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Customer Relationship Management Market 2024: Global Trends and Forecast
Customer Relationship Management Market 2024
According to The Business Research Company's, The customer relationship management market size has grown rapidly in recent years. It will grow from $67.14 billion in 2023 to $77.99 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to increasing competition, growing customer expectations, evolving business models, regulatory compliance, rising customer acquisition costs, globalization, changing demographics.
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.
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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Customer Relationship Management Market 2024 Key Insights:
• 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%.
• Digital Channel Adoption Fuels CRM Market Growth
• Tech Innovations In CRM Enhancing Customer Interactions
• North America was the largest region in the customer relationship management market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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