Customer Relationship Management Market

Customer Relationship Management Market by Deployments (Cloud and On-premise), End-users (IT & Telecom, BFSI, Government & Education, Retail, Discrete Manufacturing, Healthcare, and Others), Solutions (Salesforce Automation, Customer Service, CRM Analytics, Social Media Monitoring, Marketing Automation, Customer Experience Management, and Others), Enterprise Sizes (Small & Medium Enterprise and Large Enterprise), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: ICT-SE-2756
  • Author: Growth Market Reports
  • Rating: 4.7
  • Total Reviews: 3
  • No. Of Pages: 212
  • Format:
  • Pub. Date: Upcoming
  • Share:

The global customer relationship management market size was valued at USD 43.54 billion in 2020 and is projected to reach USD 96.33 billion by 2028, expanding at a CAGR of 10.4% during the forecast period, 2021-2028. The growth of the market is attributed to the rising trend of automated customer management, improving customer service, and enhancing customer experience.

Customer Relationship Management Market Key Takeaways

Customer relationship management (CRM) helps businesses in engaging new customers and improving existing customer experience. Use of CRM solutions eases the process of communication with consumers and increases their satisfaction about products or services. Additionally, advancements in CRM software makes it more approachable, fast, and effective analysis of important information about business analytics. This information is needed to increase sales, customize customer experience, find leads, retain customers, close deals, build stronger relationships, and make the process more simple and efficient. Owing to these advantages, the solution is widely applied in several industries across the globe.

The COVID-19 pandemic outbreak had brought a positive impact on the market due to the implementation of work from home policy by various business organizations and government bodies. This factor has driven organizations to focus on CRM to engage customers, resolve customer issues, close sales deals, and pursue opportunities in remote working environments. This is leading to wide installation and adaptation of CRM in several organizations.

Market Trends, Drivers, Restraints, and Opportunities

  • Rising use of digital platforms by consumers to communicate with organizations and brands is a key factor driving the market growth.
  • Increasing availability of service models such as Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS) model is projected to drive the market expansion during the forecast period.
  • Growing threat of cyber-attack on data stored in CRM software acts as a major challenge that can restrict the market growth in the coming years.
  • Rising stringent government regulations such as General Data Protection Regulation (GDPR) regarding data protection can hamper the market growth during the projected timeline.
  • Integrating technology such as natural language processors, deep learning, machine learning, and big data with CRM software is projected to create significant growth opportunities for the market.

Scope of the Report

The report on the global customer relationship management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Customer Relationship Management Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Deployments (Cloud and On-premise), End-users (IT & Telecom, BFSI, Government & Education, Retail, Discrete Manufacturing, Healthcare, and Others), Solutions (Salesforce Automation, Customer Service, CRM Analytics, Social Media Monitoring, Marketing Automation, Customer Experience Management, and Others), and Enterprise Sizes (Small & Medium Enterprise and Large Enterprise)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Microsoft Corp.; Oracle Corp.; SugarCRM Inc.; Copper CRM, Inc.; Creatio Technologies; Salesforce.com, Inc.; SAP SE Corp.; ADOBE Inc.; Zoho Corp. Pvt. Ltd; and Insightly, Inc.

Market Segment Insights

Cloud segment is expected to grow at a rapid pace

Based on deployments, the global customer relationship management market is bifurcated into cloud and on-premise. The cloud segment is expected to grow at a rapid pace during the forecast period attributed to numerous benefits such as cost effectiveness, flexibility, low hardware maintenance cost, and scalability. Furthermore, cloud-based deployment can be accessed from any location, which is projected to accelerate the segment growth further. However, the on-premise segment is anticipated to expand at a substantial CAGR during the forecast period in the coming years due to choice of organizations to store their business- critical information data on their servers for improved data security.

Customer Relationship Management Market By Deployments

Rising use of CRM solutions by banking and financial institutes drive the BFSI segment

In terms of end-users, the market is divided into IT & telecom, BFSI, government & education, retail, discrete manufacturing, healthcare, and others. The retail segment is expected to account for a major market share during the projected timeline owing to increasing competition in retail sector leading the demand of advanced CRM software and online systems for efficient customer centric services for buyers. On the other hand, the BFSI segment is projected to expand a considerable CAGR during the forecast period due to rising use of CRM solutions by banking and financial institutes. Moreover, it also provides continuous access to buyer database, better customer experience, unified communication with buyers, and segmentation of costumers, which presents a major factor driving the segment.

