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The market for customer relationship management (CRM) software has expanded immensely because companies know how important it is to stay in touch with their customers. Customer relationship management (CRM) software is becoming more and more popular among businesses. It helps them talk to customers more quickly and understand how they act to make them happy and more loyal. Businesses need more complicated systems that can handle huge amounts of data and give them information in real-time as more and more go digital. Due to its strengths in AI and machine learning, customer relationship management software is perfectly suited to reach these goals.
Industrial sectors are using AI-powered technologies like robots and predictive analytics more and more. These technologies improve the general usefulness and success of customer relationship management (CRM) systems. Furthermore, the growing importance of the customer experience is affecting the market for customer relationship management software. In today's very competitive business world, being able to give your people a good experience is an important way to stand out. Companies can adjust their contacts with customers, guess what they need, and give them answers that are quick and useful by using relationship management software. Other than that, problems like worries about privacy and data protection are affecting the market for customer relationship management software.
Businesses are getting more worried about keeping important customer information safe as the number and complexity of cyberattacks keep going up. In response, companies that make customer relationship management (CRM) software are making their software safer. Some of these features are strong security, identification, and meeting data protection standards. The price plan based on fees is another thing that is becoming more important in the business world. Most companies that sell customer relationship management software are moving away from one-time license fees and toward deals based on subscriptions. This gives businesses more freedom. This change lets companies change how they use CRM based on their changing needs and budgets, making advanced CRM features more available to everyone.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 35.15 Billion |
| Market Size Value In 2023 | USD 40.2 Billion |
| Growth Rate | 12.7% (2022-2030) |
CRM Software Market Highlights:
CRM Software Market Overview
CRM Software Market Size was valued at USD 40.2 Billion in 2023. The CRM Software Market industry is projected to grow from USD 46.3 Billion in 2024 to USD 156.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.50% during the forecast period (2024 - 2032).
CRM or customer relationship management software refers to strategies or technologies a company uses to analyze customer interactions throughout the consumer lifecycle. CRM software is designed to compile information about customers across different channels with the basic goal to maintain business relationships. It helps the companies to stay connected with their customers and improve profitability and also helps in streamlining work processes.
Figure 1: CRM Software Market Size, 2024-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
CRM Software Market Trends
Integration of Artificial Intelligence
Artificial intelligence (Al) applications are expanding quickly on a scale. Similarly to this, there is a growing demand to integrate Al with CRM systems to enhance the customer experience. Deep learning, machine learning, and natural language processing-based CRM software aid businesses in comprehending the psychological condition of their customers. By managing and delivering solutions to customers using this data, the software helps businesses forge close bonds with their customers. For instance, Salesforce Einstein and Zoho CRM's Zia both provide an Al-powered CRM that collects client data using speech technologies. Additionally, bots and virtual assistants employ this technology to reduce human error and offer automatic responses to emails, reports from customers, data collection, and other duties. The use of Al technology will therefore probably lead to an expansion in the market's size in the near future.
Rapid Digital Transformation
The use of cutting-edge technology across corporate sectors to enhance operations and customer value delivery is anticipated to fuel demand for CRM solutions. To increase their regional presence, businesses also plan to execute business strategies and market trends. This method helps businesses to offer a better client experience after data analysis.
CRM Software Market Segment Insights
CRM Software Component Insights
The market segmentation, based on Components, includes Software and Services. The software segment holds the majority share in 2021 of the market. This is due to a growth in the use of CRM software by businesses to obtain a strategic and competitive edge and outperform their rivals in terms of client retention. Additionally, it enables the industrial vertical to quickly win over new clients and keep them on board for an extended period, which fuels market expansion.
CRM Software Deployment Insights
Based on Deployment, the market segmentation includes On-Premise, Cloud, and Hybrid. The Cloud segment is accounted for the largest share of the market. Since cloud implementation requires no investment in IT infrastructure because all data is housed on cloud servers, the market for customer relationship management software in small and medium-sized businesses is anticipated to develop at the fastest rate in the next few years.
