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The global customer relationship management (CRM) market size is expected to experience considerable growth by reaching USD 128.97 billion by 2028 from USD 58.04 billion in 2021. Fortune Business Insights, in its latest report, titled, “Customer Relationship Management (CRM) Market Size, Share & COVID-19 Impact Analysis, By Component (Software, Services), By Deployment (On-Premises, Cloud), By Enterprise Size (Large Enterprises, SMEs), By Application (Marketing and Sales Automation, Customer Management, Lead Generation & Customer Retention, Customer Support & Contact Center, Others), By Vertical (BFSI, Manufacturing, IT & Telecommunications, Retail & Consumer Goods, Healthcare, Transportation & Logistics, and Others) and Regional Forecast, 2021 – 2028,” mentions that the market stood at USD 52.64 billion in 2020 and is likely to exhibit a CAGR of 12.1% between 2021 and 2028. Factors such as the increasing adoption of advanced technologies such as artificial technologies will boost the product’s demand in the forthcoming years.
Zoho Introduces Advanced CRM Solution Bigin for Small Businesses
In May 2020, India-based Zoho Corporation announced the launch of a new CRM software, Bigin. According to the company, the software is specially designed for small and micro businesses to keep a track of their customers and improve customer relationships. Sridhar Vembu, CEO of Zoho, said, “Small and micro businesses are an integral part of the business ecosystem and the pandemic has led to several businesses struggling. Our advanced CRM software offers world-class management technology at an affordable price.” Such initiatives by the companies are expected to bode well for the growth of the global market for customer relationship management (CRM).
Increasing Integration of Advanced Technologies to Augment Growth
AI-powered CRM by Salesforce’s Einstein and Zoho’s Zia offers voice command technology to gain customer information. The increasing adoption of advanced technologies such as artificial intelligence by the CRM companies to improve the customer experience is expected to favor the market growth. These technologies help the companies to analyze the behavioral aspect of the customers and further adopt their strategies accordingly. Moreover, the increasing adoption of cloud-based technology to enhance business processes is expected to contribute to the global customer relationship management (CRM) market growth in the forthcoming years.
Collaboration between Major Companies to Expand Their Portfolios and Boost Sales Revenue
The market comprises small, medium, and large companies striving to maintain a stronghold by collaborating with other companies to develop advanced customer relationship management (CRM) solutions. Other key players are further adopting organic and inorganic growth strategies to maintain their presence that will contribute to the market growth.
List of the Companies Profiled in the Global Market:
Further Report Findings:
Table of Segmentation:
Value (USD billion)
Component; Deployment; Enterprise Size; Application; Vertical and Region
By Enterprise Size