The global Customer Relationship Management market size is expected to be worth around US$ 114.5 billion by 2028, according to a new report by Vision Research Reports.
The global Customer Relationship Management market size was valued at US$ 40.4 billion in 2020 and is anticipated to grow at a CAGR of 14.5% during forecast period 2021 to 2028.
Growing demand for novel ways to analyze information, capabilities to aggregate data, and transforming it into better consumer experience is driving the need of customer relationship management (CRM) solutions across industries. Moreover, the merging of CRM, big data, and AI-powered analytics are likely to bridge the gap between customer expectations and company strategies for a better consumer experience.
Customer relationship management solutions have managed to exhibit an impressive adoption and growth rate in the last of couple of years despite over 20 years of market presence. This growth trend is attributed to numerous benefits of CRM suites, including operational efficiency, reduced cost of marketing, and the ability to complete sales cycle ‘on the go.’ Companies are now demanding access to customer data in real-time owing to the rapid proliferation of cloud and mobile solutions. Moreover, owing to increasing penetration of internet and smart mobile devices across the world, service providers are offering Bring Your Own Device (BYOD) solutions, which are expected to boost the customer relationship management solutions in the sales and marketing domain.
Based on solution, the market is segmented into customer service, customer experience management, CRM analytics, marketing automation, salesforce automation, social media monitoring, and other solutions. The customer experience management segment is expected to garner a substantial market share owing to increasing demand from companies shifting their marketing efforts to digital channels. In addition, the growing demand for speedy and real-time service and convenience are expected to help the segment retain its dominant position. As an increasing number of firms focus on building customer loyalty and long-term retention, experience management solutions are playing a crucial role. This is especially true for emerging avenues such as IT, telecom, and retail.
Based on deployment, the market is segmented into on-premise and cloud deployment. Cloud-based solutions have become the norm in the industry, which can be attributed to the increasing demand for solutions that help the sales and marketing teams on the go. The demand for SaaS is fueled by large and small enterprises alike as it provides numerous benefits such as cost flexibility, mobility, and almost no hardware cost. Concerns regarding security and privacy are the major hindrances observed in cloud deployment. However, as these concerns are being tackled, the cloud adoption is set to increase even further in the coming years.
Based on enterprise size, the market is bifurcated into large enterprises and Small and Medium Enterprises (SMEs). Large enterprises have been the major adopters of CRM suites, as these solutions help them track their return on investments and improve the overall efficiency of their sales cycles. The large enterprises segment emerged as the largest market shareholder owing to the vast marketing and IT budgets at their disposal and the need for handling huge amount of data. Moreover, the application of big data with the utility of artificial intelligence aided by machine learning is also expected to enhance customer relationship management solutions across various industry verticals.
Based on end use, the customer relationship management market is segmented into BFSI, retail, healthcare, IT and Telecom, discrete manufacturing, government and education, and others. Though it is perceived that B2B businesses are the largest users of customer relationship management, the demand for these solutions is quite high in B2C businesses. This is evident from the fact that retail and BFSI emerged as the largest shareholders in the global customer relationship management solutions industry. Other than vertical industries, the CRM providers are also instrumental in offering solutions in horizontal markets such as commerce, analytics, and integration.
North America, especially the U.S., exhibited the largest share in the market owing to the presence of numerous solution vendors, both big and small, in the region. While North America is anticipated to continue to dominate the market, Europe region showed a rather sluggish growth. It can be attributed to the gloomy economic conditions including Brexit ordeal and rising public debt that have affected the marketing and IT budgets of the organizations in the region.
Salesforce.com; Microsoft; Adobe; SAP; Oracle; SugarCRM; Zoho; Netsuite Inc.; Insightly Inc.; and Creatio. Large vendors are observed acquiring other players to consolidate their market share, and expand their existing portfolio.
Customer Experience Management
Social Media Monitoring
Enterprise Size Outlook
Small & Medium Enterprise
End Use Outlook
IT & Telecom
Government & Education
Middle East & Africa (MEA)
The Customer Relationship Management market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Customer Relationship Management market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Customer Relationship Management market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Customer Relationship Management market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Customer Relationship Management market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Customer Relationship Management capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Customer Relationship Management by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Customer Relationship Management market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Customer Relationship Management market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Customer Relationship Management market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Customer Relationship Management industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Customer Relationship Management market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Customer Relationship Management market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Customer Relationship Management market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Customer Relationship Management market. These factors have benefited the growth of the global market for Customer Relationship Management. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Customer Relationship Management. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Customer Relationship Management are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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