The global Customer Relationship Management Market size is estimated to reach USD 96.5 billion by 2028, registering a CAGR of 10.6% over the forecast period, according to a new report by Grand View Research, Inc. The increasing demand for an innovative way to analyze customer information, collate critical customer data, and transform it into a better customer experience strategy are driving the demand for Customer Relationship Management (CRM) solutions across businesses and enterprises. Furthermore, the integration of CRM solutions with advanced technologies such as big data analytics, Machine Learning (ML), and Artificial Intelligence (AI)-powered analytics are expected to foster product innovation and development across CRM solutions for a better customer experience in the near future.
The adoption of customer relationship management solutions has witnessed a boost in recent years owing to their numerous benefits, including reduced marketing cost, improved operational efficiency, and efficient data-based management of an organization’s entire sales process. The rapid proliferation of mobile and cloud solutions is encouraging organizations to increasingly insist on efficient access to real-time customer data for improved customer engagement. Moreover, the increasing penetration of smart mobile devices and internet services is likely to boost the demand for CRM solutions in the sales and marketing domain globally.
The increased demand for the optimized implementation of advanced technologies such as predictive and prescriptive analytics to maximize current operational processes is a key factor driving investments and innovation in CRM solutions. For instance, in October 2020, Salesforce.com, Inc. launched its Anywhere application for sales and service representatives to collaborate with their sales and marketing teams to make smarter and faster decisions using CRM capabilities. The company’s Anywhere application further helps speed up team processes with real-time alerts, collaborate with integrated chats, and stay productive with suggestive actions.
The rise in social CRM and mobility has also been driving the growth of a new era of improved customer-centric buyer services and relationship management solutions. Many CRM providers are offering solutions integrated with various social media platforms such as Facebook, Twitter, and LinkedIn. This is estimated to boost the demand for CRM solutions globally.
Related Press Release@ Customer Relationship Management Market Report
Customer Relationship Management Market Report Highlights
- In terms of solution, the CRM analytics segment is projected to expand at a promising pace throughout the forecast period. The application of artificial intelligence, machine learning, and the growing integration of business intelligence and analytics in CRM software is likely to drive the growth of the segment over the forecast period
- In terms of deployment, the cloud segment is estimated to account for a significant market share by 2028, registering a CAGR of 14.3% during the forecast period. Cloud was also the most preferred deployment model in 2020 and is projected to retain its dominance over the forecast period. Increasing use of mobile applications is likely to further accelerate the adoption of the cloud segment
- In terms of enterprise size, the Small and Medium Enterprises (SMEs) segment is anticipated to register a CAGR of 13.8% over the forecast period. The rising need to identify, prioritize, and minimize business challenges is driving the implementation of CRM solutions in SMEs globally. Moreover, factors such as increasing business productivity, innovation in marketing strategies, and customer retention are also likely to drive the growth of the segment over the forecast period
- In terms of end-use, the IT and telecom segment is likely to register the highest CAGR of 13.1% from 2021 to 2028. Better sales projection, efficient supply chain management, and improved customer service processes are some of the key factors expected to boost the adoption of CRM solutions in the segment
- The Asia Pacific regional CRM market is projected to register the highest CAGR over the forecast period, thanks to the presence of emerging economies such as China, India, Japan that hold a large customer base across industries and verticals. Moreover, increasing awareness about innovative marketing and sales tools to improve customer engagement, growing penetration of the internet, rise in the number of social media platforms, and smartphone usage are likely to promote regional growth over the forecast period