Customer Relationship Management (CRM) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Customer Relationship Management (CRM) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global customer relationship management (CRM) market size reached US$ 57.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 110.3 Billion by 2028, exhibiting a growth rate (CAGR) of 11.2% during 2023-2028.

Customer relationship management, or CRM, refers to various solutions and software employed by organizations to manage the external interactions and relationships with customers. It stores the customer data, identify sales opportunities, maintain a record of service issues or complaints, and manage marketing campaigns. It also assists businesses in streamlining sales, accounting, and management by providing real-time access to a centralized database, thus eliminating the need for unnecessary paperwork and speeding up communication. In recent years, CRM solutions have gained immense traction across numerous industries, including banking, financial services and insurance (BFSI), telecommunications, retail, healthcare, government, and education.

CRM (Customer Relationship Management) Market Trends:

CRM solutions help enhance customer service, build stronger brand-customer relationships, and improve customer retention and acquisition. As a result, the escalating demand for automated customer engagement for better customer experience represents the primary factor driving the market growth. Besides this, the growing usage of digital channels like social media platforms by individuals to interact with brands is augmenting the demand for CRM solutions. Additionally, enterprises are employing efficient tools to handle customer data and utilize actionable insights to make informed business decisions. Along with this, the shifting preferences from push marketing to pull marketing are propelling the market growth. Furthermore, the widespread adoption of work-from-home (WFH) policies due to the recent coronavirus disease (COVID-19) outbreak is encouraging organizations to adopt CRM solutions to interact with customers effectively in a remote-working environment. Moreover, the increasing integration of CRM software with advanced technologies, such as the Internet of Things (IoT), artificial intelligence (AI), and big data, are catalyzing the product demand. Other factors, including the growing popularity of cloud solutions, rapid digitization, and technological advancements in business intelligence, are also creating a positive market outlook.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global customer relationship management (CRM) market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, deployment mode, organization size, application and industry vertical

Breakup by Component:

Software

Services

Breakup by Deployment Mode:

On-premises

Cloud-based

Breakup by Organization Size:

Small and Medium-sized Enterprises

Large Enterprises

Breakup by Application:

Customer Service

Customer Experience Management

CRM Analytics

Marketing Automation

Salesforce Automation

Others

Breakup by Industry Vertical:

BFSI

Retail

Healthcare

IT and Telecom

Discrete Manufacturing

Government and Education

Others

Breakup by Region:

North America

United States

Canada

Asia-Pacific

China

Japan

India

South Korea

Australia

Indonesia

Others

Europe

Germany

France

United Kingdom

Italy

Spain

Russia

Others

Latin America

Brazil

Mexico

Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Adobe Inc., Cisco Systems Inc., Insightly Inc., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Pegasystems Inc., Ramco Systems Limited, Sage Group plc, Salesforce.com Inc., SAP SE, SugarCRM Inc. and Zoho Corporation Private Limited.

Key Questions Answered in This Report

1. What was the size of the global customer relationship management (CRM) market in 2022?

2. What is the expected growth rate of the global customer relationship management (CRM) market during 2023-2028?

3. What are the key factors driving the global customer relationship management (CRM) market?

4. What has been the impact of COVID-19 on the global customer relationship management (CRM) market?

5. What is the breakup of the global customer relationship management (CRM) market based on the component?

6. What is the breakup of the global customer relationship management (CRM) market based on the deployment mode?

7. What is the breakup of the global customer relationship management (CRM) market based on the organization size?

8. What is the breakup of the global customer relationship management (CRM) market based on the application?

9. What is the breakup of the global customer relationship management (CRM) market based on the industry vertical?

10. What are the key regions in the global customer relationship management (CRM) market?

11. Who are the key players/companies in the global customer relationship management (CRM) market?