Customer Relationship Management Market: Key Companies & Market Share Insights

The global customer relationship management market size was valued at USD 52.4 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 13.3% from 2022 to 2030.

The global Customer Relationship Management Market size is expected to reach USD 157.6 billion by 2030, according to new research by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.3% from 2022 to 2030. The continuous demand for innovative solutions to analyze customer information, collate critical customer data, and transform it into a better customer experience strategy are driving factors for CRM solutions across all sizes of businesses. This further led to the integration of customer relationship management solutions with advanced technologies such as big data analytics, machine learning, and AI-powered analytics are expected to boost product innovation and development across CRM solutions for a better customer experience and high operational efficiency.

The adoption of CRM solutions has shown tremendous growth in recent years with several benefits, including reduced marketing cost, improved operational efficiency, and efficient data-based management of an organization’s entire sales process. With the rapid growth of mobile and cloud solutions, organizations are increasingly insisting on efficient access to real-time customer data for improved customer engagement to drive sales growth and maintain customers for a long period. Furthermore, the increasing penetration of CRM solutions through smart mobile devices and internet services is one major trend in the sales and marketing domain globally.

The continuous demand for the optimized implementation of advanced technologies such as predictive and prescriptive analytics to maximize current operational processes is a key driving factor for investments and innovation in CRM solutions. For instance, in September 2021, Salesforce.com, Inc. announced the collaboration with Slack, a business communication platform, to empower the sales team to collaborate in real-time to close more deals from anywhere. Moreover, this integration enables marketing teams and agency partners to collaborate in a shared digital workspace.

Related Press Release@ Customer Relationship Management Market Report

Customer Relationship Management Market Report Highlights

• In terms of solution, the CRM analytics segment is anticipated to expand at a significant CAGR throughout the forecast period. The artificial intelligence and its applications, machine learning, and the growing use of integration of business intelligence and analytics in CRM software are expected to drive the growth of the segment over the forecast period
• In terms of deployment, the cloud segment is expected to account for a significant CAGR of 15.5% during the forecast period.The market is projected to retain its dominance over the forecast period as it offers various advantages, such as cost efficiency, accessibility, and virtually no equipment costs. Moreover, the increasing use of mobile applications is likely to further accelerate the growth of the market
• The Small and Medium Enterprises (SMEs) segment is anticipated to register a CAGR of 14.9% over the forecast period. The continuous adoption of advanced technologies and minimizing business challenges is driving the implementation of CRM solutions in SMEs globally. Furthermore, increasing in business productivity, innovation in marketing strategies, and customer retention are also driving market’s growth
• In terms of end use, the IT and telecom segment is likely to register the highest CAGR of 15.2% from 2022 to 2030. The key factors that boost the adoption of CRM solution in the IT and telecom segment includes competence needs, high capital expenditure, improved customer service processes, and better sales projection
• In Asia Pacific, the market is expected to register at the highest CAGR over the forecast period due to emerging economies such as China and India that hold a large customer base across several industries and verticals. Furthermore, the increasing awareness about innovative marketing strategies and sales tools to improve customer engagement, growing penetration of the internet, rise in the number of social media platforms, and smartphone usage are expected to promote regional growth over the forecast period

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