According to the latest report by IMARC Group, titled “Global Customer Relationship Management (CRM) Market Size, Share, Industry Trends, Growth, Opportunity and Forecast 2022-2027“, the global customer relationship management (CRM) market reached a value of US$ 51.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 103.1 Billion by 2027, exhibiting a CAGR of 11.80% during 2022-2027.
Customer relationship management (CRM) refers to a combination of strategies and software used by organizations to monitor relationships and interactions with customers. It compiles data from different communication channels, including a company’s website, telephone, email, live chat, marketing materials, and social media. It also assists in identifying sales opportunities, maintaining a record of service issues or complaints, and managing marketing campaigns. Owing to these properties, CRM tools are widely employed across banking, financial services, and insurance (BFSI), retail, healthcare, government, telecommunications, and education industries.
Base Year: 2021
Forecast Year: 2022-2027
Customer Relationship Management Market Trends and Drivers:
The market is primarily driven by the escalating demand for automated customer engagement solutions that improve customer retention and acquisition. In addition, the rising usage of social media platforms by individuals to interact with brands represents another major growth-inducing factor.
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Besides this, due to the sudden coronavirus disease (COVID-19) outbreak, employees are widely adopting work-from-home (WFH) practices. As a result, organizations are using CRM solutions to interact with customers effectively in a remote-working environment. This, coupled with the shifting preferences from push marketing to pull marketing, is positively influencing the market growth.
Moreover, key players are integrating advanced technologies, such as the Internet of Things (IoT), artificial intelligence (AI), and big data with CRM solutions, which is also creating a favorable market outlook across the globe.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Customer Relationship Management Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Adobe Inc., Cisco Systems Inc., Insightly Inc., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Pegasystems Inc., Ramco Systems Limited, Sage Group plc, Salesforce.com Inc., SAP SE, SugarCRM Inc. and Zoho Corporation Private Limited.
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The report has segmented the market on the basis of region, component, deployment mode, organization size, application and industry vertical.
Breakup by Component:
Breakup by Deployment Mode:
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Application:
- Customer Service
- Customer Experience Management
- CRM Analytics
- Marketing Automation
- Salesforce Automation
Breakup by Industry Vertical:
- IT and Telecom
- Discrete Manufacturing
- Government and Education
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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