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Customer Relationship Management Market to Reach USD 145.79 billion by 2029; Rapid Digital Transformation to Drive the Market Growth

April 25, 2022 | Information & Technology

Customer relationship management market size is predicted to reach USD 145.79 billion by 2029 and exhibit a CAGR of 12.5% during the forecast period. Fortune Business InsightsTM in its report titled “Customer Relationship Management Market Size, Share & COVID-19 Impact Analysis, By Component (Software, and Services), By Deployment (On-Premises, and Cloud), By Enterprise Size (Large Enterprises, and SMEs), By Application (Marketing and Sales Automation, Customer Management, Lead Generation & Customer Retention, and Others), By Vertical (BFSI, Manufacturing, IT & Telecommunications, Retail & Consumer Goods, Healthcare, and Others) and Regional Forecasts, 2022-2029”, observes that the market size stood at USD 57.83 billion in 2021 and USD 63.91 billion in 2022.


COVID-19-related Disruptions Dented Market Growth Prospects Significantly


The COVID-19 pandemic had a significant impact on businesses throughout the world as the disruptions in production, supply chains, labor, and personnel availability caused cross-country border closures. As a result, businesses adopted work-from-home policies. Despite the shutdown, a large number of businesses reopened in remote locations. Businesses, on the other hand, have seen an increase in the demand for customer support solutions to facilitate seamless interaction between employees and customers. Businesses were able to improve the customer experience by using live tracking and automated solutions during the pandemic. These technologies were also extensively used in industries such as BFSI, retail and consumer goods, and healthcare.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/customer-relationship-management-crm-market-103418


Freshworks Inc. launched Freshdesk Contact Center to a 7-Eleven location


Freshworks Inc. introduced Freshdesk Contact Center to a 7-Eleven store, a global retail chain. The system will respond quickly to problems and offer the same in-store benefits to both online and regular customer buyers.


Rapid digital transformation to augment market growth


CRM solutions are expected to be in high demand due to the integration of new technologies across business domains to improve operations and value delivery to customers. In addition, firms intend to implement business strategies and market trends in order to expand their geographical presence. Following data analysis, this strategy assists organizations in providing a better customer experience. However, increasing incidences of security threats over CRM stored data will impede the customer relationship management market growth.


Key Players to Focus on Forming Strategic Alliances


Players will continue to form strategic alliances with other players in order to strengthen their market position and promote their brands. Through partnership and collaboration, the players provide efficient and advanced solutions.


Notable Industry Development-



  • March 2022: Oracle Cloud Infrastructure introduced new capabilities and services to give customers even more flexibility. Furthermore, with the launch, the company will provide customers with flexible and core infrastructure services, automatically trying to adjust resources to meet application needs while drastically lowering costs.


List of Key Market Players:



  • Copper CRM, Inc. (U.S.)

  • Infor, Inc. (U.S.)

  • Infusion Software, Inc. (Keap) (U.S.)

  • IBM Corporation (U.S.)

  • Microsoft Corporation (U.S.)

  • Oracle Corporation (U.S.)

  • Salesforce.com, Inc. (U.S.)

  • SAP SE (Germany)

  • Adobe Systems, Inc. (U.S.)

  • Zendesk, Inc. (U.S.)


Further Report Findings-


During the forecast period, North America is expected to dominate the global customer relationship management market share. Demand for the software is expected to be driven by rapidly growing businesses and increased competition among service providers. Furthermore, due to the presence of key market players, the U.S. is anticipated to lead the region during the forecast period.


Table of Segmentation






























































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



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


    • U.S. (By Application)

    • Canada (By Application)




  • Europe


    • U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Russia (By Application)

    • Rest of Europe




  • Asia Pacific


    • China (By Application)

    • Japan (By Application)

    • India (By Application)

    • Australia (By Application)

    • Southeast Asia (By Application)

    • Rest of Asia Pacific




  • Middle East & Africa


    • GCC (By Application)

    • South Africa (By Application)

    • Rest of the Middle East & Africa




  • Latin America


    • Mexico (By Application)

    • Brazil (By Application)

    • Rest of Latin America



Global customer relationship management (CRM) market
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