CRM Market Size to grow by USD 54.4 billion between 2023-2027
According to a research report “ CRM Market” by Application (Service and support CRM, Sales CRM, Marketing CRM software, E-Commerce software CRM) Deployment (SaaS, On-premise) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 54.4 billion, at a CAGR of 10.16% during the forecast period. In today's business landscape, Small and Medium Enterprises (SMEs) are increasingly adopting Cloud-based Customer Relationship Management (CRM) solutions due to their affordability and accessibility. CRM applications are no longer a luxury but a necessity for businesses in sectors such as retail, banking, financial services and insurance (BFSI), healthcare, and telecom and IT. SMEs, previously relying on standalone applications for functions like sales management, contact management, marketing management, and productivity management, are now transitioning to CRM. This shift enables the integration of multiple business functions into a unified platform, providing enhanced decision-making capabilities, reduced operational costs, increased sales, and improved planning and resource management. Additionally, CRM offers a centralized location for streamlining data, enabling SMEs to gain valuable insights and make informed business decisions..
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By Application, the Service and support CRM segment is projected to dominate the market size in 2024
CRM (Customer Relationship Management) software, specifically designed for customer service and support, enables businesses to efficiently address customer concerns and maintain consistent service standards. This solution collects vital data and customer feedback, which is leveraged to address similar issues more effectively and promptly. Furthermore, it facilitates communication between on-field employees and technicians, ensuring swift resolution of queries and fostering customer trust. For instance, the Coca-Cola Company utilizes CRM for customer service to manage and resolve customer issues while closely monitoring their behavior.
By Deployment, SaaS segment is expected to hold the largest market size for the year 2024
SaaS CRM, or Software-as-a-Service Customer Relationship Management, is a cloud-based and subscription-model solution that enables enterprises to manage and engage with their customer base more effectively. This system offers numerous advantages over traditional on-premises CRM solutions. By utilizing SaaS CRM, businesses can store and access customer data and associated activities from anywhere, streamlining administrative processes in sales, marketing, operations, and customer service. A significant benefit of SaaS CRM is its cost-effective and hassle-free implementation. In contrast to on-premises CRM, where enterprises are responsible for managing the application, data, server, storage, networking, and middleware, SaaS CRM providers handle these aspects. This results in a more affordable and convenient option for businesses, as they only pay for the usage and do not bear the upfront costs associated with on-premises solutions.
North America is forecasted to hold the largest market size by region in 2024
The CRM market in North America is experiencing significant growth due to the widespread adoption of public cloud services by enterprises. This trend is driven by the increasing requirement for comprehensive customer data analysis to enhance business relationships and drive sales growth. Advanced technological infrastructure and the presence of leading cloud service providers, including Microsoft Corporation, Salesforce Inc., Oracle Corporation, and Adobe Inc., are key catalysts fueling market expansion. Enterprises in the region are investing in cloud-based enterprise applications to streamline business processes, enabling easy access to software solutions like CRM, ERP, and HRM via web browsers through one-click functionality.
The CRM Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The CRM market is experiencing significant growth as businesses increasingly prioritize digital transformation and the use of CRM software to better understand and engage with their customers. The CRM analytics segment, which includes big data analytics and business intelligence, is a key driver of this growth. This segment allows businesses to gain insights from customer data across digital channels, enabling personalized and automated interactions. CRM platforms are now integrating AI and machine learning to deliver hyper-personalized experiences, automate customer service, and optimize sales processes. Omnichannel marketing is also a major trend, with businesses using CRM tools to manage customer interactions across multiple digital channels. Cloud technology has made CRM software more accessible and cost-effective, allowing small and medium-sized businesses to adopt these solutions. The customer service segment is also seeing significant investment, as businesses seek to improve customer satisfaction and reduce support costs. E-commerce sales are also driving growth in the CRM market, as businesses look to better understand and engage with online customers. IT infrastructure and data security are important considerations for businesses adopting CRM solutions, as they handle sensitive customer information. Embedded analytics and AI integration are also becoming essential features, enabling real-time insights and automation. Overall, CRM strategies that prioritize digital technology, customer engagement, and data-driven insights will be key to success in today's market.
Market Research Overview
The CRM market is experiencing significant growth as businesses seek to enhance customer experiences and streamline operations. However, implementing CRM systems comes with its own set of hurdles, including data integration, messaging API development for bot development, and AI-driven customer experiences. Acquisitions of CRM solutions like Follow Up Boss and Freshchat by larger corporations like SoftClouds demonstrate the importance of CRM software in digital transformation. CRM systems are no longer just for customer service but also for sales, e-commerce sales, and marketing segments. Cloud platforms have made CRM solutions more accessible, but IT infrastructure and business intelligence are crucial for effective CRM strategies. Big data analytics, AI integration, and embedded analytics are key features driving the market. CRM analytics and omnichannel marketing are essential for organizational departments, with work collaboration tools and call center technology enhancing customer satisfaction. Digital technology and automation are transforming CRM platforms, enabling hyper-personalization and AI-driven interactions. IT & telecom industries are major adopters of CRM systems, with the customer service segment leading the way. CRM tools are essential for large corporations seeking to improve customer satisfaction and streamline operations.
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Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
