Customer Relationship Management Market
The Customer Relationship Management Market is expected to touch USD 97 billion by 2028, experiencing a CAGR of 11.1% over the forecast period (2021-2028). CRM software automates several processes and incorporates business software, strategies, and processes to help manage relationships between companies and target customers.
The advent of the latest technologies, such as machine learning, cloud computing, artificial intelligence, and the accessibility of different service models such as Platform as a Service, Infrastructure as a Service, and Software as a Service is expected to fuel the customer relationship management market. The growing need to comprehend customer behavior has persuaded organizations to adopt CRM strategies to remain competitive. Thus, companies are relying on CRM systems to ensure business continuity. Rapid digitalization and the growing emphasis on ensuring customer engagement via social media platforms like Instagram, Facebook, and Snapchat have propelled the customer relationship management market size.
CRM software facilitates smooth & effective interaction with customers, collecting data from different channels, reserving detailed information such as purchase history, personal information, and buying patterns. Other factors such as the rising deployment of customer relationship management applications, accelerating internet penetration, and the use of mobile devices will strengthen the customer relationship management market share.
However, the implementation of the customer relationship management system needs huge investment, which is expected to hamper the market growth. Moreover, the customer relationship management market report projects that the growing concerns about the security of confidential data may further hamper market growth.
By industry vertical, the retail and consumer goods segment is projected to expand at a faster CAGR over the forecast period due to the rising emphasis on digital marketing and personalized IT solutions. Retail companies have inclined towards the adoption of CRM software to understand business expansion and market trends. The expansion in the retail industry and e-commerce sector with the accelerating per capita income will propel the market growth. The National Retail Federation asserts that the retail sales will increase between 3.5 percent to 4.1 percent in 2020 to touch over $3.9 trillion in the U.S., which further drives the market growth.
Customer Relationship Management Market Segmentation:
Customer Relationship Management Market by Deployment Mode
Customer Relationship Management Market by Organization Size
- Large scale
- Small and medium scale
Customer Relationship Management Market by Application
- Marketing & Sales Automation
- Customer Management
- Lead Generation and Customer Retention
- Customer Support and Contact Center
Customer Relationship Management Market by Industry Vertical
- IT & Telecommunication
- Retail and Consumer Goods
- Transportation & Logistics
Customer Relationship Management Market by Region:
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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