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Customer Relationship Management Market to Hit $128.97 Bn by 2028; Zohos Bigin to Help Small Businesses Scale up Their Operations

April 15, 2021 | Information & Technology

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.


Industry Development:



  • March 2020 – Zendesk, Inc. collaborated with Tata Consultancy Services to adopt and integrate powerful CRM solutions that are likely to boost the digital transformation of TCS and provide an efficient customer experience.


List of the Companies Profiled in the Global Market:



  • Copper CRM, Inc. (San Francisco, California)

  • Infor, Inc. (New York, United States)

  • Infusion Software, Inc. (Keap) (Arizona, United States)

  • Netsuite Inc. (California, United States)

  • IBM Corporation (New York, United States)

  • Microsoft Corporation (Washington, United States)

  • Oracle Corporation (California, United States)

  • Pipedrive (New York, United States)

  • Salesforce.com, Inc. (California, United States)

  • SAP SE (Walldorf, Germany)

  • Adobe Systems Inc. (California, United States)

  • Zendesk, Inc. (California, United States)

  • SugarCRM (California, United States)

  • Zoho Corporation Pvt. Ltd. (Tamil Nadu, India)


Further Report Findings:



  • North America stood at USD 17.33 billion in 2020. The region is expected to hold the largest global customer relationship management (CRM) market share during the forecast period. This is attributable to the presence of a large number of retailers in countries such as the U.S. in the region.



  • On the other hand, Europe is expected to hold the second position in the market backed by the increasing adoption of advanced CRM solutions by the large enterprises to obtain information of the evolving consumer behavior and shape their strategies accordingly.



  • Based on application, the lead generation and customer retention segment held a market share of about 32.5% in 2020 and is projected to showcase exponential growth in the forthcoming years. This is ascribable to factors such as the rising service and product inquiries by customers that is propelling the businesses to adopt advanced CRM solutions between 2021 and 2028. The segment earned 34.5% in terms of share in the U.S.


Table of Segmentation:


























































  ATTRIBUTE



   DETAILS



Study Period



   2017-2028



Base Year



   2020



Forecast Period



   2021-2028



Historical Period



  2017-2019



Unit



   Value (USD billion)



Segmentation



  Component; Deployment; Enterprise Size; Application; Vertical     and Region



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 and Customer Retention

  • Customer Support and Contact Centre

  • Others (Social Media Management, CRM Analytics, etc.)



By Vertical




  • Banking, Financial Services and Insurance (BFSI)

  • Manufacturing

  • IT and Telecommunications

  • Retail and Consumer Goods

  • Healthcare

  • Transportation and Logistics

  • Others (Government, Media, and Entertainment, Education, Etc.)



By Region




  • North America


    • The US (By Application)

    • Canada




  • Europe


    • The UK

    • Germany

    • France

    • Russia

    • Rest of Europe




  • Asia Pacific


    • China

    • Japan

    • India

    • Australia

    • Southeast Asia

    • Rest of Asia Pacific




  • The Middle East & Africa


    • GCC

    • South Africa

    • Rest of the Middle East & Africa




  • Latin America


    • Mexico

    • Brazil

    • Rest of Latin America



Global customer relationship management (CRM) market
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