Global Customer Relation Management Market
Market Size in USD Billion
CAGR :
% 
 Forecast Period |
2023 –2030 |
 Market Size (Base Year) |
USD 58.82 Billion |
 Market Size (Forecast Year) |
USD 224.11 Billion |
 CAGR |
% |
| Major Markets Players |
|
Global Customer Relation Management Market, By Application (Customer Service and Support, Marketing, Sales and Others), Deployment Types (Hosted, On-Premise and Hybrid), Solutions (Social Monitoring And Social Listening, Social Mapping, Social Middleware, Social Management and Social Measurement), End-Users (Academia and Government, Automotive, Transportation And Logistics, Banking , Financial Services and Insurance (BFSI), Consumer Goods and Retail, Energy, Power and Utilities, Healthcare, Oil and Gas and Telecom and IT), Organization Size (Small and Medium Businesses (SMB) and Large Enterprise) – Industry Trends and Forecast to 2030.
Customer Relation Management Market Analysis and Size
Surge in the adoption of advanced technologies such as artificial intelligence and internet of things, growing focus of the enterprises on maintaining and building efficient customer relations and increasing demand for implementing customer relationship management (CRM) offerings and solutions through the software as a service (SaaS) model are the major factors attributable to the growth of the global customer relation management market.
Data Bridge Market Research analyses that the global customer relation management market is expected to grow at a CAGR of 18.2% during the forecast period of 2023 to 2030, at a USD 58.82 billion in 2022 and is expected to reach USD 129.45 billion by 2030. The “customer service and support” segment dominated the market. The key driving factors for the growth of the market include the growing importance of understanding customer behavior and their preferences, and encouraging brands and organizations to continue to adopt CRM strategies to deliver the best service performance in real time. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Customer Relation Management Market Scope and Segmentation
|
Report Metric |
Details |
|
Forecast Period |
2023 to 2030 |
|
Base Year |
2022 |
|
Historic Years |
2021 (Customisable to 2015-2020) |
|
Quantitative Units |
Revenue in USD Billion, Volumes in Units, Pricing in USD |
|
Segments Covered |
Application (Customer Service And Support, Marketing, Sales and Others), Deployment Types (Hosted, On-Premise and Hybrid), Solutions (Social Monitoring And Social Listening, Social Mapping, Social Middleware, Social Management and Social Measurement), End-Users (Academia And Government, Automotive, Transportation And Logistics, Banking , Financial Services And Insurance (BFSI), Consumer Goods And Retail, Energy, Power And Utilities, Healthcare, Oil And Gas and Telecom and IT), Organization Size (Small And Medium Businesses (SMB) and Large Enterprise) |
|
Countries Covered |
U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of the Middle East and Africa |
|
Market Players Covered |
IBM (U.S), Oracle(U.S), Microsoft (U.S), SAP SE (Germany), Cisco Systems, Inc. (U.S), Aptean (U.S), bBooth, Inc. (U.S), Big Purple Dot (U.S), HubSpot, Inc. (U.S), DecisionLink (U.S), Infusionsoft (U.S), Pegasystems (U.S), QuickPivot (U.S), SalesDrip (U.S), Salesforce (U.S), SugarCRM (U.S), Yes Lifecycle Marketing (U.S), Zendesk (U.S), Zeta Global Corp (U.S), VMware, Inc. (U.S) |
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Market Opportunities |
|
Market Definition
Customer relation management is a system for organizing all of your business's contacts with current and potential clients. These findings benefit businesses in a number of ways, including increased transparency, improved business concept and information exchange, rigidity, and performance. Social CRM aides businesses in developing customer relationships and enhancing consumer awareness of their brand. In a transparent corporate environment, social CRM focuses on meeting the needs of the customers and adding value for them.
Global Customer Relation Management Market Dynamics
Drivers
- Implementing Mobile-friendly and Multichannel Capabilities
The market is being driven by the integration of mobile-friendly and multichannel capabilities into CRM solutions. The rising use of mobile devices and smartphones has generated a heightened demand for CRM modules that are compatible with these devices. Clients now expect CRM solutions that can be conveniently accessed and utilized on a variety of mobile devices, including smartphones and tablets. This becomes particularly crucial for businesses with mobile-dependent sales divisions, as they require remote or on-the-go access to customer data and sales tools.
