Customer Relationship Management Market (Solution - Customer Service, Customer Experience Management, CRM Analytics, Marketing Automation, Salesforce Automation, Social Media Monitoring, and Others; Deployment - On-premise, and Cloud; Enterprise Size - Large Enterprises, And Small & Medium Enterprise; End Use - BFSI, Retail, Healthcare, IT & Telecom, Discrete Manufacturing, Government & Education, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

A recent report published by Infinium Global Research on customer relationship management market provides in-depth analysis of segments and sub-segments in the global as well as regional customer relationship management market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional customer relationship management market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global customer relationship management market. According to the report, the global customer relationship management market is projected to grow at a CAGR of 37% over the forecast period of 2020-2026.

Market Insight

Customer relationship management or CRM software is one of the fastest-growing categories of enterprise software. The sales and marketing teams of small businesses to global enterprises are adopting CRM software to deliver better experiences to customers. CRM is highly used to acquire and retain customers and gain new customer-centric insights that are changing their companies for the better. Furthermore, trends such as AI and automation in CRM continues to improve CRM outcomes. CRM helps organizations to offer their customers a unique and seamless experience, as well as build better relationships.

Increased uses of CRM in SMEs and emerging SMEs are driving the demand for the customer relationship management market. CRM is essential for small and medium-sized enterprises. If the countless competitors all offering similar products at similar prices, then efficient and effective customer relationship management is the only way to stand out from the crowd. Furthermore, factors such as demand for improvement in customer experience and better customer retention and acquisition drives the demand for CRM. CRM software enables to get a 360-degree view of customers that can be used to create greatly customized offers based on their interests, purchase history, and other factors. CRM is increasingly used as a customer loyalty enhancement tool as it contains a wide range of information about customers and how they interact with businesses. However, the challenges faced by enterprises in manual data entry and lack of integration of customer relationship management software are expected to hamper the market growth. Moreover, increased demand for solutions for business-specific problems is anticipated to provide growth opportunities to the market players. The recent outbreak of COVID-19 has pushed organizations to undertake all necessary steps to ensure the safety of their employees and the community. The companies need to endeavor for pursuing opportunities, closing sales, and resolving the issues of the customers during this pandemic period. There is an increasing need for the companies to collaborate with the clients in the remote working environment following the mandate of Work from Home (WFH). This is subsequently anticipated to drive the demand for customer service CRM solutions.

Geographically, North America is expected to be a major contributor to the global customer relationship management market. The presence of a huge number of CRM solution providers and the high adoption rate of CRM solution drives the growth of the market in this region. On the other hand, expanding adoption of IT services is a major factor augmenting the growth of the Asia-Pacific region. As per the Asia-Pacific Economic Cooperation, Small and Medium Enterprises (SMEs) is accounted for more than 90 percent of all businesses in the Asia-Pacific region. Furthermore, developing countries such as China, India, and South Korea are anticipated to further drive the market growth in the coming years.

Segment Covered

The report on the global customer relationship management market covers segments such as solution, deployment, enterprise size, and end use. On the basis of solution, the sub-markets include customer service, customer experience management, CRM analytics, marketing automation, salesforce automation, social media monitoring, and others. On the basis of deployment, the sub-markets include on-premise, and cloud. On the basis of enterprise size, the sub-markets include large enterprises, and small & medium enterprise. On the basis of end use, the sub-markets include BFSI, retail, healthcare, IT & telecom, discrete manufacturing, government & education, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as SAP, Oracle, Salesforce.com, Amdocs, IBM, Microsoft Corporation, Adobe Systems Inc., Netsuite Inc., SugarCRM, and Zoho Corporation Pvt. Ltd.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the customer relationship management market. Moreover, the study highlights current market trends and provides forecasts from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.