Customer Relationship Management Market Share, Size, Trends, Industry Analysis Report, By Solution; By Deployment (On-premise, Cloud); By Enterprise Size (SMEs, Large Enterprise); By End-Use, By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 115
- Format: PDF
- Report ID: PM2341
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global customer relationship management market size was valued at USD 62.37 billion in 2023. The market is anticipated to grow from USD 71.08 billion in 2024 to USD 203.63 billion by 2032, exhibiting the CAGR of 14.1% during the forecast period.
Increasing demand for customer engagement coupled with the incorporation of Artificial Intelligence is expected to propel the market demand.
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CRM solutions are used to strengthen customer interactions, enhance customer service, enable faster turnaround times, and customize client interactions, optimizing the customer experience throughout all engagements, which will boost sales. CRMs give clients fast accessibility to every engagement they've had involving a company, such as chat information, past purchases, as well as clients support requests. This allows clients care representatives to rapidly bring up the client's information while speaking with individuals, which improves the quality of personalized service offered by the company.
The deployment of client relationship management software necessitates a significant investment on the part of the organization. CRM solution is costly since it comes in a variety of pricing options based on the demand of enterprises. Small and mid-size businesses might not bear such huge investments, which in turn will restrain the customer relationship management market growth.
Industry Dynamics
Growth Drivers
Every year, AI innovations have a substantial impact on industrial specialization and various sectors. With advances in data gathering, interconnectivity, and machine learning capacities, the demand for Ai in client relationship management (CRM) is expected to propel over the forecast years. The use of AI in modern technology is spreading quickly over the globe. Thus, the need for AI implementation into client relationship software to enhance client satisfaction is also expanding.
Furthermore, evaluating consumers' emotional states is critical for better understanding their demands and generating loyalty and a solid engagement. Utilizing sentiment analytics, AI-implemented client relationship management (CRM) applications identify the emotional condition of consumers during conversations and interactions. Thus, the rising implementation of these advanced technologies in order to increase client engagement is expected to boost the demand for the client relationship management market over the forecast period.
Report Segmentation
The market is primarily segmented based on solution, deployment, enterprise size, end-use, and Region.
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By Solution |
By Deployment |
By Enterprise Size |
By End-Use |
By Region |
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Insight by Deployment
The cloud segment dominated the global market in 2021 and is expected to maintain its dominance over the forecast period, growing at a CAGR of 13.9% as companies don't need to invest a huge amount in the setup cost of hardware and minimal software maintenance issues. This, in turn, attracts small and medium-sized businesses to adopt cloud-based client relationship management, which is expected to boost the segment growth.
The on-premise segment is expected to grow considerably over the forecast period as some businesses opt not to entrust valuable information to the 3rd party supplier. This is particularly true for businesses that handle sensitive data, including banks and insurance businesses. Increasing cases of data theft and other security concerns are expected to drive the demand for on-premise CRM solutions over the forecast period.
Insight by End-Use
IT segment is expected to grow at the fastest pace with a CAGR of 15.0% throughout the forecast period. Client relationship management (CRM) solutions provide firms with a wealth of information about how they are currently operating and assist them in developing a strategy to attain their objectives. Consistent development, increased interaction, increase client experience and engagement, strategic planning obtaining a competitive benefit are among the advantages, which in turn is expected to increase the demand for CRM for the IT segment over the projected period.
Retail segment holds a significant share in the global client relationship management (CRM) market in 2021 and is expected to grow at a considerable CAGR of 14.5% over the forecast period. Increasing the adoption of online shopping platforms by customers encourages companies to adopt CRM tools to gather customer information. Companies use these data to analyze consumer purchasing patterns and trends, which will help them to increase their sales through customized promotions.
Geographic Overview
North America dominated the global customer relationship management market in 2021 and is anticipated to maintain its dominance over the projected period. Businesses in the North American area are shifting from product-oriented to customer-centric. These businesses are also embracing smartphone CRM client relationship management solutions and driving upmarket for them. Furthermore, enterprises in this location have rapidly increased their expenditure on CRM systems. All of these considerations are propelling the client relationship management CRM markets forward.
Asia Pacific is expected to grow at the fastest pace with a CAGR of 15.2% over the forecast period due to the increasing adoption of digital technologies such as machine learning and artificial intelligence coupled with the presence of a large customer base that has increased the competition among industry players.
Competitive Insight
Some of the major players operating in the global customer relationship management market include Adobe, Copper CRM, Inc., Creatio, HubSpot, IBM, Insightly, Inc., Microsoft, NetSuite Inc, Oracle, Pipedrive, Salesforce.com, SAP, SugarCRM, SYNNEX Corporation, Zendesk, Zoho Corporation Pvt. Ltd. and others.
These industry players are adopting growth strategies, including new product launches, partnership & collaboration, mergers & acquisitions, and others in order to increase their market share. For instance, in February 2022, Collier Pickard and Agovo, Creatio's partners, have joined forces to expand their No-Code Workflow Automation and CRM Delivery Capabilities in the UK.
Customer Relationship Management Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 71.08 Billion |
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Revenue forecast in 2032 |
USD 203.63 Billion |
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CAGR |
14.1% from 2024 - 2032 |
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Base year |
2023 |
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Historical data |
2019 - 2022 |
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Forecast period |
2024 - 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Solution, By Deployment, By Enterprise Size, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key Companies |
Adobe, Copper CRM, Inc., Creatio, HubSpot, IBM, Insightly, Inc., Microsoft, NetSuite Inc, Oracle, Pipedrive, Salesforce.com, SAP, SugarCRM, SYNNEX Corporation, Zendesk, Zoho Corporation Pvt. Ltd., and others. |
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