Canada Customer Relationship Management Market Size, Share & Trends Analysis Report by Solution, by Deployment, by Enterprise Size, by End Use, and Segment Forecasts, 2021-2028

The Canada customer relationship management market is expected to reach USD 5.3 billion by 2028, expanding at a CAGR of 12.2% from 2021 to 2028. The rising demand for advanced technologies such as Artificial Intelligence (AI), cloud computing, and the Internet of Things (IoT) is promoting the adoption of connected devices as well as data-rich and analytics solutions across businesses and enterprises. These solutions enable the integration of intelligence capabilities into business operations and practices to facilitate improved and effective customer engagements while driving operational optimization.

Organizations are putting a strong emphasis on customer engagement. Hence, customer engagement is gradually becoming an important part of CRM activities. This is particularly encouraging vendors to introduce dedicated solutions for social listening, social management, social measurement, and social monitoring, among others. A strong CRM platform can help organizations in cementing relations with existing customers while attracting new customers.

Companies operating across several industries and industry verticals are putting a strong emphasis on expanding their sales through internal channels to cut costs and improve short-term results. As such, they are investing aggressively in CRM solutions to retain their existing customers and defend their market share. The ability of manufacturing and service organizations to efficiently retain the existing customers and attract new ones is emerging as a significant factor in driving their competitiveness in today's dynamic business environment. Companies often gauge the success of their efforts in terms of their market share rather than sales volume, particularly in the event of a volatile market. Thus, manufacturing companies prefer focusing on customer retention while fostering development through the existing customer base.

Canada Customer Relationship Management Market Report Highlights

• In terms of solution, the social media monitoring segment is anticipated to register the highest growth over the forecast period as the volume of organic conversations on social media helps to transform data into a research opportunity, emphasizing customer pain points and improving the overall experience
• In terms of deployment, the cloud segment is anticipated to register the highest CAGR from 2021 to 2028. Hosted solutions allow companies to access data across connected devices anytime, which surges the customization scope and enables the application of analytical tools across several business channels
• In terms of enterprise size, the large enterprise segment is anticipated to witness significant growth. This growth can be attributed to the rising demand for robust monitoring solutions and automation capabilities for strategic decision-making and resource allocation across large organizations
• In terms of end use, the IT and telecom segment is expected to grow at a promising growth rate from 2021 to 2028. The incumbents of the IT and telecom industry need to reevaluate their strategies and apply advanced technologies in their business processes to hold a competitive position in the market. This is expected to propel the adoption of CRM over the forecast period