With 12.5% CAGR, Customer Relationship Management (CRM) Market Size worth USD 145.79 Billion in 2029 – GlobeNewswireRelationship
| Source: Fortune Business Insights Fortune Business Insights
Pune, India, April 27, 2022 (GLOBE NEWSWIRE) — The customer relationship management market size reached USD 57.83 billion in 2021. The market value is anticipated to increase from USD 63.91 billion in 2022 to USD 145.79 billion by 2029 at a CAGR of 12.5% during the forecast duration. Customer relationship management (CRM) software aids in the management, organization, and monitoring of business operations in order to increase customer satisfaction says Fortune Business InsightsTM in its report titled, “Customer Relationship Management Market Share, 2022-2029”. The market stood at USD 57.83 billion in 2021 and USD 63.91 billion in 2022.
Notable Industry Development-
December 2021 – Freshworks Inc. introduced Freshdesk Contact Center to a 7-Eleven store, a global retail chain. The system will respond quickly to problems and offer the same in-store benefits to both online and regular customer buyers.
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CRM Market Report Scope:
Drivers & Restraints-
Driving Market Growth through Rapid Digital Transformation
CRM solution demand is expected to be driven by the integration of emerging technologies across business domains to improve operations and value delivery to customers. In addition, companies intend to implement business strategies and market trends in order to expand their geographical presence. Following data analysis, this strategy enables organizations to provide a better customer experience.
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North America to dominate the global market share
During the forecast period, North America is expected to dominate the global customer relationship management market size. Demand for the software is expected to be driven by rapidly growing businesses and increased competition among service providers.
The Latin American customer relationship management market share is expected to expand steadily over the projected period. The region’s size is growing due to increased demand for software across industrial sectors such as BFSI, healthcare, and retail.
During the forecast period, Asia Pacific is expected to grow quickly. The CRM market trend is in high demand because of the retail industry’s demand and the region’s widespread adoption of new technology.
The Middle East & Africa region is expected to grow significantly as a result of rapid technological adoption and digitization across industries.
On the basis of components, the market is split into services and software. On the basis of deployment, the market is divided into cloud and on-premises. On the basis of enterprise size, the market is bifurcated into large enterprises and SMEs. On the basis of application, the market is segmented into marketing and sales automation, customer management, lead generation and customer retention, customer support and contact center, and others (social media management, CRM analytics, etc.) Geographically, the market is classified into North America, Asia Pacific, Europe, Latin America, the Middle East & Africa.
Quick Buy – Customer Relationship Management Market:
Global COVID-19 pandemic to spur remote-working employees and clients
Due to disruptions in production units, supply chains, labor and personnel availability, and the temporary closure of cross-country borders, the COVID-19 pandemic had a significant impact on enterprises around the world. As a result, organizations implemented policies allowing employees to work from home. Despite the shutdown, many businesses resumed operations from remote locations. The demand for customer support solutions is also on the rise among businesses to ensure seamless interaction between workers and customers.
The Customer Relationship Management Market report includes key insights such as CRM software and solution adoption trends by individual segments, recent industry developments such as mergers and acquisitions, consolidated SWOT analysis of key players, partnerships, Porter’s five forces analysis, and business strategies of leading market players, key industry trends, macro, and micro-economic indicators.
Leading Market Players to Form Strategic Partnerships to Create Market Presence
Companies continue to form strategic alliances with other players in order to strengthen their market position and promote their brands. For instance, in March 2021, Rotary Corporation acquired cloud-based CRM vendor Workbooks, with the aim of improving operations and reducing costs.
Companies Profiled in Customer Relationship Management Market Players:
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Major Points of Table:
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