IMARC Group, a leading market research company, has recently releases report titled “Customer Relationship Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global customer relationship management market growth, size, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Customer Relationship Management
Customer relationship management (CRM) is a systematic approach that empowers businesses to manage and analyze interactions with their customers. It involves the use of technology, processes, and strategies to enhance customer satisfaction and loyalty. It allows organizations to gain deeper insights into customer behavior, preferences, and needs, enabling them to tailor their products and services accordingly. It centralizes customer data, making it easily accessible to all relevant team members, and ensures a unified view of customer information across the organization. It automates repetitive tasks, such as lead management, email marketing, and sales tracking.
How Big Is the Customer Relationship Management Market?
The global customer relationship management (CRM) market size reached US$ 57.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 110.3 Billion by 2028, exhibiting a growth rate (CAGR) of 11.2% during 2023-2028.
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What are the growth prospects and trends in the customer relationship management industry?
At present, the rising adoption of digital technologies to enhance customer engagement and streamline operations represents one of the key factors impelling the growth of the market. Additionally, the increasing integration of data analytics and artificial intelligence (AI) within CRM systems for enhancing customer insights and predictive capabilities is supporting the market growth. Besides this, the growing number of e-commerce businesses conducting online sales is driving the demand for CRM systems to manage online customer interactions, track sales, and provide personalized online shopping experiences.
Moreover, the rising shift towards subscription-based business models, especially in software and services, is encouraging the adoption of CRM systems to manage recurring billing, subscription renewals, and customer retention efforts. In addition, the increasing employment of CRM solutions in the healthcare and life sciences sectors to manage patient relationships, track medical histories, and streamline healthcare operations is contributing to the market growth.
Furthermore, the growing concerns about data privacy and security are prompting businesses to invest in CRM solutions with robust encryption, authentication, and compliance features. Apart from this, the rising incorporation of CRM systems with other business software, such as marketing, automation, and enterprise resource planning (ERP), is facilitating data sharing and bolstering the market growth. Additionally, the increasing utilization of advanced analytics dashboards in CRM systems to provide at-a-glance insights into customer behavior, sales performance, and marketing effectiveness is propelling the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Software
- Services
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Application:
- Customer Service
- Customer Experience Management
- CRM Analytics
- Marketing Automation
- Salesforce Automation
- Others
Breakup by Industry Vertical:
- BFSI
- Retail
- Healthcare
- IT and Telecom
- Discrete Manufacturing
- Government and Education
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Insightly Inc., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Pegasystems Inc., Ramco Systems Limited (The Ramco Cements Limited), Sage Group plc, Salesforce Inc., SAP SE, SugarCRM Inc. and Zoho Corporation Private Limited.
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