Portland, OR, July 24, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global customer relationship management market generated $41.93 billion in 2019 and is projected to generate $96.39 billion by 2027, manifesting a CAGR of 11.1% from 2022 to 2027. The report provides an extensive analysis of changing market dynamics, major segments, the value chain, competitive scenarios, and the regional landscape. This research offers valuable guidance to leading players, investors, shareholders, and startups in devising strategies for economic growth and gaining a competitive edge in the market.
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Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Base Year | 2019 |
| Market Size in 2019 | $41.93 Billion |
| Market Size in 2027 | $96.39 Billion |
| CAGR | 11.1% |
| No. of Pages in Report | 334 |
| Segments Covered | Component, Deployment Mode, Organizational Size, Application, Industry Vertical, and Region. |
| Drivers | The focus of small and medium-sized businesses is shifting more toward long-term customer engagement and retention |
| The COVID-19 outbreak's global acceleration of digital transformation in businesses | |
| Opportunities | High operational efficiency and affordable software costs |
| Growing use of the bring your own device (BYOD) ecosystem because of the rise in smartphone usage | |
| Restraints | Lack of certainty regarding the confidentiality of customer information |
| The high initial installation costs for CRM software |
COVID–19 Scenario:
- The COVID-19 pandemic had a significant impact on businesses all over the world. Due to disruptions in production units, supply chains, labor and personnel availability, and the temporary closing of cross-country borders. As a result, businesses adopted policies allowing employees to work from home. However, companies have noticed a growing demand for customer support techniques to enable smooth communication between employees and customers. Intelligent cloud-based CRM would provide consolidated and analyzed data from a variety of sources inside and outside the databases by automating these solutions, providing decision-makers with useful insights.
- Due to the above-mentioned factors, customer relationship management adoption will reach its peak in the coming decades, opening significant opportunities for both established companies and start-ups.
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The research offers detailed segmentation of the global customer relationship management (CRM) market based on component, organizational size, application, deployment mode, industry vertical, and region. With the help of tables and figures, the report goes over segments and their sub-segments in detail. Market participants and investors can plan their strategies based on the fastest-growing and highest revenue-generating segments identified in the report.
Based on component, the software segment held the largest market share in 2019, accounting for more than three-fifths of the global customer relationship management (CRM) market revenue, and is anticipated to maintain its leadership status throughout the forecast period. However, the service segment would display the fastest CAGR of 12.6% from 2020 to 2027.
Based on deployment model, the cloud segment held the major share in 2019, garnering more than three-fifths of the global customer relationship management (CRM) market revenue, and is projected to rule the roost by 2027. The same segment would also exhibit the fastest CAGR of 11.8% during the forecast period. The on-premise and hybrid segment is also discussed in the report.
Based on applications, the customer service segment held the largest major share in 2019, contributing to more than one-fourth of the global customer relationship management (CRM) market, and is expected to lead the position in terms of market revenue from 2020 to 2027. However, the CRM Analytics segment would cite the fastest CAGR of 15.5% during the forecast period. Customer experience management, marketing automation, salesforce automation, and others segment are also studied in the report.
Based on industry vertical, the BFSI segment held the major market share in 2019, accounting for more one-fifth of the global customer relationship management (CRM) market. On the other hand, the retail & e-commerce segment is estimated to witness the fastest CAGR of 15.2% during the forecast period. The healthcare, government & defense, IT & telecommunication, media & entertainment, manufacturing, energy & utility, and others segments are also assessed in the report.
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Based on Region, the North America region was the largest in 2019, accounting for more than two-fifths of the global customer relationship management (CRM) market revenue, and is likely to maintain its dominance during the forecast period. Simultaneously, the Asia-pacific region would exhibit the fastest CAGR of 13.8% during the forecast period. The other provinces studied in the report are Europe and LAMEA.
The key market players analyzed in the global customer relationship management (CRM) market report include MICROSOFT CORPORATION, INSIGHTLY, INC., SALESFORCE.COM, INC., ORACLE CORPORATION, AUREA SOFTWARE INC., ZOHO CORPORATION PVT. LTD., SAGE GROUP, SUGARCRM, PEGASYSTEMS, and SAP SE. These players have used a variety of strategies, including partnerships, new product launches, and developments to expand their market share and fortify their industry positions.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
