Customer Relationship Management Global Market Report 2024

The customer relationship management market size has grown rapidly in recent years. It will grow from $67.14 billion in 2023 to $77.99 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The expansion observed during the historic period can be attributed to several factors, including intensifying competition, escalating customer expectations, evolving business models, adherence to regulatory standards, mounting costs associated with customer acquisition, globalization trends, and shifting demographics.

The customer relationship management market size is expected to see rapid growth in the next few years. It will grow to $135.35 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The forecasted growth is driven by factors such as mobile CRM adoption, customer experience focus, data analytics emphasis, integration with other systems, subscription economy rise, and social CRM emergence. Major trends include cloud-based solutions, AI integration, omnichannel platforms, mobile app development, provider-vendor collaboration, social media functionalities, automation tool adoption, and marketing automation integration.

The customer relationship management market is poised for growth, driven by the increasing adoption of digital channels by consumers. Digital channels, encompassing various online platforms for social content distribution, are gaining prominence due to their accessibility, convenience, and the proliferation of internet connectivity and mobile devices. Technological advancements such as artificial intelligence, virtual reality, and augmented reality further contribute to the expansion of digital channels. These channels offer businesses diverse opportunities to engage with customers, gather insights, and cultivate enduring relationships. Effective customer relationship management, leveraging digital channels integration and management, enables businesses to enhance customer satisfaction, drive sales, and achieve sustainable success. For example, in February 2024, U.S. e-commerce sales surged to $1.119 trillion, marking a 7.6% increase from 2022 and surpassing overall retail sales growth. E-commerce sales accounted for 22% of retail sales, showcasing the increasing dominance of digital channels and their impact on the customer relationship management market.

Key players in the customer relationship management market are concentrating on the development of advanced software solutions to optimize customer interactions and enhance operational efficiency. AI Cloud, a suite of customer relationship management tools leveraging generative AI models such as Einstein GPT, stands out as a notable innovation. This suite aims to revolutionize customer interactions by automating processes and boosting productivity. For instance, Salesforce Inc. introduced AI Cloud in June 2022, offering capabilities within its customer relationship management platform, including auto-generation of personalized emails, chat replies, content, and even code prediction. This advancement reflects a shift towards automated and personalized customer interactions, empowering businesses to streamline operations and deliver tailored experiences at scale.

In December 2023, Zillow Group acquired Follow Up Boss, signaling a strategic move to enhance the real estate industry's customer experience. Follow Up Boss, a specialist in real estate customer relationship management software, was acquired to augment Zillow Group's suite of tools and services for professionals in the sector. Despite the acquisition, Follow Up Boss will maintain its independent operations, serving its existing client base. Zillow Group plans to invest in the development of new products and features to support agents and foster business growth, underscoring its commitment to elevating the real estate customer relationship management landscape.

Major companies operating in the customer relationship management market are Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Hewlett Packard Enterprise Development LP, Salesforce Inc., Adobe Inc., ServiceNow Inc., Amdocs Limited, Sage Group plc, NICE Systems Ltd., HubSpot Inc., Zoho Corporation, Pegasystems Inc., Zendesk Inc., WebMD LLC, Monday.com Ltd., Freshworks Inc., Jive Software, Acquia Inc., Ramco Systems, SugarCRM Inc., Insightly Inc., Copper CRM Inc., Verint Systems Inc., INFOR Inc., Aurea Inc., Nimble.

North America was the largest region in the customer relationship management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the customer relationship management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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

Customer relationship management (CRM) represents a strategic methodology adopted by organizations to oversee and analyze engagements with existing and potential customers. It streamlines, automates, and synchronizes sales, marketing, customer service, and technical support processes, thereby enhancing customer satisfaction, optimizing business operations, and cultivating enduring customer loyalty and retention.

The primary components of CRM comprise software and services. Software encompasses the array of programs and applications utilized in CRM, facilitating efficient management of customer interactions. These software solutions are deployed either on-premises or through cloud-based platforms and cater to businesses of varying sizes, including large enterprises and small to medium-sized enterprises (SMEs). They find application across multiple domains such as marketing and sales automation, customer management, lead generation, customer retention, customer support and contact center management, CRM analytics, social media management, and are utilized across diverse sectors including banking, financial services and insurance (BFSI), manufacturing, information technology and telecommunications, retail and consumer goods, healthcare, government, transportation and logistics, among others.

The customer relationship management market research report is one of a series of new reports that provides customer relationship management market statistics, including customer relationship management industry global market size, regional shares, competitors with a customer relationship management market share, detailed customer relationship management market segments, market trends and opportunities, and any further data you may need to thrive in the customer relationship management industry. This customer relationship management 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 customer relationship management market includes revenues earned by entities by providing services such as customer service, customer experience management, marketing automation, and service automation. The market value includes the value of related goods sold by the service provider or included within the service offering. 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.


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