New York, United States, June 27, 2023 (GLOBE NEWSWIRE) -- In multinational corporations, customer relationship management has become essential for many functions. Social CRM has improved in speed and accessibility and the addition of vital data for business analytics. As an additional channel in their overall CRM software solutions, businesses embrace social CRM. Traditional CRM software offers businesses several advantages like improved business ideas, information communication, flexibility, and performance. Social CRM is a social layer that sits on top of these software programs. Social CRM helps businesses build customer relationships and strengthens their brand recognition among consumers by focusing on understanding customer needs and delivering value to them in an open business environment.
Competitors in Customer Relationship Management Market
- Salesforce.com Inc.
- Microsoft Corporation
- SAP SE
- Oracle Corporation
- Adobe
- SugarCRM Inc.
- Zoho Corporation Pvt. Ltd
- Copper CRM Inc.
- Insightly Inc
- Creatin
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Report Scope
| Report Metric | Details |
| Market Size by 2031 | USD 184.67 billion |
| Market Size in 2022 | USD 57.87 billion |
| CAGR | 13.76% |
| Historical Data | 2020-2021 |
| Base Year | 2022 |
| Forecast Period | 2023-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Solutions, Deployment, Enterprise Size, End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Salesforce.com, Inc., Microsoft Corporation, SAP SE, Oracle Corporation, Adobe, SugarCRM Inc., Zoho Corporation Pvt. Ltd, Copper CRM, Inc., Insightly, Inc, and Creatio. |
| Key Market Opportunities | Incorporation of New Business Models |
| Key Market Drivers | Growing Popularity of Social CRM Growing Use of CRM in Healthcare and Hospitality |
Key Highlights
- The global customer relationship management market size was valued at USD 57.87 billion in 2022. It is expected to reach USD 184.67 billion by 2031, growing at a CAGR of 13.76% during the forecast period (2023–2031).
- Based on the solution, the global customer relationship management market is bifurcated into customer service, customer experience management, CRM analytics, marketing automation, salesforce automation, and social media monitoring. The customer service segment is the highest contributor to the market and is expected to grow at a CAGR of 11.8% during the forecast period.
- Based on the deployment, the global customer relationship management market is bifurcated into on-premise and cloud. The cloud segment owns the highest market share and is expected to grow at a CAGR of 15.6% during the forecast period.
- Based on the enterprise size, the global customer relationship management market is bifurcated into small and medium enterprises (SMEs) and large enterprises. The large enterprise segment is the highest contributor to the market and is expected to grow at a CAGR of 12.4% during the forecast period.
- Based on the end-use, the global customer relationship management market is bifurcated into BFSI, retail, healthcare, IT and telecom, discrete manufacturing, and government and education. The BFSI segment owns the highest market share and is expected to grow at a CAGR of 14.1% during the forecast period.
- North America is the most significant shareholder in the global customer relationship management market and is expected to grow at a CAGR of 12.3% during the forecast period.
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Growing Popularity of Social CRM Drives the Global Market
Social CRM is anticipated to overtake SaaS as the market's next most popular feature as a result of shifting customer dynamics. All businesses sizes need to understand customer behavior. Enterprises have discovered that social networking sites like Twitter, Facebook, Pinterest, LinkedIn, and Snapchat are a great way to track how customers' behavior changes and how they interpret information about products and services. This is because many people spend a lot of time on these websites. Using various keywords, such as brand name and company name, helps businesses track and evaluate their reputation in the market. In addition, businesses are paying a lot of attention to their customers. As a result, customer engagement is becoming a more crucial part of CRM activities.
Incorporation of New Business Models Creates Tremendous Opportunities
Businesses are using CRM software more and more to comprehend customer behavior. To increase customer value, customer retention, and profit, it enables businesses to analyze data about customer interactions. Organizations have adopted new business models to broaden their clientele and enhance user experience. Another area of focus is how well organizations can adjust to changing market conditions and customer expectations. In several industries and industry verticals, incumbents are growing their customer bases with different e-commerce models, such as e-retail, direct-to-customer (D2C), marketplace, and social commerce.
