthermore, increasing expenditure on the research & development sector for new innovations and more advanced technologies to enhance CRM solutions among the brands and organizations is also projected to fuel the growth of the market during the forecast period. However, the challenges under an CRM system such as bad data, lack of support, security issues, and irregular workflows are anticipated to have negative impact on the global market.
|Market size value in 2021||USD 51.68 billion|
|Market size value in 2030||USD 163.16 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Customer Relationship Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Customer Relationship Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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