CRM Software Global Market Report 2024

The CRM software market size has grown rapidly in recent years. It will grow from $142.72 billion in 2023 to $163.36 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth witnessed in the historical period can be credited to the emergence of the digital era, a business approach focused on customers, the demand for sales and marketing automation, the surge in e-commerce, and the processes of globalization and market expansion.

 

The customer relationship management software market is anticipated to experience growth in the forecast period due to the increasing number of customers for organizations and the growing emphasis on customer satisfaction. Organizations are recognizing the need to offer personalized services, gain insights into customer purchasing habits, create cross-selling opportunities, and establish competitive differentiators. To achieve these goals, the use of CRM software is on the rise, enabling organizations to better understand their customers and maintain strong relationships. An example of successful CRM implementation is seen in Apollo Hospitals, which utilized custom-designed CRM software from Veon Consulting. This resulted in high user adoption, a 27% reduction in the review process timeline, efficient handling of patient visits with a 42% saving in manual efforts, and effective reporting and dashboards reducing travel by 50%.

The CRM software market is expected to be driven further by the expansion of the E-commerce industry. E-commerce, involving online trading of products and services, has seen significant growth, and CRM software proves to be a valuable tool for businesses in this sector. For instance, in August 2023, the United States Census Bureau reported a 6.6% increase in retail e-commerce sales, reaching $269.5 billion in Q2 2023. This expansion of the E-commerce industry contributes to the overall growth of the CRM software market.

The rising number of security concerns poses a challenge to the growth of companies in the customer relationship management software market. With personal data being increasingly available online, the storage of large databases in CRM software becomes susceptible to security issues. Potential threats include corporate espionage, fraud, ID theft, nation-state espionage, and unauthorized sale of data to third parties. Security concerns, illustrated by instances such as the hacking of CRM software in Bank of America and Citibank to steal user log-in credentials, limit the growth potential of CRM software.

Social and Mobile CRM integration is becoming more prevalent as businesses seek to incorporate social media channels into CRM platforms. This integration allows real-time access to CRM capabilities on various smart devices, promoting greater productivity, improved customer experience, and access to relevant information. Companies are leveraging social and mobile CRM to manage customer interactions, handle grievances, and respond to inquiries. For instance, Wells Fargo has implemented social CRM to engage with customers and enhance availability, resolving customer queries efficiently.

Innovative technologies, such as CRM apps, are being developed by major companies in the CRM software market to provide reliable services to customers. Salesforce, Inc., for example, launched Starter, a CRM software for MSMEs in August 2023. This tool enables access to email marketing, sales, and business analytics tools within a single application, aiding small businesses with built-in AI, unified customer data, pre-built dashboards, reporting templates, and guided onboarding.

In October 2022, RealPage, a US-based real estate software and data company, acquired Knock CRM for an undisclosed sum. This acquisition allows RealPage to retain the Knock brand and explore additional business opportunities. Knock CRM, a US-based platform for residential property management, adds value to RealPage's portfolio in the CRM and performance management space.

Major companies operating in the crm software market report are Microsoft Corporation, Huawei Technologies Co. Ltd., Oracle Corporation, SAP SE, Salesforce.com Inc., Adobe Inc., The Sage Group PLC, NICE Systems Ltd., Genesys Telecommunications Laboratories Inc., HubSpot Inc., Zendesk Inc., Pegasystems Inc., Zoho Corporation, Verint Systems Inc., Freshworks Inc., Swiftpage ACT LLC, Pipedrive Inc., Creatio Ltd., SugarCRM Inc., Keap Co., Maximizer CRM Inc., vCita Company, Hotjar Ltd., Agile CRM Inc., Insightly Inc., Apptivo Inc., Nimble Inc., Salesboom.com Inc., Dapulse Ltd., InfoFlo Solutions Inc., Method CRM, PipelineDeals Inc., Really Simple Systems Ltd. Asia-Pacific was the largest region in the customer relationship management (CRM) software market in 2023. North America was the second largest region of the global customer relationship management (CRM) software market. The regions covered in the crm software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The primary deployment options for customer relationship management (CRM) software include cloud CRM and on-premises CRM. Cloud CRM pertains to CRM software where the application and data reside or are hosted on the CRM provider's servers in a datacenter, accessible through an internet browser. This software is utilized by small and mid-sized enterprises as well as large enterprises for functions such as sales, marketing, manufacturing, customer service, social networking, supply chain management, distribution, and others.

The customer relationship management (CRM) market research report is one of a series of new reports that provides customer relationship management (CRM) market statistics, including customer relationship management (CRM) industry global market size, regional shares, competitors with a customer relationship management (CRM) market share, detailed customer relationship management (CRM) market segments, market trends and opportunities, and any further data you may need to thrive in the customer relationship management (CRM) industry. This customer relationship management (CRM) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The countries covered in the crm software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The customer relationship management (CRM) software market includes revenues earned by entities by offering developing and distributing software that helps to build strong relationships with their customers. It analyzes the customer interactions and automates the activities identified with deals, advertising, and client support throughout the customer lifecycle. It causes the organizations to remain associated with their clients and improve productivity and furthermore helps in streamlining work forms. Some of the CRM software include Agile CRM, Recruit CRM, Sales mate CRM, NetSuite CRM. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.