Customer Relationship Management (CRM) market is anticipated to reach $96.39 billion by 2026 at a CAGR of 10.6% during the forecast period 2021-2026. Customer relationship management (CRM) is a system for managing all of company’s customer and potential customer relationships and interactions. The rising need for automated customer engagement, expanding the breadth of digital operations, and improving customer experience, data management and service management and services are all driving demand for CRM systems in many sectors across the world. Furthermore, advances in cloud computing technology, the emergence of serverless computing and hybrid cloud computing, and the availability of various service models such as SaaS, Infrastructure as a Service (IaaS), and Platform as a Service (PaaS) are expected to propel the CRM market particularly for marketing automation and business process management over the forecast period. The pandemic of Covid-19 has also aided market expansion. In order to enhance retention during a pandemic, businesses and organizations must finish more sales transactions, explore opportunities, and handle customer concerns than ever before. Organizations are increasingly focusing on more effective methods to engage with consumers in a remote working environment as a result of government mandated Work from Home (WFH) rules. As organizations focus on using the majority of CRM capabilities to service buyers, boost sales interaction, and increase staff productivity, this is expected to push the adoption and deployment of CRM solutions to their full potential. Hence, these factors will drive the Customer Relationship Management (CRM) market size in the forecast period 2021-2026.
Customer Relationship Management (CRM) Market Segment Analysis- By Organization Size
By component, Customer Relationship Management (CRM) market is segmented into Small Enterprises, Medium Enterprises, and Large Enterprises. Large Enterprises held the highest market share of 56% in 2020. The market growth is attributed to high marketing and IT expenditure capacity, need to handle high volume of customer data, others. CRM systems are used to assist combine buyer data with business process management capabilities and enable users to seamlessly coordinate their sales, marketing, and customer support operations in large businesses due to the existence of various operational divisions. Furthermore, the segment’s expansion is projected to be fueled by the large variety of CRM systems that offer scalable capabilities to match businesses’ changing needs. Moreover, the rising use of big data, artificial intelligence, and machine learning in major businesses is likely to promote CRM adoption. Thus, above mentioned factors are analyzed to drive the market in the forecast period 2021-2026.
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Customer Relationship Management (CRM) Market Segment Analysis- By Deployment Types
This market is segmented into On Premise and Cloud on the basis of deployment types. Cloud deployment model held the highest market share of 60% in 2020 and is anticipated to witness significant market growth during forecast period. Cloud computing refers to the utilization of a network of servers rather than a single server. Working in the cloud allows the company access to all files and data from any device that is allowed. A cloud-based CRM solution is designed to assist organizations of all sizes, from small to large, in achieving their goals through effective customer account management. The entire client lifetime is fully customized to focus on the complete Sales Process, owing to the added benefit of cloud servers. The flexibility and security that a cloud CRM system provides are valued by both internal and external stakeholders. Various objective-driven project teams with crisscrossing resources and account activity, for instance, are able to view up-to-date modifications or communication at all times. There are no surprises or requirements from clients that were not properly expressed. The benefits of adopting a cloud CRM include automation of sales processes, marketing campaigns, and account management. The market expansion can thus be ascribed to an increase in demand from small and medium-sized businesses as a result of numerous benefits, such as high flexibility, scalability, cost-effectiveness, and minimal hardware maintenance costs.
Customer Relationship Management (CRM) Market Segment Analysis- By Geography
North America dominated the market by a market share of approximately 37% in 2020. The market growth is due to the increasing use of emerging technologies such as machine learning, and industrial automation and major shift of business towards the digital transformation and North America is becoming a hub for a variety of industrial verticals, including healthcare, information technology and telecommunications, and the energy and utilities sector. Customers in these industrial verticals are likely to be numerous, necessitating the use of customer relationship management software. Furthermore, APAC is projected to have the fastest growth during 2021-2026, owing to increasing investment across industries, rapid digitalization, economic development and growing penetration of advanced technologies. The rising need for innovative CRM solutions from emerging nations such as China and India is also fuelling market expansion. The expected growth of the e-commerce business in Asian countries is expected to fuel demand for CRM systems. In June 2019, Salesforce, for instance, expanded its activities in the region with a USD 100 million investment in Japanese companies. Hence, such investments further are analysed to drive the market in the forecast period 2021-2026.
Customer Relationship Management (CRM) Market Drivers
Customer Relationship Management (CRM) market is expected to be largely influenced by changes in the Bring Your Own Device (BYOD) trend and the shift of organizations towards virtualization technologies:
Traditional corporate procedures have changed as a result of enterprise mobility. The BYOD movement is gaining in popularity in business contexts, owing to the rapid improvements in mobile computing. With the rise of BYOD, businesses must streamline device administration and operations by enhancing the entire user experience. Furthermore, this tendency has given rise to end user computing solutions, which allow workers to use and build these solutions without having to worry about IT general controls. According to Frost and Sullivan, 78.48% of organizations in the US had BYOD activities since 2018. According to CISCO, BYOD produces an average of $350 in value per mobile employee each year. BYOD provides organizations with an estimated $300-$1300 per year benefit from the average employee.
Trend towards integration of Artificial Intelligence propels the market growth:
Currently, businesses are looking for the finest CRM software with AI capabilities. CRM systems are data aggregation technologies that help organizations gather, store, manage, and organize interactions more effectively. Long-term customer connections are nurtured through more efficient administration and automated client engagement. Organizational demands have evolved as the volume of data created everyday has increased dramatically. Businesses now want CRM technology that can extract, analyze, and interpret data in real time in order to make fast, fact-based business choices. According to an IDC and Salesforce research, AI-powered CRM has the potential to produce more than $1.1 trillion in new GDP effect and 800,000 new employment globally by 2021, establishing itself as a competitive advantage in a highly saturated business market.
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Customer Relationship Management (CRM) Market Challenges
The rising concern related to Security act as hindrance to the market growth for End User Computing:
The transition toward new technology by many businesses results in the production of more complicated data, raising security threats. The connectivity of increasingly connected devices raises concerns about security breaches. According to the Center for Strategic and International Studies (CSIS) and McAfee, cybercrimes, which include damage and destruction of data, stolen money, lost property, intellectual property theft, and other areas, currently cost the world almost USD 600 billion each year, or 0.8% of the global GDP. This major emergence of security challenges has resulted in growing concern about data security and encryption, which has hampered the market expansion of Customer Relationship Management (CRM).
Customer Relationship Management (CRM) Market Landscape
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Customer Relationship Management (CRM) market. In 2020, the market of Customer Relationship Management (CRM) industry outlook has been fragmented by several companies. Customer Relationship Management (CRM) top 10 companies include
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Relevant Report Titles:
A. Customer Experience Management Market
B. Enterprise Software Market
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