Press release
Banking Customer Relationship Management (CRM) Software Market Anticipated To Witness Robust Growth, Surpassing $34.48 Billion By 2029
Banking Customer Relationship Management (CRM) Software
What Is the Current Banking Customer Relationship Management (CRM) Software Market Size and Its Estimated Growth Rate?
The banking customer relationship management (CRM) software market has grown rapidly in recent years. It will increase from $15.4 billion in 2024 to $18.14 billion in 2025, at a CAGR of 17.8%. The growth is due to rising demand for self-service banking, automated customer insights software, cloud solutions, funding for research and development, and a focus on improving customer service.
The banking customer relationship management (CRM) software market is anticipated to grow to $34.48 billion by 2029, with a CAGR of 17.4%. The growth is driven by the rising demand from small and medium-sized businesses, increased competition in CRM software, greater use of internet and mobile banking, and sector digitalization. Major trends include technological advancements, AI and machine learning integration, business intelligence tools, and blockchain in CRM systems.
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How Are Emerging Segments Shaping the Banking Customer Relationship Management (CRM) Software Market Landscape?
The banking customer relationship management (CRM) software market covered in this report is segmented -
1) By Offering: Solution, Services
2) By Deployment Mode: On-Premises, Cloud
3) By Application: Customer Service, Customer Experience Management, Customer Relationship Management (CRM) Analytics, Marketing Automation, Salesforce Automation, Other Applications
Subsegments:
1) By Solution: Cloud-Based CRM Solutions, On-Premise CRM Solutions, Mobile CRM Solutions, Integrated CRM Solutions With Core Banking Systems, AI-Driven CRM Solutions, Data Analytics And Reporting Solutions For CRM
2) By Services: Implementation Services, Integration Services, Training And Consulting Services, Support And Maintenance Services, Customization And Configuration Services, Managed Services For CRM Systems
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Which Growth Factors Are Influencing Banking Customer Relationship Management (CRM) Software Market Expansion?
The expansion of online banking services is projected to fuel the growth of the banking CRM software market. Online banking provides customers with a secure platform to manage finances and complete various transactions efficiently. The increasing prominence of online banking is due to its convenience, security, and broad access to financial services. Banking CRM software optimizes customer service and operational efficiency by managing customer interactions and data across digital platforms. According to a report by Worldmetrics in July 2024, online banking transactions amounted to $9.8 billion in 2024, with projections to reach $161.6 billion by 2028. As a result, the rise in online banking services drives the banking CRM software market.
Who Are the Dominant Players Across Different Banking Customer Relationship Management (CRM) Software Market Segments?
Major companies operating in the banking customer relationship management (CRM) software market are Microsoft Corporation, Oracle Corporation, Salesforce Inc., Fiserv Inc., Infor Global Solutions, Sage Group, Genesys Cloud Services Inc., HubSpot Inc., Zoho Corporation, Pegasystems Inc., Temenos AG, Acidaes Solutions Private Limited (CRMNEXT), Creatio, SAP SE, Doxim Inc., SugarCRM Inc., Kapture CX, NexJ Systems Inc., Leadsquared Inc., Claritysoft LLC, Liferay Inc.
What Trends Are Driving Growth in The Banking Customer Relationship Management (CRM) Software Market?
Major players in the banking CRM software market are integrating artificial intelligence (AI) to improve transaction dispute management efficiency. AI algorithms can automate the detection and resolution of disputes by analyzing transaction data for patterns and anomalies. For instance, in June 2024, Salesforce, a US-based cloud computing company, introduced AI-driven features to enhance transaction dispute management. These include AI-powered Transaction Dispute Management and Einstein Copilot Banking Actions, which streamline dispute resolution and improve customer interactions.
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Which Geographic Regions Are Expected to Dominate the Banking Customer Relationship Management (CRM) Software Market in the Coming Years?
North America was the largest region in the banking customer relationship management (CRM) software market in 2023. The regions covered in the banking customer relationship management (CRM) software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Banking Customer Relationship Management (CRM) Software Market?
2. What is the CAGR expected in the Banking Customer Relationship Management (CRM) Software Market?
3. What Are the Key Innovations Transforming the Banking Customer Relationship Management (CRM) Software Industry?
4. Which Region Is Leading the Banking Customer Relationship Management (CRM) Software Market?
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