Customer Relationship Management Market

Global Customer Relationship Management (CRM) Market Size (2023 – 2028)

The customer relationship management (CRM) market will progress from $ 11.91 billion in 2022 to $ 29.08 billion in 2028, with a CAGR of 36.5% from 2023 to 2028.

Customer relationship management (CRM) software refers to a type of business software that includes a wide range of applications, as well as software that will help companies manage interaction, support, customers data, automate sales and marketing, and access and manage key activities, information about partners, suppliers and employees.

Market overview:

Customer relationship management has become an essential element for various functions in global companies. Advances in Social CRM have made it faster, more accessible, and have also provided vital information on business analytics. Businesses are embracing social CRM as an additional channel in CRM software solutions in general. Social CRM refers to a social layer in addition to traditional CRM software solutions; These solutions offer companies several benefits, including greater transparency, better communication of ideas and business information, flexibility and performance. Social CRM helps companies establish customer engagement and increase their brand presence with customers.

Recent developments:

• July 2019 - Microsoft Commercial Marketplace Launch Partner Nimble launched Smart CRM for Office 365 as Team Relationship Manager in Microsoft Commercial Marketplace.

• April 2019: Microsoft collaborates with Adobe for everyone on lead generation software. Adobe marketing software will be used to find potential customers for business products on LinkedIn and Microsoft sales software will be used to complete the transaction.

• April 2019: Infor, an industry-specific cloud application provider, launched Infor CloudSuite CRM, a cloud application as part of its Infor Customer Experience suite of solutions.

Impact of Covid-19 on Customer Relationship Management Market:

Since the COVID-19 pandemic in the early first quarter of 2020, businesses have closed their doors or suffered significant losses. Companies have the only opportunity to retain their customers, which can help them during this lockdown. Additionally, CRM software offers benefits such as customer mapping, from initial contact discovery to post-purchase interactions, which are sometimes overlooked by companies. Additionally, CRM software benefits businesses with useful reports and statistics on historical consumer behavior data.

Governments around the world have imposed curfews or recommended that citizens stay home to prevent the spread of coronavirus. The pandemic that started in China has now spread across the world. This, in turn, affected daily life and business operations. While many markets have been affected by foreclosure, CRM software is in high demand primarily due to its ability to capture accurate and accurate customer information. More and more people are turning to web services at home, and the market for CRM software has grown stronger than ever.

Market growth and trends:

Customer relationship management (CRM) is gaining momentum in today's business ecosystem. With the rise of social media, companies are also embracing social integration with CRM software, giving rise to social CRM as a new channel these days. Social CRM solutions combine traditional solutions with social media to improve business customer engagement. The solution provides a social platform for companies' changing CRM needs, while providing flexibility in terms of scope, implementation, and administration. Social CRM integrates customer decisions into the combination of planning and feedback loop to engage customers with businesses.

CRM in the retail industry are expected to increase due to the growing presence of region-specific retailers. Retail ecosystems are very emerging in China, India and South Korea. Currently, China dominates the e-commerce market in Asia with big players like JD.com and Alibaba. In addition, the Indian retail market is estimated to be between $ 672 billion in 2017 and $ 1.2 billion in 2021, according to the IBEF.

Retail CRM brings value to salespeople by providing a one-stop shop to manage their entire customer service cycle, personalized marketing opportunities and prompt customer service.

The retail ecosystem has focused on how small and medium businesses can use these tools to compete with large businesses. Since then, there has been a trend towards personalization and adaptability, especially in the small and medium business sector, CRM to meet these needs has led vendors to offer all-in-one CRM. Retailing in recent years has seen a major shift, with established players in the online market disrupting traditional brick and mortar stores. This has resulted in a significant number of offline stores needing CRM to compete with online retailers.

Market Drivers and Restraints:

• The increase in business functions enriched by mobile devices, continuous access to critical information in real time, the development of high-speed network and wireless connectivity, the growth in the use of mobile devices, better return on investment, profitability and vertical concentration in the market are the factors that have a positive impact on the CRM market
• Complicated integration of mobile devices with CRM, poor user acceptance, implementation issues, and corporate data security are the challenges of the global Customer Relationship Management market
• The integration of mobile devices, the web and CRM that helps to increase sales revenue in the organization, the mobility which helps to get information anytime and anywhere and the participation of mobile devices are the opportunities for the worldwide market.
• Mobile CRM, including customer functionality and customer support, the use of portable devices and the Internet of Things (IoT), are the latest trends in the global CRM market.

GLOBAL CUSTOMER RELATIONSHIP MANAGEMENT (CRM) MARKET REPORT COVERAGE:

Market segmentation:

The global CRM market is segmented base on the type, end customer, industry, deployment model, and geography.

Global Customer Relationship Management (CRM) Market - By Type:

According to the type, the market includes sales analysis, marketing analysis, customer analysis, etc.

Global Customer Relationship Management (CRM) Market - By End Customer:

End customers covered by the report include small and medium enterprises and large enterprises.

Global Customer Relationship Management (CRM) Market - By Industry:

Industries served by the CRM market are BFSI, Retail, Manufacturing, IT and Telecommunications.

Global Customer Relationship Management (CRM) Market - By Deployment Model:

Based on the deployment model, the market is bifurcated mainly into on-premises and cloud.

Regional Analysis:
Regions explored in the global Customer Relationship Management market report include North America, Europe, Asia-Pacific, and LAMEA.

North America and Europe are expected to dominate the CRM market during the forecast period owing to the increased use of mobile services or platforms for employees and business customers. Asia-Pacific, Middle East and Africa are expected to be the emerging regions that will contribute the most growth during the forecast period.

Key market players:

Few of the leading players in the global CRM market include Salesforce.com, Zoho Corporation, Microsoft Corporation, Oracle Corporation, Sybase, Inc., Kony Solutions, resco.net, Software AG and Repsly, Inc., etc.