The global Customer Relationship Management (CRM) Market is expected to cross USD 81.9 billion by 2025. “Customer relationship management” or “CRM” is a term coined to describe the functioning of business and customer interaction. It does not only store the customer’s profile and attributes, but also entails a higher technology to accumulate the premium resources needed to provide enhanced support and services to customers. CRM has now become a prominent source of displaying professionalism before customers and mainly involves information technology to channelize marketing strategies.
The primary aim of CRM is to gather and retain consumers by offering them optimum value in several ways, which even include business communication, product channels, price, promotion and place of distribution. It thus brings together, the customer lifecycle management, technology, and business process.
Customer relationship management (CRM) industry is driven by rise in use of CRM software for sales & marketing and services & support. The CRM software enables rise in focus on social media platforms and acknowledges the concept of sharing in real time. CRM is not only restricted to increase the sales number and enhancing marketing activities, but it engages customer management with enterprises. In addition, the customer relationship management (CRM) is driven by rise in supply chain and logistics with increase in focus on improving business functions.
Deployment segment for customer relationship management market includes on-premise and cloud. On-premise segment accounts for a higher share in the forecast period owing to rise in deployment. Enterprise segment for customer relationship management (CRM) industry includes small and medium businesses and large enterprises. Medium and large enterprises account for a higher share in the market growth due to rise in preference for enterprise CRM solutions. Application segment for customer relationship management (CRM) market includes BFSI, healthcare, telecom and IT, retail, discrete manufacturing, government & education.
Geographical segment for customer relationship management industry includes North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. North America market is anticipated to rise at a significant CAGR in the forthcoming period owing to small, big and large enterprises. European region rather shows a slow growth in the forecast period due to low significance of IT projects and funding.
Asia-Pacific’s market encounters a higher growth in the forecast period due to rise in demand in these regions, along with rise in business scope, customer pool and increasing number of startups. Middle East regions are likely to have a higher CAGR in the forthcoming period due to rise in awareness for CRM solutions and inclination towards technological upgrade. Prominent players in the customer relationship management market include Adobe, Saleforce.com. SAP, Microsoft and Oracle.
Deployment Outlook (Revenue, USD Million; 2014 - 2025)
Enterprise Size Outlook (Revenue, USD Million; 2014 - 2025)
• Large Enterprises
• Small and Medium Businesses
Application Outlook (Revenue, USD Million; 2014 - 2025)
• Telecom and IT
• Discrete Manufacturing
• Government & Education
Regional Outlook (Revenue, USD Million; 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)
Research Support Specialist, USA