Pune, India, June 01, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global customer relationship management market size was valued at USD 64.41 billion in 2022 and is projected to grow from USD 71.06 billion in 2023 to USD 157.53 billion by 2030, exhibiting a CAGR of 12.0% during the forecast period. Increase in Service and Product Enquiries with the Adoption of CRM to Fuel Market Growth. Fortune Business Insights provide this information in its report titled Customer Relationship Management (CRM) Market Forecast, 2023-2030.
CRM software helps in organizing, managing, and monitors business operations to escalate customer satisfaction. The growing use of advanced technologies such as the Internet of Things (IoT), Big Data, and artificial intelligence is estimated to boost software demand. It boosts the effectiveness of campaigns, resulting in higher conversion rates.
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Key Industry Development:
August 2022: Oracle introduced the next generation of Oracle Fusion Sales. It is a sales automation application that helps to close deals faster and is used for identifying high-value opportunities.
Key Takeaways
- CRM software helps in managing, organizing, and monitoring business operations to increase customer satisfaction.
- Surging Remote Location-based Employees and Clients to Drive the CRM Market Growth amid COVID-19 Pandemic
- By implementing Customer Relationship Management software, companies are reaching out to their clients by providing personalized customer services.
- Integration of Artificial Intelligence to Propel Potential Market Trend
- By Deployment Analysis: Ease of New Technology Integration to Surge Demand for Cloud-based CRM Software
- Customer Relationship Management Market Size in North America was USD 21.69 Billion in 2022
Discover the Leading Players Featured in the Report:
“Companies leading the Customer Relationship Management Market are Infor, Inc. (U.S.) , Infusion Software, Inc. (Keap) (U.S.) , IBM Corporation (U.S.) , Microsoft Corporation (U.S.) , Oracle Corporation (U.S.) , Salesforce.com, Inc. (U.S.) , SAP SE (Germany) , Adobe Systems, Inc. (U.S.) , Zendesk, Inc. (U.S.) , HubSpot, Inc. (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 12.0% |
| 2030 Value Projection | USD 157.53 Billion |
| Base Year | 2022 |
| Customer Relationship Management Market Size in 2022 | USD 64.41 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 176 |
| Segments covered | Component, Deployment, Enterprise Size Application, Vertical and Geography |
Browse Complete Report Details:
https://www.fortunebusinessinsights.com/customer-relationship-management-crm-market-103418
Drivers and Restraints:
Implementation of Multichannel Capabilities into CRM Solutions to Fuel the Market
The growing usage of mobile devices and smartphones has led to a rise in demand for mobile-friendly Customer Relationship Management (CRM) modules. Customers demand these solutions that can be accessed and used on various mobile devices, smartphones, and tablets.
The incorporation of multichannel capabilities advances the effectiveness of marketing campaigns. CRM solutions that integrate social media channels and mobile enable businesses to extend consumers where they spend their time.
Segments:
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 & Customer Retention
- Customer Support and Contact Centre
- CRM Analytics
- Social Media Management
By Vertical
- Banking, Financial Services and Insurance (BFSI)
- Manufacturing
- IT and Telecommunications
- Retail and Consumer Goods
- Healthcare
- Government
- Transportation and Logistics
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
Regional Insights:
North America Held the Largest Revenue and Dominate the Market
Due to rapid-developing businesses and competitiveness among service providers, North America dominates the market due to the largest revenue share. The rising installations of advanced technologies, such as 5G and others, are providing large amount of customer preferences data and real-time forecast capabilities.
Europe is estimated to hold a subsequent position in the CRM market. The increasing number of small and medium-sized businesses in European nations is estimated to drive the Customer Relationship Management (CRM) market growth.
The Latin American market is anticipated to grow steadily from 2023-2030. Rising demand for software across industrial sectors, which includes BFSI, healthcare, and retail, is enhancing the size of the region.
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Competitive Landscape:
Innovative Launch Operations by Key Players to Boost Market Growth
Players in the market have launched new techniques in the market to boost the market growth with their solutions and to elevate the competition in the market. It includes investments and the launch of new and advanced products in the market. Companies have been applying new plans, such as partnerships and mergers, to support their position in the market.
FAQ’s
How big is the customer relationship management market?
Customer Relationship Management (CRM) Market size was USD 64.41 billion in 2022.
How fast is the customer relationship management market growing?
The Customer Relationship Management (CRM) Market will exhibit a CAGR of 12.0% during the forecast period, 2023-2030
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