Regional Analysis
North America is the most significant shareholder in the global customer relationship management market and is expected to grow at a CAGR of 12.3% during the forecast period. The expansion of regional markets is facilitated by the retail sector's increasing reliance on digital technology and consumer demand for individualized service. Businesses are embracing technologies like the cloud, the Internet of Things (IoT), and big data to support their digital transformation to pursue a customer-centric business model. Businesses are also implementing CRM programs to raise customer engagement and enhance brand recognition. Major American companies are investing heavily in customer relationship management to meet customer expectations. The demand for CRM is also rising due to the region's increasing need for mobility.
Europe is expected to grow at a CAGR of 13.9% during the forecast period. Many European businesses have a multi-regional user base, which promotes transactions in multiple currencies. As a result, organizations are implementing CRM solutions to simplify the transaction process and offer proactive support to customers. The UK customer relationship management market is expected to be driven by technological advancements over the forecast period, including the availability of data and insights required to improve operational efficiencies through customized solutions. As an illustration, in 2021, the government unveiled its Shared Service Strategy. The program enhances the user experience while assisting companies in becoming more cost- and time-effective.
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Segmentation of Customer Relationship Management Market
By Solutions
- Customer Service
- Customer Experience Management
- CRM Analytics
- Marketing Automation
- Salesforce Automation
- Social Media Monitoring
By Deployment
- On-Premise
- Cloud
By Enterprise Size
- Small and Medium Enterprises (SMEs)
- Large Enterprises
By End-User
- BFSI
- Retail
- Healthcare
- IT and Telecom
- Discrete Manufacturing
- Government and Education
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
TABLE OF CONTENT
- Executive Summary
- Research Scope & Segmentation
- Research Objectives
- Market Definition
- Limitations & Assumptions
- Market Scope & Segmentation
- Currency & Pricing Considered
- Market Opportunity Assessment
- Emerging Regions / Countries
- Emerging Companies
- Emerging Applications / End Use
- Investment Landscape
- New Business Models / Revenue Streams
- TAM
- Market Trends
- Drivers
- Market Warning Factors
- Latest Macro Economic Indicators
- Geopolitical Impact
- Human Factors
- Technology Factors
- Market Assessment
- Porters Five Forces Analysis
- Value Chain Analysis
- Sales And Distribution Channel Analysis
- Case Study Analysis
- Patent Analysis
- M & A Agreements & Collabration Analysis
- ESG TRENDS
- Global Customer Relationship Management Market Size Analysis
Continue…
Table of Content and Figure @ https://straitsresearch.com/report/customer-relationship-management-market/toc
Recent Development
- In December 2022, In order to drive customer success on the Commerce Cloud, Salesforce announced it would add more than 250 commerce partner apps to AppExchange, the top enterprise cloud marketplace.
- In November 2022, Act! Top marketing automation and customer relationship management (CRM) software provider for small and medium-sized businesses (SMBs), recently announced that Act! CRM is now accessible in the UK. Act! CRM, available in the United States in 2021, is an intuitive CRM and e-marketing solution that provides today's SMBs with critical customer management, calendar, pipeline, forecasting, reporting, and email marketing features.
News Media
Global Customer Success Management Market Grows Tremendously at a CAGR of 24.73%
Global SaaS market Size USD 382.59 Million By 2030 | CAGR of 10.08%
Have a Look at the Related Research Report
Customer Success Management Market: Information by Deployment (Cloud, On-Premise), Size of Organization (Small and Medium Enterprises), End-User Vertical and Regions—Forecast Till 2031
Customer Experience Management Market: Information by Analytical Tools (Text Analytics, Speech Analytics), Touchpoint (Web Services, Call Centers), End User (Retail), Region – Forecast Till 2031
Customer Data Platform Market: Information by Type (Access, Analytics, Engagement), Applications (BFSI, Retail and e-Commerce, Media and Entertainment), and Region — Forecast till 2026
SaaS Market: Information by Type (Enterprise Software, Productivity Software), and Region — Forecast till 2030
Social Commerce Market: Information by Business Model (Business to Consumer, Business to Business), Product Type (Personal Beauty Care, Apparel), and Region — Forecast till 2030
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