London, May 16, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global customer relationship management market size was accounted at USD 61.57 billion in 2021. The North American market will dominate the market size during the forecast due to an increase in the competitiveness, amongst the service providers and the fast-developing businesses the demand for this software is expected to grow. The use of advanced technology is also expected to give a boost to the market. As many major market players are located in the North American region in the US, the US market is expected to show a great growth during the forecast. There shall be a steady growth in the Latin American markets. As there is a rising demand for software's in the industrial sectors like the healthcare, retail and BFSI.
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The Asia Pacific market is expected to grow rapidly during the forecast. There is a high demand for the CRM in this region. Due to increased adoption of new technologies, the demand for the CRM software's has increased in the Asia Pacific region. The retail industry poses a high demand for the CRM market in the Asia Pacific region. Countries like Japan, India, China and Southeast Asia have different demographics and all of these reasons are expected to give a boost to the CRM market. As there is digitalization across the world, the Middle Eastern African countries are also expected to adopt this technology. In order to provide customer details, security and customer experience to the already existing customers and the new customers. The companies in this location are also adopting the technology.
Scope of the Report
| Report Attributes | Details |
| Market Size in 2020 | USD 61.57 Billion |
| Revenue Forecast by 2030 | USD 170 Billion |
| CAGR | 13.3% from 2022 to 2030 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Companies Covered | Salesforce.com, Inc., Oracle Corporation, ADOBE INC., SugarCRM Inc., Insightly Inc., Microsoft Corporation, SAP SE, Zoho Corporation Pvt. Ltd, Copper CRM, Inc., Creatio |
Report highlights.
- On the basis of the component used, the software segment dominated the CRM market and it is expected to grow during the forecast. There is an increased adoption of the CRM software as it helps in gaining strategic and competitive advantage. The software is able to provide strong customer retention. The software segment also helps in acquiring new customers and retaining those customers from the industrial verticals.
- On the basis of the deployment mode, the cloud-based segment is expected to grow during the forecast. As there is an increasing demand for customer relationship management software in small and medium scale organisations which prefer the cloud deployment.
- The Asia Pacific market is expected to show the highest growth during the forecast due to strong economic growth and developments in the businesses.
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Market Dynamics
Drivers
In order to increase the customer base, the CRM is expected to be in demand. The CRM software help in lead generation and retention of the customers. So, the demand for these software's is expected to grow during the forecast. The businesses are able to have sales automation, lead generation and retention facilities and also support provided by these software's. So, there is optimum utilization of resources and increase efficiency. Due to the digital transformation across donations, many industries are adopting the CRM software's. The option of the CRM software has helped in the increase in service and product inquiries and help in the lead creation. The customer support software and the contact center software are expected to have a good market share.
Restraints
A huge quantity of personal as well as confidential data from the businesses and consumers is stored in the CRM software. Credit card information, sales data, the financial information, patients' health card and banking instructions are all included in the CRM software. Ensuring the safety and security of all of this data is a major issue for all the organizations. Stringent rules are made by the governments of various nations in order to protect the consumer data. There is a lot of data breach through the CRM software. So, it increases the security threat. the major restraint for the growth of this market is the increasing security threats to the information which is stored on the CRM softwares.
Opportunities
Due to the integration of artificial intelligence in the CRM softwares there is expected to be a fast growth across the globe. Integration of artificial intelligence in the CRM systems helps in improving the customer experience. It helps in machine learning, deep learning, natural language processing etc.
Challenges
The time and the cost required for implementing the CRM software is challenging. It takes a lot of time, efforts, money and training. Another challenge for the CRM software is that even after trying to convince the teammates, there will be some people who will not want to use the software. The CRM softwares are not scalable with a growing business and therefore this is also a challenge. In case there is less research in order to understand what is needed for the business, a wrong type of CRM software will be chosen and implemented and this will lead to the failure of business.
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Recent Developments
- Oracle Crowd Infrastructure launched new capabilities and services. In March 2022 Which will help in. Greater flexibility to the customers. It will help in providing automatically adjusting resources in order to fit the application needs.
- Infusion Software Inc introduced smart client management software in November 2020 for the small businesses.
Market Segmentation
By Component
- Software
- Services
By Deployment
- On-Premise
- Cloud
- Hybrid
By Application
- Marketing and sales automation
- Customer management
- Lead generation and customer retention
- Others.
By End User
- BFSI
- Manufacturing
- Retail and consumer goods
- Health care
- IT and telecommunications
By Solution
- Customer Service
- Customer Experience Management
- CRM Analytics
- Marketing Automation
- Salesforce Automation
- Social Media Monitoring
- Others
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprise
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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