CRM Software Market Size, Share, Trends, Growth, Challenges And Forecast 2024-2033

The crm software market size has grown rapidly in recent years. It will grow from $142.72 billion in 2023 to $163.36 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to emergence of digital era, customer-centric business approach, sales and marketing automation needs, rise of e-commerce, globalization and market expansio.

The crm software market size is expected to see rapid growth in the next few years. It will grow to $281.21 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%. The growth in the forecast period can be attributed to ai and predictive analytics integration, cloud-based solutions growth, mobile-centric crm, emphasis on customer experience (cx), iot integration. Major trends in the forecast period include hyper-personalization, customer journey mapping, omnichannel integration, data quality and governance, social crm evolution.

Market Overview -
CRM (customer relationship management software) software is designed to help the organization provide a unique and seamless customer experience and build better relationships by providing a complete picture of all customer interactions, tracking sales, organizing, and prioritizing the opportunities, and facilitating collaboration across different teams.

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Elevating Customer Relationship Management (CRM) Software In Response To Increasing Customer Demands
Increasing number of customers of the organizations and the rising need for customer satisfaction are expected to benefit the customer relationship management software market in the forecast period. Organizations should offer customized services to customers, gain better knowledge of their purchasing habits and other details, develop cross-selling opportunities, and create competitive differentiators to retain existing customers and to attract new customers. These drive the demand for the use of CRM software in organizations to understand their customers in a better way and to maintain a good relationship with them. For example, Apollo Hospitals has implemented custom designed CRM software of Veon Consulting which resulted in high user adoption, 27% cut in the timeline of the review process, efficient handling of patient visits and outcome which saved manual efforts by 42%, and effective reporting and dashboards which reduced number of travels by 50%.

Competitive Landscape -
Major companies operating in the crm software market report are Microsoft Corporation, Huawei Technologies Co. Ltd., Oracle Corporation, SAP SE, Salesforce.com Inc., Adobe Inc., The Sage Group plc, NICE Systems Ltd., Genesys Telecommunications Laboratories Inc., HubSpot Inc., Zendesk Inc., Pegasystems Inc., Zoho Corporation, Verint Systems Inc., Freshworks Inc., Swiftpage ACT LLC, Pipedrive Inc., Creatio Ltd., SugarCRM Inc., Keap Co., Maximizer CRM Inc., vCita Company, Hotjar Ltd., Agile CRM Inc., Insightly Inc., Apptivo Inc., Nimble Inc., Salesboom.com Inc., Dapulse Ltd., InfoFlo Solutions Inc., Method CRM, PipelineDeals Inc., Really Simple Systems Ltd.

Enhancing Customer Engagement And Accessibility With Social And Mobile Crm Integration
Social and Mobile CRM are increasingly integrating social media channels into CRM platforms to offer to its full capabilities on every smart device by having a real-time access at any place or time. This integration helps to achieve greater productivity, better customer experience, and access to more relevant information. Advertisers have embraced social media platforms to associate and share with customers for improving products and perceptions. These also help businesses to manage customer grievances, requests, and inquiries. More number of users can access the data using social and mobile CRM. For example, Wells Fargo has implemented social CRM to engage with the customers and improve their availability. Wells Fargo also uses CRM to solve customer queries.

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Key Segments -
The crm software market covered in this report is segmented -
1) By Deployment: Cloud CRM, On-Premise CRM
2) By Size of Enterprise: Small&Mid sized enterprises, Large enterprises
3) By Application: Sales, Marketing, Manufacturing, Customer service, Social networking, Supply chain, Distribution, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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