Top 3 Reasons Driving the Global Market of Customer Relationship Management at 12.1% CAGR to 2028 By Fortune Business Insights

The global customer relationship management market size is expected to gain momentum by reachingUSD128.97 billionby 2028 fromUSD 58.04 billionin 2021, while exhibiting a CAGR of12.1%between 2021 and 2028. This information is published by Fortune Business Insights in its latest report, titled,“Customer Relationship Management (CRM) Market, 2021-2028.”The report further mentions that the market stood atUSD 52.64 billionin 2020. Factors such as increasing focus on digitization are expected to boost the product’s demand across the globe.

What does the CRM Market Report Include?

The global market for customer relationship management (CRM) report includes a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to obtain information about the current trends and industry developments that will drive the Customer Relationship Management (CRM) Market growth in the forthcoming years.

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Market Segmentation:

Based on the component, the global market for CRM is bifurcated into software and services. On the basis of deployment, the market is divided into on-premises and cloud. Moreover, based on enterprise size, the market is bifurcated into large enterprises and SMEs. Based on application, the market is categorized into marketing and sales automation, customer management, lead generation and customer retention, customer support and contact center, and others.

Based on application, the lead generation and customer retention segment held a global customer relationship management (CRM) market share of about5%in 2020 and is expected to experience considerable growth during the forecast period. This is attributed to the increasing focus on digitization of business processes to ensure retention of leads by providing an overall optimum customer experience worldwide.
Based on the vertical, the Customer Relationship Management (CRM) Market is segregated into BFSI, Manufacturing, IT and Telecommunications, Retail and Consumer Goods, Healthcare, Transportation and Logistics, and Others. Lastly, on the basis of region, the market is segmented into Asia-Pacific, North America, Europe, Latin America, the Middle East and Africa.

COVID-19 Impact: Market Exhibited 10.1% CAGR in 2020 Backed by Growing Adoption of CRM by SMEs

Although the COVID-19 crisis impacted several walks of life, there were remarkable changes in the way businesses were handled. The initial few months led the organizations reeling under economic pressure and reduced workforce. However, the evolving consumer preference and the growing adoption of remote working culture enabled the organizations to adapt their strategies. This further led the companies to adopt automated and real-time tracking solutions such as CRM to ensure enhanced customer experience and high operational efficiency. The increasing demand for these solutions enabled the market to exhibit a CAGR of 10.1% in 2020 and is projected to showcase exponential growth in the forthcoming years.

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REGIONAL INSIGHTS

North America The region stood atUSD 17.33 billionin 2020 and is expected to hold the highest position in the Customer Relationship Management (CRM) Market in the forthcoming years. This is attributable to the increasing focus on adoption of advanced technologies to enable real-time prediction and extract customer preferences data in the region. Moreover, the presence of established players such as Infor, Inc., Oracle Corporation, and Microsoft Corporation will bode well for the market growth in the region.

Europe The region is expected to hold second position in the market in the forthcoming years. This is ascribable to factors such as the increasing number of small and medium enterprises in countries such as Germany, Italy, and France that are adopting advanced customer relationship management solutions in their business processes between 2021 and 2028.

DRIVING FACTORS

Increasing Focus on Digitization to Aid Growth

According to the business intelligence platform Tofler, the revenue of Google India grew by 35% to over INR 5,594 crore in the fiscal year of 2020, a 24% profit. This is a testimony to the increasing focus on digital transformation by several companies to leverage the opportunities provided by the market. COVID-19 has certainly accelerated the digitization process as several businesses are taking the online medium to reach their customers. In such scenarios, it is very important to have a platform to ensure better customer engagement and management. Therefore, the increasing focus on digitization is expected to contribute to the global customer relationship management (CRM) market share in the forthcoming years.

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COMPETITIVE LANDSCAPE

Eminent Companies to Introduce Advanced CRM Solutions to Consolidate Their Positions

The Customer Relationship Management (CRM) Market is segmented into small, medium, and large companies that are focusing on maintaining a stronghold and gaining a competitive edge over their rivals. They are doing so by introducing new advanced customer relationship management solutions to cater to the growing demand from several industries worldwide. Additionally, other key players are adopting organic and inorganic strategies to maintain their presence in the fiercely competitive global marketplace.

Industry Development:

November 2020 Infusion Software, Inc., a leading CRM provider, introduced a new smart client management software for small enterprises. The software known as Keap efficiently helps small businesses to improve their customer service experience and increase sales revenue.

List of the Companies Profiled in the Global Customer Relationship Management (CRM) 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)
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)

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