Customer service segment is estimated to account for a significant market share

On the basis of solutions, the global customer relationship management market is segregated into sales force automation, customer service, CRM analytics, social media monitoring, marketing automation, customer experience management, and others. The customer service segment is estimated to account for a significant market share during the forecast period owing to growing significance of understanding buyers’ behavior and their preferences for organization and use of digital channels by buyers to engage with brands and organizations. However, the CRM analytics segment is anticipated to grow at a high CAGR during the projected period attributed to the expanding accumulation of unstructured and structured data through digital platforms leading to installation of CRM analytics. Additionally, rising integration of analytics features in CRM solutions as companies seek ways of deriving rich insights from business data is a major driver of the segment.

Customer Relationship Management Market By Solutions

Large enterprise segment is expected to expand at robust growth rate

Based on enterprise sizes, the market is bifurcated into small & medium enterprise and large enterprise. The large enterprise size segment is expected to expand at robust growth rate during the forecast period due to the presence of various functional sectors in large organizations. Moreover, the segment growth is further accelerated as CRM helps to integrate consumer data with business process management and enable organization to synchronize with customer support process, sales, and marketing. On the other hand, the small & medium enterprise segment is projected to expand a considerable CAGR during the forecast period owing to rising impletion of CRM by small & medium size enterprises. The enterprises are using the solution for various applications including smooth employee transition, business networking, funding opportunities from government bodies, internal transparency & collaboration, and building brand.

North America is anticipated to constitute a key market share

In terms of region, the global customer relationship management market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period owing to digital transformation of numerous industry verticals and industries such as hospitality, banking, and retail in the region. However, the Asia Pacific market is anticipated to grow at a rapid pace during the forecast period due to high demand for advanced CRM software from emerging economies and favorable development of E-commerce industry by the regional market players.

Segments

Segments Covered in the Report
The global customer relationship management market has been segmented on the basis of

Deployments
  • Cloud
  • On-premise
End-users
  • IT & Telecom
  • BFSI
  • Government & Education
  • Retail
  • Discrete Manufacturing
  • Healthcare
  • Others
Solutions
  • Salesforce Automation
  • Customer Service
  • CRM Analytics
  • Social Media Monitoring
  • Marketing Automation
  • Customer Experience Management
  • Others
Enterprise Sizes
  • Small & Medium Enterprise
  • Large Enterprise
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players
  • Microsoft Corp.
  • Oracle Corp.
  • SugarCRM Inc.
  • Copper CRM, Inc.
  • Creatio Technologies
  • Salesforce.com, Inc.
  • SAP SE Corp.
  • ADOBE Inc.
  • Zoho Corp. Pvt. Ltd
  • Insightly, Inc.

Competitive Landscape

Key players competing in the global customer relationship management market are Microsoft Corp.; Oracle Corp.; SugarCRM Inc.; Copper CRM, Inc.; Creatio Technologies; Salesforce.com, Inc.; SAP SE Corp.; ADOBE Inc.; Zoho Corp. Pvt. Ltd; and Insightly, Inc.

Companies are focusing on investment in R&D for new product development and update existing product portfolio to boost their market share. Furthermore, companies are widely engaging in strategic partnership and merger & acquisitions to develop technological advance CRM solutions for acquiring new buyers or expand their consumer base worldwide. For instance, in May 2018, an integration software company Mulesoft was acquired by Salesforce.com, Inc. This acquisition allowed Salesforce.com, Inc. to gain access to Mulesoft integration technology and large buyer base.

Customer Relationship Management Market By Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Customer Relationship Management Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Customer Relationship Management Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Customer Relationship Management Market - Supply Chain
  4.5. Global Customer Relationship Management Market Forecast
     4.5.1. Customer Relationship Management Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Customer Relationship Management Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Customer Relationship Management Market Absolute $ Opportunity
5. Global Customer Relationship Management Market Analysis and Forecast by End Users
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by End Users
     5.2.2. Y-o-Y Growth Projections by End Users
  5.3. Customer Relationship Management Market Size and Volume Forecast by End Users
     5.3.1. IT & Telecom BFSI Government & Education Retail Discrete Manufacturing&
  5.4. Absolute $ Opportunity Assessment by End Users
  5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Customer Relationship Management Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Customer Relationship Management Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Customer Relationship Management Demand Share Forecast, 2019-2026
7. North America Customer Relationship Management Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Customer Relationship Management Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Customer Relationship Management Market Size and Volume Forecast by End Users
     7.4.1. IT & Telecom BFSI Government & Education Retail Discrete Manufacturing&
  7.5. Basis Point Share (BPS) Analysis by End Users
  7.6. Y-o-Y Growth Projections by End Users
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Customer Relationship Management Demand Share Forecast, 2019-2026
8. Latin America Customer Relationship Management Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Customer Relationship Management Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Customer Relationship Management Market Size and Volume Forecast by End Users
     8.4.1. IT & Telecom BFSI Government & Education Retail Discrete Manufacturing&
  8.5. Basis Point Share (BPS) Analysis by End Users
  8.6. Y-o-Y Growth Projections by End Users
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Customer Relationship Management Demand Share Forecast, 2019-2026
9. Europe Customer Relationship Management Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Customer Relationship Management Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Customer Relationship Management Market Size and Volume Forecast by End Users
     9.4.1. IT & Telecom BFSI Government & Education Retail Discrete Manufacturing&
  9.5. Basis Point Share (BPS) Analysis by End Users
  9.6. Y-o-Y Growth Projections by End Users
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Customer Relationship Management Demand Share Forecast, 2019-2026
10. Asia Pacific Customer Relationship Management Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Customer Relationship Management Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Customer Relationship Management Market Size and Volume Forecast by End Users
     10.4.1. IT & Telecom BFSI Government & Education Retail Discrete Manufacturing&
  10.5. Basis Point Share (BPS) Analysis by End Users
  10.6. Y-o-Y Growth Projections by End Users
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Customer Relationship Management Demand Share Forecast, 2019-2026
11. Middle East & Africa Customer Relationship Management Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Customer Relationship Management Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Customer Relationship Management Market Size and Volume Forecast by End Users
     11.4.1. IT & Telecom BFSI Government & Education Retail Discrete Manufacturing&
  11.5. Basis Point Share (BPS) Analysis by End Users
  11.6. Y-o-Y Growth Projections by End Users
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Customer Relationship Management Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Customer Relationship Management Market: Market Share Analysis
  12.2. Customer Relationship Management Distributors and Customers
  12.3. Customer Relationship Management Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Microsoft Corp. Oracle Corp. SugarCRM Inc. Copper CRM, Inc. Creatio Technologies
Segments Covered in the Report
The global customer relationship management market has been segmented on the basis of

Deployments
  • Cloud
  • On-premise
End-users
  • IT & Telecom
  • BFSI
  • Government & Education
  • Retail
  • Discrete Manufacturing
  • Healthcare
  • Others
Solutions
  • Salesforce Automation
  • Customer Service
  • CRM Analytics
  • Social Media Monitoring
  • Marketing Automation
  • Customer Experience Management
  • Others
Enterprise Sizes
  • Small & Medium Enterprise
  • Large Enterprise
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players
  • Microsoft Corp.
  • Oracle Corp.
  • SugarCRM Inc.
  • Copper CRM, Inc.
  • Creatio Technologies
  • Salesforce.com, Inc.
  • SAP SE Corp.
  • ADOBE Inc.
  • Zoho Corp. Pvt. Ltd
  • Insightly, Inc.

Key players competing in the global customer relationship management market are Microsoft Corp.; Oracle Corp.; SugarCRM Inc.; Copper CRM, Inc.; Creatio Technologies; Salesforce.com, Inc.; SAP SE Corp.; ADOBE Inc.; Zoho Corp. Pvt. Ltd; and Insightly, Inc.

Companies are focusing on investment in R&D for new product development and update existing product portfolio to boost their market share. Furthermore, companies are widely engaging in strategic partnership and merger & acquisitions to develop technological advance CRM solutions for acquiring new buyers or expand their consumer base worldwide. For instance, in May 2018, an integration software company Mulesoft was acquired by Salesforce.com, Inc. This acquisition allowed Salesforce.com, Inc. to gain access to Mulesoft integration technology and large buyer base.

Customer Relationship Management Market By Key Players

Buy Report