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CRM Market to Reach USD 128.97 Billion by 2028; Rising Adoption of Artificial Intelligence and Machine Learning and Other Technologies to Fuel Market Growth

October 28, 2021 | Information & Technology

The global customer relationship management (CRM) market size was USD 52.64 billion in 2020. The market is projected to grow from USD 58.04 billion in 2021 to USD 128.97 billion in 2028 at a CAGR of 12.1% during the 2021-2028 period.


This information is provided by Fortune Business Insights™, in its 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 Forecasts, 2021 – 2028.”


According to our analysts, the rising execution of progressive technologies such as connected devices, Artificial Intelligence, the Internet of things (IoT), and big data are anticipated to drive the demand for software.


Rising Distant Location-Grounded Employees and Clients to Drive Growth amid Pandemic


The COVID-19 health emergency crisis has majorly affected industries globally due to the disruption in production units, supply chain, workers and employee obtainability, and provisional lockdown of cross-country precincts, among others. This factor has compelled a majority of businesses to adopt work-from-home policies.


Despite lockdown, various companies commenced their operations from remote working. However, to provide a smooth merger between the workforce and clients, the businesses experienced high demand for customer support solutions.


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


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


Zendesk Announces Partnership with Tata Consultancy Services


Zendesk, Inc. declared a tactical coalition with Tata Consultancy Services (TCS) to deliver premium, enterprise grade CRM solutions for large organizations. This collaboration syndicates Zendesk’s powerful sustenance, sales, and engagement software solutions with TCS’s profound relative knowledge and experience in the digital revolution.


Together, Zendesk and TCS will partner up and more proficiently tackle the rising compound technical necessities of both companies and offer powerful CRM custom solutions and incorporations.


Incorporation of Artificial Intelligence to Thrust Latent Market Prospects


The adoption of artificial intelligence across digital technologies is rising promptly across the globe. Correspondingly, the demand for AI integration in customer relationship management systems is growing speedily to further advance the customer experience. According to Salesforce, Inc. and IDC report, an AI-powered system is projected to deliver a competitive advantage to its users. Moreover, AI technologies such as Machine Learning (ML), deep learning, and natural language processors aid the software in comprehending the emotional condition of the consumer. These factors are likely to drive the CRM market growth.


Procurements by Crucial Players to Thrust Market Growth


Important players in the market frequently come up with proficient tactics that involve partnerships, procurements and mergers, product launches, and so on. These approaches thrust their position as dominating players and also profit the other included companies as well.


Industry Development



  • July 2019: Pipedrive, one of the dominating customer relationship management solution suppliers, added AI abilities to its prevailing CRM software. With these added abilities, sales and marketing sections should be enabled to modify their vision of acquisitions in the queue more carefully to counterpart their marketing business procedures.


List of Players Covered in the CRM Market Report



  • Copper CRM, Inc. (California, U.S.)

  • Infor, Inc. (New York, U.S.)

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

  • Netsuite Inc. (California, U.S.)

  • Pipedrive (New York, U.S.)

  • Salesforce.com, Inc. (California, U.S.)

  • Adobe Systems Inc. (California, U.S.)

  • Zendesk, Inc. (California, U.S.)

  • SugarCRM (California, U.S.)

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


Further Findings



  • The lead generation and customer retention are projected to account for maximum market share during the forecast period.

  • North America held the maximum customer relationship management (CRM) market share.


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


    • 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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