The global customer relationship management (CRM) market is projected to reach USD 114.4 billion by 2027 and expected to grow with a CAGR of 14.2% over the forecast period, from 2020 to 2027, according to Million Insights. Increasing demand for new technologies to analyse capabilities, information to collect the data, and converting it into better consumer experience is expected to drive the market growth across various industries. In addition, merging of AI technology, big data, and CRM is expected to fill the gap between company strategies and customer expectations for better consumer experiences.
CRM solutions are expected to witness high adoption with a significant growth rate in the past couple of years. This growth is attributed to the growing awareness about the benefits associated with CRM solutions such as increase operational efficiency, and reduction in the cost of marketing. Companies across several industries are demanding for accessing data in real-time due to the rapid proliferation of mobile and cloud-based solutions. Moreover, a growing number of smart devices and internet users worldwide, service providers are coming up with Bring Your Own Device (BYOD) solutions, thereby, projected to propel the demand for CRM solutions in the marketing and sales domain across various industries.
Digital optimization in order to increase current processes with the help of new technologies such as machine learning and artificial intelligence is a major factor influencing enterprises to adopt CRM solutions. For example, in 2018, Salesforce acquired Datorama, a cloud-based AI company. Datorama leverages machine learning and AI to offer marketing analytics and intelligence for marketing strategies and campaigns. Moreover, various service providers are offering integrated solutions with several social media platforms like LinkedIn, Twitter, and Facebook.
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Further key findings from the report suggest:
• Due to COVID 19 pandemic, the value for leveraging technology such as customer relationship management is expected to gain traction.
• Among solutions, CRM analytics is projected to emerge as fastest growing segment during the forecast period. This growth is attributed to emergence of machine learning, artificial intelligence, coupled with integration of business intelligence in CRM software.
• In 2019, cloud deployment is the most preferred technology among enterprises and expected to retain its position throughout the forecast period.
• SMEs segment is projected to grow with fastest CAGR during the forecast period due to growing number of SMEs across the globe and their need to prioritize, identify and overcome business challenges.
• Among applications, discrete manufacturing is estimated to witness fastest CAGR from 2020 to 2027 due to better sales projection, improved customer services and efficient supply chain.
• Asia Pacific is projected to grow with the highest CAGR during the forecast period due to due to presence of developing countries such as China and India who possess large number of customer base.
• The major manufacturers operating in the customer relationship management market are Microsoft; Zoho; Netsuite Inc.; Insightly Inc.; Adobe; SAP; Oracle; SugarCRM; Creatio, and Salesforce.com.
Million Insights segmented the global customer relationship management market on the basis of solution, deployment, enterprise size, end use, and region:
CRM Solution Outlook (Revenue, USD Billion, 2016 - 2027)
• Customer Service
• Customer Experience Management
• CRM Analytics
• Marketing Automation
• Salesforce Automation
• Social Media Monitoring
CRM Deployment Outlook (Revenue, USD Billion, 2016 - 2027)
CRM Enterprise Size Outlook (Revenue, USD Billion, 2016 - 2027)
• Large Enterprise
• Small & Medium Enterprise (SME)
Customer Relationship Management End-Use Outlook (Revenue, USD Million, 2016 - 2027)
• IT & Telecom
• Discrete Manufacturing
• Government & Education
CRM Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa