Customer Relationship Management Market Report and Forecast 2024-2032

According to the report, the global customer relationship management (CRM) market is projected to grow at a CAGR of 14.8% between 2024 and 2032. Aided by the increasing need for effective customer engagement strategies and the growing applications of CRM in various industries, the market is expected to grow significantly by 2032.

Customer relationship management (CRM) is a system used to control how a business interacts with its clients. It is essential to customer service, sales growth, and client retention. CRM is a useful tool in a variety of industrial applications, such as retail, banking, IT, and telecom, thanks to its enhanced features, which also include analytics, automation, and artificial intelligence.

The customer relationship management (CRM) market growth is being driven by the growing emphasis on customer engagement and retention. The need for CRM systems has increased as a result of the considerable move towards customer-centric company strategy that has resulted from a greater understanding of the advantages of client loyalty. Additionally, the growing popularity of CRM has been aided by the rising trend of personalisation since it helps to create individualised customer experiences.

The expanding applications of CRM in various industries also play a significant role in fuelling the customer relationship management (CRM) market demand. In the retail industry, CRM is used to analyse customer behaviour and personalise shopping experiences. CRM is used by the banking sector to manage customer information, automate marketing, and enhance customer care. CRM is also essential for maintaining customer data, tracking service requests, and improving the overall customer experience in the IT and telecom industries.

Additionally, there is a greater emphasis on cloud-based CRM as a result of the growing demand for cloud-based solutions in the corporate sector. Cloud-based CRM has emerged as a crucial element in the efficient management of customer relationships, offering scalability, flexibility, and cost-effectiveness, thereby boosting the customer relationship management (CRM) market expansion with the rise of digital transformation and the rising popularity of remote work.

The market is being further stimulated by the introduction and advancement of artificial intelligence (AI) for customer relationship management (CRM). AI will play a significant role in CRM's transformation as a result of the proliferation of Big Data, the adoption of the SaaS delivery model, and developments in machine learning and analytics.

Market Segmentation

The market can be divided based on revenue distribution and region.

Market Breakup by Revenue Distribution

• Customer Support and Service
• Marketing
• E-Commerce
• Sales

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global customer relationship management market. Some of the major players explored in the report are as follows:

• Microsoft Corp.
• Oracle Corporation
• SAP SE
• Pegasystems Inc.
• Salesforce.com, Inc.
• Infor