- Increasing Adoption of Advanced Technology
With the significance of understanding customer behavior and preferences, organizations are highly adopting customer relation management strategies to provide best performance in real-time and stay ahead of their competitors. Moreover, rapid shifts in the fields of embedded analytics and business intelligence, the artificial intelligence and Internet of Things (IoT), and their implementation in customer relation management solutions are expected to promote innovation and product enhancement among customer relationship management vendors. Therefore, the increasing adoption of advanced technology is expected to drive the market growth.
Opportunity
- Introduction of New Tools
The surging introduction of new tools and other innovative products by market players offer numerous growth opportunities in the global market during the forecast period. For instance, Genesys, a software company that retails call center technology and customer experience to mid-sized and large-sized businesses, has launched new tools to allow swift innovation for AI-driven customer experiences in 2021. In this launch comprises open messaging Application Programming Interface (API), bot development and orchestration and employee development and feedback. These features offered by customer relation management applications.
Restraint/Challenge
- Lack of Customization and Standardization
The market faces hindrances due to the lack of customization and standardization, which give rise to interoperability issues. Customization, scalability, and standardization are indispensable elements in CRM solutions essential for effective customer relationship management. Limited customization options curtail a business's ability to tailor the CRM application to meet the specific needs of their clientele. This presents a significant challenge for businesses requiring particular features or functionality to align with their unique requirements, often necessitating additional software or customization services, incurring additional costs and time. Interoperability issues emerge when multiple cloud services from different sources are utilized, owing to disparities in data models or APIs, complicating the integration of third-party systems and data sources.
This global customer relation management market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global customer relation management market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- November 2021, Adobe entered into a partnership with Real Madrid, a Spanish sports giant, for offering the Adobe Experience Cloud. Real Madrid connected to fans around the globe through Adobe Experience Cloud for an immersive sports entertainment experience.
- In January 2021, Pegasystems Inc acquired Qurious.io, Inc. The aim of the acquisition was to include the capabilities of Qurious.io’s into the software portfolio of Pegasystems with an initial focus on the Pega Customer Service use case.
Global Customer Relation Management Market Scope
The global customer relation management market is segmented on the basis of application, deployment types, solutions, end-users and organization size. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
Application
- Customer Service And Support
- Marketing, Sales
- Others
Deployment Types
- Hosted
- On-Premise
- Hybrid
Solutions
- Social Monitoring
- Social Listening
- Social Mapping
- Social Middleware
- Social Management
- Social Measurement
End-Users
- Academia And Government
- Automotive
- Transportation And Logistics,
- Banking
- Financial Services And Insurance (BFSI)
- Consumer Goods And Retail
- Energy
- Power And Utilities
- Healthcare
- Oil And Gas and Telecom
- IT
Organization Size
- Small And Medium Businesses (SMB)
- Large Enterprise
Global Customer Relation Management Market Region Analysis/Insights
The global customer relation management market is analysed and market size, volume information is provided by country, application, deployment types, solutions, end-users and organization size as referenced above.
The countries covered in the global customer relation management market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the global customer relation management market and will continue to flourish its trend of dominance during the forecast period owing to the presence of small and big solution vendors in this region. Asia-Pacific will continue to undergo substantial gains during the forecast period and score the highest CAGR. This is because of the growing expenditure for the development of IT infrastructure, growing demand for innovative CRM solutions from emerging countries such as China and India and surging number of small scale businesses.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Customer Relation Management Share Analysis
The global customer relation management market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to global customer relation management market.
Some of the major players operating in the global customer relation management market are
- IBM (U.S)
- Oracle (U.S)
- Microsoft (U.S)
- SAP SE (Germany)
- Cisco Systems, Inc. (U.S)
- Aptean (U.S)
- bBooth, Inc. (U.S)
- Big Purple Dot (U.S)
- HubSpot, Inc. (U.S)
- DecisionLink (U.S)
- Infusionsoft (U.S)
- Pegasystems (U.S)
- QuickPivot (U.S)
- SalesDrip (U.S)
- Salesforce (U.S)
- SugarCRM (U.S)
- Yes Lifecycle Marketing (U.S)
- Zendesk (U.S)
- Zeta Global Corp (U.S)
- VMware, Inc. (U.S)
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Research Methodology
Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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