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 generate informed conclusions without requiring direct human intervention. AI's ability to tackle intricate problems that are beyond human capabilities has fueled its increasing adoption. Designed to mimic human thought and behavior, AI is revolutionizing industries by enhancing productivity and delivering precise results in a short timeframe. Integrating AI into Customer Relationship Management (CRM) systems empowers enterprises to derive valuable insights from their customer data. By automating repetitive tasks, supplying predictive analytics, and personalizing customer interactions, AI amplifies CRM functionality, ultimately improving customer engagement and satisfaction. 

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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 markets encompass a range of solutions designed to streamline business operations and enhance customer experiences. Key offerings include workflow automation for contact and account management, opportunity forecasting, customer support ticketing, and knowledge bases. Live chat, customer portals, and personalized experiences provide real-time engagement. Business intelligence, data visualization, predictive modeling, and customer segmentation models offer valuable insights. Cloud-based and hybrid CRM solutions, mobile-first and omni-channel experiences, and customer journey analytics are essential for modern businesses. Proactive support, customer retention, and issue resolution ensure positive customer experiences. Generative AI, personalized recommendations, and AI-powered chatbots offer predictive analytics and customization. Lead generation, business relationships, and multichannel CRM complete the comprehensive CRM solution landscape.

Market Research Overview

In the expansive IT software industry, CRM solutions represent a significant segment, encompassing customer relationship management systems from major players such as Microsoft Dynamics 365, SAP CRM, and Oracle Siebel. These solutions facilitate marketing, sales, and customer service automation. The application software market, a subset of the IT software sector, focuses on developing and producing specialized business software, including enterprise and technical applications, as well as cloud-based solutions. According to Technavio, the global IT software market size is determined by the consolidated revenue of companies providing all types of IT software, including CRM solutions and cloud-based applications.. 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/