CRM Software Application Insights
Based on Application, the market segmentation includes Customer Service, Customer Experience Management, CRM Analytics, Marketing Automation, Salesforce Automation, and Others. The Customer Service segment is accounted for the largest share of the market. The software immediately analysis and improve customer service and operates in solving customer problems.
CRM Software Vertical Insights
Based on Vertical, the market segmentation includes BFSI, Healthcare, IT & Telecommunication, Retail & E-commerce, Manufacturing, Government & Defense, Media & Entertainment, and Others. The BFSI segment dominated the market in 2021. The BFSI industry is gradually becoming more digital, which calls for the creation of customer-specific software. To attract and keep devoted consumers, growing online banking services are also anticipated to enhance demand for management software.
Figure 2: CRM Software Market, by Vertical, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
CRM Software Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America has dominated the market share. As of the increasing use of emerging technology such as machine learning and industrial automation, as well as a significant shift in business toward digital transformation. North America is also becoming a hub for various industrial verticals such as IT and Telecom, healthcare, and the energy and utility sector. This industry vertical has a big client base, which will need the use of customer relationship management software.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: CRM SOFTWARE MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Asia-Pacific is anticipated to experience the highest growth the market forecast period. This is because organizations in this region are investing heavily in this market to maintain growth and boost productivity. The significant trend toward digital transformation, cloud deployment and technical advancement among small and medium-sized organizations, and ongoing modernization of marketing and sales strategy in emerging nations are other aspects that significantly contribute to the market growth.
CRM Software Key Market Players & Competitive Insights
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development such as new product releases, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the CRM Software industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the CRM Software industry to benefit customers and expand the market sector. Major market players, including IBM, SAP AG, Oracle Corporation, Microsoft Corporation, Adobe Systems Inc, and others, are attempting to increase market demand by funding R&D initiatives.
Oracle is a corporation that offers cloud-based applications and platform services. It works in three divisions: Cloud and License, Hardware, and Services. Through its cloud and licensing products, the Cloud and License business advertises, sells, and delivers a variety of enterprise applications and infrastructure technologies. The Hardware division includes hardware support along with enterprise hardware solutions and related software such as Oracle Engineered Systems, servers, storage, industry-specific hardware offerings, operating systems, virtualization, and management. Consulting and advanced customer service are included in the Services section.
Technology firm SAP creates business application software. It provides services for many different company sectors, such as enterprise resource planning and finance, customer relationship management and customer experience, network and expenditure management, digital supply chain, human resources, and employee engagement. The business provides services to the energy and natural resource, consumer, public, financial, automotive, aerospace, and defense industries, among others.
Key Companies in the CRM Software market include
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SAP AG
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Oracle Corporation
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Microsoft Corporation
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Adobe Systems Inc
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Freshworks Inc
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Convergys Corporation
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Huawei Technologies Co. Ltd
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Infor Solutions Inc
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SAS Institute Inc
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CRM Software Industry Development
March 2022: Oracle Cloud Infrastructure launched new capabilities and services aimed at providing customers with even greater flexibility. Further, with the launch the company would provide customers with flexible and core infrastructure services, automatically adjusting resources to fit application needs while greatly lowering expenses.
December 2021: Freshworks Inc. introduced Freshdesk Contact Center to a 7-Eleven store, a retail chain. The system will respond quickly to problems and offer the same in-store benefits to both online and regular customer buyers.
CRM Software Market Segmentation
CRM Software Component Outlook
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Software
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Services
CRM Software Deployment Outlook
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On-Premise
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Cloud
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Hybrid
CRM Software Application Outlook
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Customer Service
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Customer Experience Management
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CRM Analytics
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Marketing Automation
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Salesforce Automation
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Others
CRM Software Vertical Outlook
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BFSI
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Healthcare
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IT & Telecommunication
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Retail & E-commerce
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Manufacturing
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Government & Defense
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Media & Entertainment
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Others
CRM Software Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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