Pune, India, May 25, 2021 (GLOBE NEWSWIRE) -- The global customer relationship management (CRM) market size is projected to grow from USD 58.04 billion in 2021 to USD 128.97 billion in 2028. The rising integration of artificial intelligence (AI) with CRM systems to enhance customer experience is anticipated to affect growth positively. Salesforce’s Einstein, for instance, provides voice command technology powered by AI to collect detailed information from customers. As per a report by Fortune Business Insights™, titled, “Customer Relationship Management (CRM) Market, 2021 – 2028,” the CRM market stood at USD 52.64 billion in 2020. It is set to exhibit a CAGR of 12.1% during the forecast period.
COVID-19 Pandemic: Adoption of Work from Home Policy is Generating High Demand
Numerous organizations worldwide have implemented work from home policies to prevent transmission of the coronavirus. The pandemic has also resulted in the closure of manufacturing facilities, travel bans, and supply chain disruptions. To provide a seamless collaboration between customers and employees, customer relationship management solutions are required as they deliver real-time communication. Therefore, companies are demanding for these software solutions. In the U.K. and the U.S., for instance, healthcare workers have adopted the Salesforce Health Cloud solution to keep online records of tested patients. Such factors are expected to bolster growth amid the COVID-19 pandemic.
To get to know more about the short-term and long-term impact of COVID-19 on this Customer Relationship Management (CRM) Market,
Lead Generation and Customer Retention Segment Earned 32.5% Share in 2020
Based on the component, the market for CRM is segmented into software and services. By deployment, it is bifurcated into cloud and on-premises. Based on the enterprise size, it is classified into large enterprises and small and medium enterprises. By verticals, it is segregated into banking, financial services, and insurance (BFSI), manufacturing, IT and telecommunications, retail and consumer goods, healthcare, transportation and logistics, others. Lastly, based on applications, it is fragmented into marketing and sales automation, customer management, lead generation and customer retention, customer support and contact center, and others. Out of these, the lead generation and customer retention segment held 32.5% in terms of the Customer Relationship Management (CRM) Market share in 2020. This growth is attributable to the surging digital transformation across various industries. Besides, companies are exhibiting high rates of product and service inquiries.
The Customer Relationship Management (CRM) Market report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the parent market. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the market size.
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Drivers & Restraints-
Increasing Need to Enhance Customer Satisfaction will Favor Growth
In today’s technology-driven world, companies are striving persistently to improve operations and customer experiences. To do so, they are rapidly inclining towards state-of-the-art market trends and business models from the conventional ideas. By gathering valuable data from customers, they are able to analyze it efficiently and then improve their experience. PWC Experience Center, for instance, declared in a survey that the majority of the companies believed that digital transformation is responsible for boosting customer satisfaction.
However, CRM software includes vital customer information, such as patient health data, corporate intelligence, banking instructions, sales data, financial information, and credit card data. The rising cases of data breaches may hamper the customer relationship management market growth in the near future.
Presence of Various Retailers in U.S. to Help North America Dominate
Geographically, North America procured USD 17.33 billion in 2020 in terms of revenue. It is set to remain in the dominant position throughout the forthcoming years because of the rising competition among CRM software providers. Also, the presence of multiple retailers in the U.S. would aid growth. Europe, on the other hand, is estimated to remain in the second position, followed by North America. The increasing number of small and medium enterprises (SMEs) in this region would accelerate growth. Asia Pacific would exhibit rapid growth in the upcoming years on account of the surging adoption of advanced technologies by firms present in the region.
Key Players Focus on Introducing Unique Software Solutions to Intensify Competition
The global Customer Relationship Management (CRM) Market houses a large number of prominent companies that are presently focusing on new software development embedded with advanced technologies and novel features. A few others are also participating in the collaboration strategy to gain a competitive edge. Below are the two latest industry developments:
- May 2021: Insightly introduced a new CRM integration automation tool called AppConnect. It would help users develop better workflows and integrations between their HR, marketing, IT, and finance apps. It would also provide 500 pre-built connectors to Shopify, Google Workspace, SAP, and other popular business apps.
- May 2021: Pipeliner CRM completed the migration of its users to Pipeliner CRM Cloud from the legacy Pipeliner system. It would aid users to gain access to the company’s expanded capabilities, such as enhanced security and automatic software updates.
A list of renowned customer relationship management system providers operating in the global market:
- Copper CRM, Inc. (San Francisco, California)
- Infor, Inc. (New York, United States)
- Infusion Software, Inc. (Keap) (Arizona, United States)
- Netsuite Inc. (California, United States)
- IBM Corporation (New York, United States)
- Microsoft Corporation (Washington, United States)
- Oracle Corporation (California, United States)
- Pipedrive (New York, United States)
- Salesforce.com, Inc. (California, United States)
- SAP SE (Walldorf, Germany)
- Adobe Systems Inc. (California, United States)
- Zendesk, Inc. (California, United States)
- SugarCRM (California, United States)
- Zoho Corporation Pvt. Ltd. (Tamil Nadu, India)
Quick Buy - Customer Relationship Management (CRM) Market:
Table Of Content:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Customer Relationship Management (CRM) Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- PESTLE Analysis
- Porter’s Five Force Analysis
- Global Customer Relationship Management (CRM) Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Primary Interviewee’s Key Responses
- Companies Profiled (Covered for key 10 players only)
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
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