Customer Relationship Management Market to Reach $96.39 Billion by 2027, Fueled by Enhanced Customer Engagement Strategies

The research offers detailed segmentation of the global customer relationship management (CRM) market based on component, organizational size, application, deployment mode, industry vertical, and region. With the help of tables and figures, the report goes over segments and their sub-segments in detail. Market participants and investors can plan their strategies based on the fastest-growing and highest revenue-generating segments identified in the report.

Based on component, the software segment held the largest market share in 2019, accounting for more than three-fifths of the global customer relationship management (CRM) market revenue, and is anticipated to maintain its leadership status throughout the forecast period. However, the service segment would display the fastest CAGR of 12.6% from 2020 to 2027.

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Based on deployment model, the cloud segment held the major share in 2019, garnering more than three-fifths of the global customer relationship management (CRM) market revenue, and is projected to rule the roost by 2027. The same segment would also exhibit the fastest CAGR of 11.8% during the forecast period. The on-premise and hybrid segment is also discussed in the report.

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COVID-19 Scenario:

► The COVID-19 pandemic had a significant impact on businesses all over the world. Due to disruptions in production units, supply chains, labor and personnel availability, and the temporary closing of cross-country borders. As a result, businesses adopted policies allowing employees to work from home. However, companies have noticed a growing demand for customer support techniques to enable smooth communication between employees and customers. Intelligent cloud-based CRM would provide consolidated and analyzed data from a variety of sources inside and outside the databases by automating these solutions, providing decision-makers with useful insights.

► Due to the above-mentioned factors, customer relationship management adoption will reach its peak in the coming decades, opening significant opportunities for both established companies and start-ups.



Based on applications, the customer service segment held the largest major share in 2019, contributing to more than one-fourth of the global customer relationship management (CRM) market, and is expected to lead the position in terms of market revenue from 2020 to 2027. However, the CRM Analytics segment would cite the fastest CAGR of 15.5% during the forecast period. Customer experience management, marketing automation, salesforce automation, and others segment are also studied in the report.

Based on industry vertical, the BFSI segment held the major market share in 2019, accounting for more one-fifth of the global customer relationship management (CRM) market. On the other hand, the retail & e-commerce segment is estimated to witness the fastest CAGR of 15.2% during the forecast period. The healthcare, government & defense, IT & telecommunication, media & entertainment, manufacturing, energy & utility, and others segments are also assessed in the report.

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Based on Region, the North America region was the largest in 2019, accounting for more than two-fifths of the global customer relationship management (CRM) market revenue, and is likely to maintain its dominance during the forecast period. Simultaneously, the Asia-pacific region would exhibit the fastest CAGR of 13.8% during the forecast period. The other provinces studied in the report are Europe and LAMEA.

Key Market Players:

► MICROSOFT CORPORATION

► INSIGHTLY, INC.

► SALESFORCE.COM, INC.

► ORACLE CORPORATION

► AUREA SOFTWARE INC.

► ZOHO CORPORATION PVT. LTD.

► SAGE GROUP

► SUGARCRM

► PEGASYSTEMS

► SAP SE

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