Customer Relationship Management (CRM) Market to Experience a CAGR of 12.0% during 2023-2030; Implementing Mobile-friendly and Multichannel Capabilities into CRM Solutions

The global Customer Relationship Management (CRM) market size was valued at USD 64.41 billion in 2022. The market is projected to grow from USD 71.06 billion in 2023 to USD 157.53 billion by 2030, exhibiting a CAGR of 12.0% during the forecast period. Fortune Business Insights™ presents this information in its report titled,” Customer Relationship Management (CRM) 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, Customer Support and Contact Center, CRM Analytics, and Social Media Management), By Vertical (BFSI, Manufacturing, IT & Telecommunications, Retail & Consumer Goods, Government, Healthcare, Transportation and Logistics, and Others), and Regional Forecasts, 2023-2030.”

During the forecast period, the software helps manage, organize, and monitor business operations to grow customer satisfaction. The increasing usage of advanced technologies such as AI, the Internet of Things (IoT), and Big Data, is anticipated to propel software demand. CRM solutions deliver important supplementing and enhancing traditional relationships by email, phone, and real-time communication.

Rising Remote Location-based Working Professionals to Propel Market Growth amid Pandemic

During the pandemic, there were stringent lockdowns and disruptions caused in production units, labor and personal availability, supply chains, and the temporary closure of cross-country borders. As a result, many organizations opted for work-from-home policies. Even after the shutdown, many organizations started to work from remote locations, thereby propelling the Customer Relationship Management (CRM) market growth.

NICE Workforce Management Solutions Adopted by Yource, Supporting the Hybrid Model

Yource, a leading Business Process Outsourcer (BPO), adopted the NICE’s Workforce Management (WFM) solutions to support the transition to a hybrid work model. By supporting this model, Yource witnessed an increase in forecast accuracy, ensuring more effective service and improving customer satisfaction.

Implementation of Multichannel Capabilities into CRM to Fuel the Market Growth

The growing usage of smartphones and mobile devices has led to a rise in demand for mobile-friendly Customer Relationship Management (CRM) modules. CRM solutions incorporate social media channels and mobile enable businesses to stretch consumers where they spend their time. It allows their clients to communicate with other companies on multiple channels, including email, social media, chat, and mobile phone.

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Competitive Landscape

Leading Players Adopt Acquisition Strategies to Stay Competitive

Due to disruptions created by the COVID-19 pandemic, most market players weren't ready to risk their businesses and make losses by entering volatile markets. However, as the impacts of COVID-19 began subsiding, companies were seen expanding their businesses across new markets.

Notable Industry Development:

• January 2023: Agent-based CX software company NICE introduced the addition of its cloud-native customer service knowledge management solution, Expert, Cxone, with the OpenAI generative modelling used in ChatGPT.

LIST OF KEY MARKET PLAYERS PROFILED:

• 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.)


• HubSpot, Inc. (U.S.)

Further Report Findings:

• North America accounted for the biggest revenue share in 2022 due to the fast-developing businesses and competition among service providers. Moreover, the rising installation of advanced technologies such as 5G offers a large range of customer preferences data and real-time forecast capabilities.


• Europe is predicted to hold a subsequent position in the Customer Relationship Management (CRM) market share. The increase in small and medium-sized businesses in the region is predicted to boost the demand for software to obtain customer preferences and insights.


• The Latin America market is anticipated to grow steadily from 2023-2030. Increasing demand for software across sectors such as healthcare, retail, and BFSI is driving the region's size.

Table of Segmentation: