Customer Relationship Management Market Growth, Strategy And Forecast, 2022 - 2030

The global customer relationship management market size is expected to reach USD 157.6 billion by 2030, according to new research by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.3% from 2022 to 2030. The continuous demand for innovative solutions to analyze customer information, collate critical customer data, and transform it into a better customer experience strategy are driving factors for CRM solutions across all sizes of businesses. This further led to the integration of customer relationship management solutions with advanced technologies such as big data analytics, machine learning, and AI-powered analytics are expected to boost product innovation and development across CRM solutions for a better customer experience and high operational efficiency.

The adoption of CRM solutions has shown tremendous growth in recent years with several benefits, including reduced marketing cost, improved operational efficiency, and efficient data-based management of an organization’s entire sales process. With the rapid growth of mobile and cloud solutions, organizations are increasingly insisting on efficient access to real-time customer data for improved customer engagement to drive sales growth and maintain customers for a long period. Furthermore, the increasing penetration of CRM solutions through smart mobile devices and internet services is one major trend in the sales and marketing domain globally.

Customer Relationship Management Market Segmentation

Grand View Research has segmented the global customer relationship management market on the basis of solution, deployment, enterprise size, end use, and region:

Based on the Solution Insights, the market is segmented into Customer Service, Customer Experience Management, CRM Analytics, Marketing Automation, Salesforce Automation, Social Media Monitoring and Others.

• The customer service segment dominated the market and accounted for a revenue share of over 20% in 2021.
• The key driving factors for the growth of the market include is the growing importance of understanding customer behavior and their preferences, encouraging brands and organizations continue to adopt customer relationship management strategies to deliver the best service performance in real-time.
• The growing use of digital channels using artificial intelligence and its applications by customers to engage with brands and organizations is expected to boost the grow over the forecast period.
• The CRM analytics segment is anticipated to witness a significant CAGR over the forecast period.

Based on the Deployment Insights, the market is segmented into On-premise and Cloud.

• The cloud segment dominated the market and accounted for a revenue share of over 50.0% in 2021. Deployment of the CRM software on cloud, allows the users to access the same information from any device at any time.
• According to a customer relationship management buyer survey conducted by SelectHub, several larger enterprise groups have preferred on-premise as compared to cloud-based deployment.
• A rise in investments in customer relationship management systems on the part of these large organizations is likely to drive the segment during the forecast period.

Based on the Enterprise Size Insights, the market is segmented into Large Enterprises and Small and Medium Enterprises.

• The growing applications of big data, artificial intelligence and its applications in large enterprises are expected to drive the adoption of customer relationship management solutions.
• The growing adoption of a number of government initiatives through digital campaigns, such as video marketing, social media, and search engine marketing, across the globe are expected to drive the SME segment at a significant CAGR over the forecast period.
• The growing demand for hosted services in small businesses is responsible for fueling the customer relationship management market size over the forecast period.

Based on the End-Use Insights, the market is segmented into BFSI, Retail, Healthcare, Temecom & IT, Discerete Manufacturing, Government & Education and Others.

• The retail segment emerged as the largest shareholder in 2021, accounting for nearly 24.0% of the market, respectively.
• These retail companies are shifting towards customer relationship management software and solutions to understand business growth, market trends, and experience.
• The increasing competition in the retail industry is driving the demand for advanced CRM software and is expected to witness a significant CAGR over the forecast period and also online systems enable enterprises to provide their customers with efficient customer-centric services.
• The IT and telecom segment is anticipated to be the fastest-growing segment over the forecast period. customer relationship management solutions in IT and telecom offer brand equity, distribution channels, post-purchase service, and customer exclusivity and support.

Customer Relationship Management Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

Salesforce.com, Inc. is an enterprise software provider, which offers customer management software suites through the cloud platform. Microsoft Corporation has also exhibited considerable development in the field in the past few years. Leading market participants are investing in research and development activities to drive organic growth and increase their market shares. Additionally, companies are also engaging in new product development to expand and strengthen their existing portfolios and acquire new customers.

Some prominent players in the Global Customer Relationship Management market include:

• Salesforce.com, Inc.
• Microsoft Corporation
• SAP SE
• Oracle Corporation
• ADOBE INC.
• SugarCRM Inc.
• Zoho Corporation Pvt. Ltd
• Copper CRM, Inc.
• Insightly Inc.
• Creatio

Order a free sample PDF of the in Customer Relationship Management Market Intelligence Study, published by Grand View Research.