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WASHINGTON, Sept. 05, 2022 (GLOBE NEWSWIRE) — Customer Relationship Management Market (CRM) software aids in planning, controlling, and tracking corporate processes to boost client satisfaction. Demand for software is anticipated to rise as a result of the growing use of cutting-edge technologies like the Internet of Things (IoT), Artificial Intelligence (AI), and big data. Additionally, cloud-based Customer Relationship Management Market (CRM) software is projected to become more popular due to its simplicity of use and integration. The Global Market revenue was valued at USD 51.5 Billion in 2021.
The Global Customer Relationship Management Market size is forecast to reach USD 106.6 Billion by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 12.9% during the forecast period; states Vantage Market Research, in a report, titled “Customer Relationship Management Market Size, Share & Trends Analysis Report by Components (Software, Services), by Deployment Model (On-Premise, Cloud, Hybrid), by Enterprise Size (Large Scale, Small & Medium Scale), by Applications (Customer Service, Customer Experience Management, CRM Analytics, Marketing Automation, Salesforce Automation, Other Applications), by Industry Verticals (Banking Financial Services & Insurance (BFSI), Healthcare, Energy & Utility, IT & Telecommunications, Retail & E-Commerce, Manufacturing, Government & Defense, Media & Entertainment, Other Verticals), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
Key Industry Findings & Insights from the report:
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The global Customer Relationship Management Market was valued USD 51.5 Billion in 2021 and is all set to surpass USD 106.6 Billion by 2028, exhibiting a CAGR of 12.9% during the forecast period 2022-2028.
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In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
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In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
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The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
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Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Customer Relationship Management industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
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Market Dynamics:
Drivers:
Integration of Artificial Intelligence
Globally, the use of artificial intelligence (AI) is expanding quickly. Similarly, there is an increasing demand for Customer Relationship Management Market (CRM) systems to incorporate AI to enhance the customer experience. According to an IDC study, Salesforce, Inc.’s AI-powered CRM solution is used to give users a competitive advantage. Deep learning, machine learning, and natural language processing are all components of CRM software that use AI to help businesses understand the psychological condition of their customers. By managing and delivering solutions to customers using this data, the software helps companies forge close bonds with their customers. For instance, Zia from Zoho CRM and Einstein from Salesforce offer AI-powered CRM that collects client data via speech technologies. Hence, increasing demand for CRM systems is propelling the market growth.
Rapid Digital Transformation
The need for Customer Relationship Management Market (CRM) solutions is anticipated to be driven by the integration of cutting-edge technology across corporate domains to enhance operations and value delivery to customers. To increase their regional presence, businesses also aim to apply business strategies and market trends. Following data analysis, this method aids businesses in providing a better customer experience. A PWC Experience Center poll found that about half of the firms said digital transformation improved customer experience. Because of this, businesses are using CRM systems as part of their shift to customer-centric services. CRM and other integrated technologies that increase customer satisfaction are crucial for rapid digital transformation. The end user’s journey is improved by this seamless transformation, which offers an excellent customer experience at all points of communication. Because of this, the demand for CRM software is anticipated to increase shortly, contributing to the growth of the global market.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide and the Global Customer Relationship Management Market is not an exception. Governments across the world implemented several measures like strict lockdown to ensure social distancing norms to restrict the swift spread of the pandemic. The Customer Relationship Management Market suffered as the manufacturing units around the world were forced to shut down during the initial stages of the pandemic. Small and medium-scale companies which are the backbone technology providers to the Customer Relationship Management Market industry were directly affected due to the epidemic. Furthermore, the rollout for the Customer Relationship Management Market industry too is taken into consideration as the aftereffects of the pandemic are gradually coming down since the beginning of 2022.
The situation is seen to improve in the second half of 2022 as more supplies resume normal. Vantage Market Research, while performing the analysis study for the Global Customer Relationship Management Market has considered the impact of COVID-19 on the Customer Relationship Management Market globally and the subsidiaries for the Customer Relationship Management Market industry. In addition, the demand and supply chain are considered while estimating the current and forecast market size for the Global Customer Relationship Management Market industry for all the regions and countries based on the following data points:
1. Impact Assessment of COVID-19 Pandemic
a. North America
b. Europe
c. Asia Pacific
d. Latin America
e. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long-Term Dynamics
5. Short-Term Dynamics
The report on Customer Relationship Management Market highlights:
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Regional Analysis:
North America is expected to dominate the growth of Customer Relationship Management Market in 2021. North America is predicted to steer the Customer Relationship Management Marketplace proportion due to the fast-developing businesses and competitiveness among service providers are customer preferences data as well as real-time forecast capabilities. Also, the U.S. is expected to lead the region during the projected period owing to the presence of key market players.
List of Prominent Players in Customer Relationship Management Market:
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on “Customer Relationship Management Market Size, Share & Trends Analysis Report by Components (Software, Services), by Deployment Model (On-Premise, Cloud, Hybrid), by Enterprise Size (Large Scale, Small & Medium Scale), by Applications (Customer Service, Customer Experience Management, CRM Analytics, Marketing Automation, Salesforce Automation, Other Applications), by Industry Verticals (Banking Financial Services & Insurance (BFSI), Healthcare, Energy & Utility, IT & Telecommunications, Retail & E-Commerce, Manufacturing, Government & Defense, Media & Entertainment, Other Verticals), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)“.
Recent Developments:
December 2021, Fresh works Inc. launched Freshdesk Contact Center to a 7-Eleven location, a worldwide retail chain. The system will swiftly answer problems and provide the same in-store advantages to both online and regular customer buyers.
June 2021, Salesforce.com, Inc. announced new digital 360 capabilities to assist organizations in increasing their digital operations and delivering the next generation of commerce, marketing, and digital experiences.
Key Questions Answered in The Report:
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Which region will show the fastest and highest growth in the near future?
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Which are the top five players and their weakness and strength of the Market?
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What will be the future innovation in the upcoming six years?
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Which application and product will lead the largest share of the Market?
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What are the growth drivers, restraints and challenges of the industry?
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What will be the CAGR and size of the Customer Relationship Management Market for the base year and forecast period?
This market titled “Customer Relationship Management Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
|
Parameter |
Details |
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Market Size Provided for Years |
2016-2028 |
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Base Year |
2021 |
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Historic Years |
2016-2020 |
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Forecast Years |
2022-2028 |
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Segments Covered |
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Region & Counties Covered |
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Companies Covered |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
Customization of the Report:
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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