Pune, Aug. 10, 2020 (GLOBE NEWSWIRE) -- The global customer relationship management market size is projected to reach USD 113.46 billion by the end of 2027. The integration of advanced concepts such as AI and IoT will emerge in favor of growth of the overall market in the coming years. According to a report published by Fortune Business Insights, titled “Customer Relationship Management (CRM) Market Size, Share & COVID-19 Impact Analysis, By Component (Software, Services), By Deployment (On-Premises, Cloud), By Enterprise Size (Large Enterprises, SMEs), By Application (Marketing and Sales Automation, Customer Management, Lead Generation and Customer Retention, Customer Support and Contact Centre, Others), By Vertical (Banking, Financial Services and Insurance (BFSI), Manufacturing, IT and Telecommunications, Retail and Consumer Goods, Healthcare, Transportation and Logistics, Others) and Regional Forecast, 2020 – 2027,” the market was worth USD 47.79 billion in 2019 and will exhibit a CAGR of 11.6% during the forecast period, 2020-2027.
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Customer relationship management is a platform that helps organizations and businesses manage their relationships with the customers as well as other businesses. The increasing adoption of software as a service across numerous industry verticals will create several growth opportunities for the companies operating in the CRM market. The availability of open source as well as low cost cloud platforms will lead to a wider product adoption across the world. The presence of several large scale vendors will contribute to the growth of the market in the coming years. The increasing investments in development of advanced CRM and the efforts put in to integrate latest concepts such as artificial intelligence and IoT will emerge in favor of market growth. The ability of a customer relationship management to simplify business management and operations will bode well for the growth of the market in the coming years.
Adoption of CRM Solutions has Risen During the Covid-19 Pandemic
The recent coronavirus outbreak has created a huge panic among people as well as businesses across the world. Accounting to the rapid spread of the disease, governments have enforced strict lockdowns and advised social distancing practices. As a result, several businesses have been forced to shut down. Several businesses have implemented work from home policies. It is observed that CRM software have helped these organizations function seamlessly. Thus, the CRM market will benefit from the ongoing Covid-19 pandemic.
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Increasing Number of Company Collaborations will Emerge in Favor of Market Growth
The recent encompasses several factors that have contributed to the growth of the overall market in the coming years. Among all factors, the increasing number of company mergers and acquisitions has had the highest impact on market growth. Accounting to the massive potential held by CRM in the IT sector, corporate businesses are looking to collaborate with CRM vendors across the world. In November 2017, Adobe Inc. announced that it has collaborated with Microsoft Corporation. The companies stated that this collaboration was aimed at the development of an integrated customer relationship management and content management solution. The companies will look to combine the resources of both the organizations, with a bid to enhancing the operational performance of the CRM solution. Adobe Marketing will be used in tandem with Microsoft Dynamics 365; a step that will help the companies acquire a wider consumer base in the long run. This collaboration will not just benefit the companies but will also aid the growth of the overall CRM market in the coming years.
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North America to Witness Considerable Growth; Increasing Product Adoption by Major Companies in this Region will Bode Well for Market Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The increasing use of these solutions by large scale companies, especially in the United States will emerge in favor of growth of the regional market. As of 2019, the market in North America was worth 15.84 billion and this value is projected to increase at a considerable pace in the coming years. The market in Europe will derive growth from the presence of several large scale CRM vendors in countries such as Germany, UK, and France.
List of the Leading Companies Operating in the Customer Relationship Management (CRM) Market are:
- Copper CRM, Inc. (San Francisco, California)
- Creatio (Boston, Massachusetts)
- Freshworks, Inc. (California, United States)
- HubSpot, Inc. (Massachusetts, United States)
- Infor, Inc. (New York, United States)
- Infusion Software, Inc. (Keap) (Arizona, United States)
- Insightly, Inc. (California, United States)
- Microsoft Corporation (Washington, United States)
- Oracle Corporation (California, United States)
- Pipedrive (New York, United States)
- Salesforce.com, Inc. (California, United States)
- SAP SE (Walldorf, Germany)
- SugarCRM (California, United States)
- Teamgate.com (London, United Kingdom)
- Zoho Corporation Pvt. Ltd. (Tamil Nadu, India)
Industry Developments:
July 2019 – Pipedrive, announced that it will be adding AI capabilities to its existing CRM software. Through the integration of AI, Pipedrive will look to enhance its CRM solutions and subsequently acquire a wider consumer base.
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Customer Relationship Management (CRM) Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Customer Relationship Management (CRM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Software
- Services
- By Deployment (Value)
- On-Premises
- Cloud
- By Enterprise Size (Value)
- Large Enterprises
- SMEs
- By Application (Value)
- Marketing and Sales Automation
- Customer Management
- Lead Generation and Customer Retention
- Customer Support and Contact Centre
- Others (Social Media Management, CRM Analytics, etc.)
- By Vertical (Value)
- Banking, Financial Services and Insurance (BFSI)
- Manufacturing
- IT and Telecommunications
- Retail and Consumer Goods
- Healthcare
- Transportation and Logistics
- Others (Government, Media and Entertainment, Education, Etc.)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
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