The global customer relationship management (CRM) market reached a value of about USD 63.11 billion in 2021. The industry is projected to grow at a CAGR of around 14.75% in the forecast period of 2022-2027 to reach a value of USD 144.08 billion by 2027.
The customer relationship management (CRM) industry report comprehensively analyses the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. It has been projected that more than 91% of companies with over ten employees in their database are utlising CRM methods in functions like sales and marketing and customer services. The key demand indicator in the industry report is the highest category spender by region — North America.
Customer relationship management (CRM) is a methodology that supports companies to enhance their ongoing customer interactions and employ new clients and customers at a higher speed. CRM services streamline the process of collaborating with customers and raise their satisfaction level with the service or the product. These services include guidance, regulations, and standard, and provides help in organising and tracking all the significant information. The global customer relationship management industry report comprises segments based on components (software and services), deployment criterion (cloud and on-premises), enterprise size (Large and small, and medium), application (marketing and sales, customer management, lead generation, and customer retention, customer support and contact centres, and others), verticals (banking, financial services and insurance (BFSI), manufacturing, IT and telecommunication, retail and consumer goods, healthcare, transportation, logistics, and others), and regions (North America, Europe, Latin America, the Asia Pacific, and the Middle East and Africa).
The North American region led the CRM market and held the biggest profit share of 44.1% in 2021 with the U.S. accounting for the majority of the stake. The important factors that drove the growth of the market are the rise in the adoption of CRM solutions by numerous organisations and entities across the region as they depend on the use of developed technologies and are anticipated to dictate the market in the years to come. Additionally, the persistent embracing of digital transformation throughout several sectors, that includes banking, retail, and hospitality, is likely to drive the market in North America. The Asia Pacific region is likely to witness the highest CAGR over the forecast period. The increasing demand for new and superior CRM solutions, the extension of the e-commerce industry, the developing scope of businesses, and a high customer base are leading to the high level of growth of the industry in the Asian region specifically in China and India. The fast-paced move toward the digital revolution depends on the CRM market and other integrated technologies that provide improved customer gratification. Hence, to effectively implement digitisation the demand for CRM software is anticipated to rise which will help in the growth of the market at a global level. Other main factors that are propelling the market are customer engagement, evolving SMEs, social platforms, and the recognition of sharing ideas on a real-time basis.
On the other hand, there has been a rise in the occurrences of data breach incidents stored in the CRM software that are causing various issues for the organisations that are engaging the services.
The global customer relationship management (CRM) industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by customer relationship management (CRM) providing and utilising regions across the globe, such as contract terms, engagement models, and buyer and supplier negotiation levers, among others.
Many processes that are usually tough to keep a record of, are automated by most CRM software. For instance, systematising and programming repetitive tasks like emails, generating leads, and managing social media supports marketing units with proficiency, on the other hand, automation in the sales force function intends to reorganise, simplify, and automate back-end activities such as managing and tracking orders, administering inventory, and estimating sales. The prospective of artificial intelligence (AI) in CRM is enormous and several service providers are investing in it. This helps the organisations to project and propose based on the exclusive business practices.
There is a growth in the integration of AI across digital technologies at a global level. Correspondingly, there is an increase in the demand for AI within customer relations software is rising at a high speed to enhance customer experience. Machine learning, deep learning, and natural language processors are all AI technologies that support CRM software to learn about the customer’s emotional state. By utilising this information, the software directs and offers solutions to the customer which in turn helps in creating solid connections. For instance, the AI-based customer relation software presented by Salesforce’s Einstein and Zoho CRM’s Zia provides voice command technology to gather customer information. Hence, the addition of AI technology is likely to expand the market in the future years.
The major zones in the industry are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The software segment based on the component is anticipated to rule in the forecasted period. The reason behind this is that the customer management software individually manages customers’ data and appropriately automates sales and marketing tactics. The software has observed immense progress among Small and Medium Enterprises SMEs, largely credited to the heightened demand to manage customer experience and retention of potential customers. The software services are projected to have the highest CAGR during the forecast period. Furthermore, the cloud-based software segment in the deployment criterion is anticipated to dominate the CRM industry as it delivers instant and real-time access to data that assists in improving customer satisfaction.
1. Executive Summary
2. Global Customer Relationship Management (CRM) Market Snapshot
2.1. Customer Relationship Management (CRM) Market Outlook
2.2. Regional Overview
2.2.1. North America
2.2.3. Asia Pacific
2.2.4. Latin America
3. Impact of Recent Events
4. Customer Relationship Management (CRM) Value Chain Analysis
5. Trade Analysis
6. Major Risk Factors in Sourcing
7. Key Demand Indicator Analysis
8. Key Price Indicator Analysis
9. Customer Relationship Management (CRM) Market Dynamics
9.1. Drivers & Constraints
9.2. Industry Events
9.3. Innovations & Trends
9.4. SWOT Analysis
9.5. Porter’s Five Forces
9.5.1. Buyer Power
9.5.2. Supplier Power
9.5.3. Threat of New entrants
9.5.4. Threat of Substitutes
9.5.5. Industry Rivalry
10. Industry Best Practices
10.1. Sourcing Strategy
10.2. Procurement Model
10.3. Contract Structure
10.4. Negotiation Levers
10.5. Pricing Model
10.6. Key Factors Influencing the Quotation
11. Key Supplier Analysis
11.1. Salesforce.com, Inc
11.2. Microsoft Corporation
11.3. Oracle Corporation
11.4. SAP SE
In 2021, the global attained a value of around USD 63.11 billion in 2021.
In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 14.75%.
The major market driver is the high level of digital transformation of the businesses.
The major regions in the industry are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Some of the leading players in the industry are Salesforce.com, Inc, Microsoft Corporation, Oracle Corporation, SAP SE, and Infor.
The global customer relationship management (CRM) market reached a value of about USD 63.11 billion in 2021 and is projected to grow at a CAGR of around 14.75%. The CRM services include guidance, regulations, and standard, and provides help in organising and tracking all the significant information. The global customer relationship management industry report comprises segments based on components, deployment criterion, enterprise size, application, verticals, and regions. The North American region led the CRM market and held the biggest profit share of 44.1% in 2021 with the U.S. accounting for the majority of the stake. The persistent embracing of digital transformation throughout several sectors, that includes banking, retail, and hospitality, is likely to drive the market. In the forecast period of 2022-2027, the CRM market is expected to reach a value of USD 144.08 billion by 2027.
Procurement Resources’ detailed research approach explores deep into the industry, encompassing the macro and micro aspects of the industry. Its team of experts uses a combination of cutting-edge analytical tools and their expertise thus, delivering its customers with market insights that are accurate, actionable, and help them remain ahead of their competition. Some of the leading players in the industry are Salesforce.com, Inc, Microsoft Corporation, Oracle Corporation, SAP SE, and Infor.
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