Global Banking CRM Software Market Size study, by Offering (Solution, Service), by Deployment Mode (On-Premises, Cloud), by Application (Customer Service, Customer Experience Management, CRM Analytics, Marketing Automation, Salesforce Automation, Others) and Regional Forecasts 2022-2032
The Global Banking CRM Software Market is valued approximately at USD 12.71 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 15.66% over the forecast period 2024-2032. The concept of customer relationship management (CRM) in the banking sector is focused on establishing and maintaining long-term relationships with clients to benefit both consumers and banks. This approach enables banks to identify, categorize, and engage with each customer, fostering lasting connections. In today's business environment, banks need to recognize customer needs and tailor their offerings to enhance revenues. Increase in new CRM software and the adoption of advanced technologies are some of the trends driving the banking CRM software market growth. For instance, in April 2020, Temenos launched Software-as-a-Service (SaaS) propositions using innovative explainable artificial intelligence (XAI) and cloud technology to help the banking industry manage consumer relationships during the coronavirus pandemic. Moreover, the rise in digital banking activities is further fueling market growth.
Banking CRM software significantly improves data quality and helps businesses develop sustainable marketing models to meet increasing demands. This software is increasingly adopted to enhance business efficiency, driving the growth of the banking CRM software market. However, concerns regarding the potential loss of crucial customer data and high initial software costs are limiting market expansion. Conversely, opportunities to access unexplored markets and the availability of trained professionals are expected to create lucrative opportunities in the coming years. Additionally, developments and initiatives toward CRM for investment banking are anticipated to provide potential growth opportunities for the market.
The key region in the Global Banking CRM Software Market includes North America, Europe, Asia Pacific, Latin America, Middle East & Africa. In 2023, North America dominates the banking CRM software market in terms of revenue, due to its robust financial infrastructure, technological innovation, and large-scale adoption of digital banking solutions. Major financial institutions in the region prioritize customer relationship management (CRM) software to enhance customer engagement, streamline operations, and drive profitability. The presence of key players and a strong ecosystem of fintech startups continuously innovate CRM solutions tailored to banking needs. Regulatory compliance and data security measures further reinforce North America's dominance, shaping industry standards globally. This leadership underscores the region's pivotal role in shaping the future of CRM technologies within the banking sector. Furthermore, Asia-Pacific is anticipated to experience the fastest growth in the market during the forecast period 2024-2032.
Major market players included in this report are:
Salesforce, Inc.
SugarCRM Inc.
Microsoft
Oracle
LeadSquared
Pegasystems Inc.
Claritysoft
Zoho Corporation Pvt. Ltd.
HubSpot, Inc.
KAPTURE
Freshworks Inc.
SAP SE
Creatio
Nextiva
Nimble
The detailed segments and sub-segment of the market are explained below:By Offering:
Solution
Service
By Deployment Mode:
On-Premises
Cloud
By Application:
Customer Service
Customer Experience Management
CRM Analytics
Marketing Automation
Salesforce Automation
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows:Historical year – 2022
Base year – 2023
Forecast period – 2024 to 2032
Key Takeaways:Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.
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