Press release
Customer Relationship Management Market Size, Development Analysis, Key Trends, Growth Rate And Future Forecast (2024-2033)
Customer Relationship Management Market
The customer relationship management market size is expected to see rapid growth in the next few years. It will grow to $135.35 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to mobile CRM adoption, focus on customer experience, emphasis on data analytics, integration with other business systems, subscription economy growth, rise of social CRM. Major trends in the forecast period include adoption of cloud-based solutions, integration of artificial intelligence, growth in demand for omnichannel platforms, development of mobile applications, collaboration between providers and vendors, expansion of functionalities to include social media, adoption of automation tools, integration with marketing automation platforms.
Market Overview -
Customer relationship management (CRM) is a strategic approach organizations employ to manage and analyze interactions with current and potential customers. It organizes, automates, and synchronizes sales, marketing, customer service, and technical support processes by enhancing customer satisfaction, streamlining business operations, and fostering long-term customer loyalty and retention.
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Digital Channel Adoption Fuels CRM Market Growth
The growing use of digital channels by customers is expected to propel the growth of the customer relationship management market going forward. Digital channels refer to online means of distributing social content, including owned, paid, and earned media. The use of digital channels is increasing due to accessibility and convenience, expanding internet connectivity, the rise of mobile devices, and advancements in technology, including artificial intelligence, virtual reality, and augmented reality. The digital channels provide businesses diverse opportunities to engage with customers, gather insights, and build lasting relationships. Through effective customer relationship management, which integrates and manages digital channels, businesses can enhance customer satisfaction, drive sales, and achieve long-term success. For instance, in February 2024, according to the Census Bureau, a US-based agency of the federal government, in 2023, U.S. e-commerce sales surged to $1.119 trillion, up 7.6% from 2022, surpassing the overall retail sales growth of 2.1%. Further, E-commerce sales accounted for 22.0% of retail sales, marking the highest penetration rate recorded. Therefore, the growing use of digital channels by customers is driving the growth of the customer relationship management market.
Competitive Landscape -
Major companies operating in the customer relationship management market are Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Hewlett Packard Enterprise Development LP, Salesforce Inc., Adobe Inc., ServiceNow Inc., Amdocs Limited, Sage Group plc, NICE Systems Ltd., HubSpot Inc., Zoho Corporation, Pegasystems Inc., Zendesk Inc., WebMD LLC, Monday.com Ltd., Freshworks Inc., Jive Software, Acquia Inc., Ramco Systems, SugarCRM Inc., Insightly Inc., Copper CRM Inc., Verint Systems Inc., INFOR Inc., Aurea Inc., Nimble
Tech Innovations In CRM Enhancing Customer Interactions
Major companies operating in the customer relationship management market are focused on developing advanced software, such as AI Cloud, to optimize customer interactions and improve overall efficiency. AI Cloud is a customer relationship management suite that aims to revolutionize customer relationship management interactions using generative AI models such as Einstein GPT to boost productivity and efficiency. For instance, in June 2022, Salesforce Inc., a US-based cloud-based software company, launched AI Cloud, a suite of capabilities within a customer relationship management platform to enhance customer relationship management. It includes auto-generating personalized emails, chat replies, and content. Developers can benefit from auto-generating code and predicting bugs. This advancement signifies a shift towards more automated and personalized customer interactions, enabling businesses to streamline processes and provide tailored experiences at scale.
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Key Segments -
The customer relationship management market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment: On-Premises, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises
4) By Application: Marketing And Sales Automation, Customer Management, Lead Generation And Customer Retention, Customer Support And Contact Centre, CRM Analytics, Social Media Management
5) By Vertical: Banking, Financial Services And Insurance (BFSI), Manufacturing, Information Technology And Telecommunications, Retail And Consumer Goods, Healthcare, Government, Transportation And Logistics, Other Vertical
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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