Latest News- CRM Market: Service and support CRM is expected to lead the Application segment during 2025-2029

The CRM Market is being driven by Increasing adoption of CRM by SMEs

The CRM Market is expected to grow at a CAGR of 11.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 75.4 billion. Artificial Intelligence (AI) is a advanced computer science discipline that employs algorithms, pattern recognition, rules, deep learning, and cognitive computing to derive conclusions without requiring direct human intervention. AI's capabilities include problem-solving abilities that surpass human capacity. By integrating AI with Customer Relationship Management (CRM) systems, enterprises can extract valuable insights from their customer data. AI enhances CRM functionality by automating repetitive tasks, delivering predictive analytics, and personalizing customer interactions, thereby improving productivity and accuracy. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Service and support CRM
  • Sales CRM
  • Marketing CRM software
  • E-commerce software CRM
• Deployment
  • SaaS
  • On-premises
• Sector
  • Large enterprises
  • Small and medium-sized enterprises
• Geography
  • North America
    • Canada
    • Mexico
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • APAC
    • China
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing adoption of CRM by SMEs
• Increasing adoption of cloud-based offerings
• Focus on customer engagement

However, the market also witnesses some limitations, which are as follows:

• Data security concerns
• Issues related to integration of CRM
• Availability of free and open-source CRM software

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Market Scope in CRM Market Research Report

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Research Analysis Overview

CRM market encompasses solutions for workflow automation, contact and account management, opportunity forecasting, customer support ticketing, and knowledge bases. Additionally, it offers features like live chat, customer portals, personalized experiences, and business intelligence with data visualization and predictive modeling. Customer segmentation models, cloud-based and hybrid CRM solutions, mobile-first and omni-channel experiences, and customer journey analytics are also included. Services comprise customer success management, advocacy, loyalty programs, issue resolution, proactive support, and retention. Advanced technologies such as generative AI, personalized recommendations, AI-powered chatbots, and predictive analytics are integrated. CRM solutions are available in various formats, including cloud-based, on-premises, and mobile-friendly. Lead generation and business relationships are also facilitated through customer interactions.

Market Research Overview

In the vast IT software industry, CRM solutions represent a significant segment, with customer relationship management (CRM) systems being a key focus. Notable providers include Microsoft Dynamics 365, SAP CRM, and Oracle Siebel. These solutions facilitate marketing automation, sales automation, and customer service automation, enhancing business operations. The global application software market encompasses CRM vendors, producing specialized applications for enterprises and consumers, excluding those classified in interactive home entertainment or systems software. According to Technavio, the market size is determined by the consolidated revenue of all IT software providers, encompassing cloud-based solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/