Growth Opportunities in Global Customer Relationship Management, 2024

Growth Opportunities in Global Customer Relationship Management, 2024

Integrable, Easy-to-use CRM Solutions with AI and Data Analytics Enable Personalized Customer Experiences

To deliver excellent customer experience, organizations require a single view of customers across all touchpoints, which they can achieve through customer relationship management (CRM) solutions. Businesses aim to capture and leverage the wealth of available customer data to have profitable, productive, value-rich, experience-enhancing, and loyalty-building interactions with their customers and apply them in their marketing and sales initiatives.

Frost & Sullivan expects artificial intelligence (AI)-driven CRM systems to capture more customer actions to maximize business value. These systems will deeply mine social media conversations, Internet of Things-connected products, and augmented and virtual reality for insights, including improvements and anticipatory, intent-based, targeted offers. CRM applications will become deeply integrated with adjacent marketing, sales, planning, and management solutions as well as with digital channels to provide a unified customer and user experience at lower IT and vendor management costs. This report discusses notable industry trends, insights into the CRM software market, industry growth drivers and restraints, CRM solution vendors’ focus, and growth opportunities.

Unless otherwise noted, the opinions expressed in this assessment are those of Frost & Sullivan and have been developed through our research, interviews, and analysis. Frost & Sullivan has a global team of analysts and consultants who continuously research a wide range of markets across multiple sectors and geographies. As part of this ongoing research, we identify companies that are true industry leaders, delivering best practices in what we term growth, innovation, and leadership (GIL). These companies have a keen eye on the future and drive innovation that meets upcoming needs before they become commonly visible. They are often the first to market with new solutions. These service and solution providers focus on delivering the best products at optimal prices to maximize customer value and CX, and by doing so, are growth leaders in their respective industries.