To strong economic progress and ongoing development in customer retention and engagement.
As per the report published by Allied Market Research, the global CRM market generated $41.93 billion in 2019, and is predicted to reach $96.39 billion by 2027, manifesting a CAGR of 11.1% from 2020 to 2027. The report provides a detailed analysis of major drivers & opportunities, key segments, investment pockets, competitive landscape, and key players.
Rachita Rake, a Research Analyst, ICT at Allied Market Research, stated, "Asia-Pacific is anticipated to manifest the highest growth throughout the forecast period due to strong economic progress and ongoing development in customer retention and engagement. Organizations are motivated to invest heavily in customer relationship management to retain customers and improve productivity. Moreover, digital transformation, cloud deployment, technological development, and ongoing modernization in marketing and sales strategy in developing markets contribute to the global customer relationship management market growth. On the other hand, lack of security measures toward customer data and high initial installation cost hinder the market growth. On the contrary, rise in acceptance of Bring Your Own Device (BYOD) ecosystem, impressive operational efficiency, and less operational cost of the CRM software create lucrative opportunities."
- During the pandemic, companies are forced to let their employees work remotely. This has increased the adoption of CRM systems. Moreover, companies largely relied on CRM to retain their existing customers during the pandemic. Use of CRM to boost workers' performance during the pandemic also impacted the market progress.
- The market is expected to flourish post-pandemic due to rise in the need for companies to re-evaluate aspects of their customer management system.
- Companies have widely used CRM features during the pandemic, such as access to big data analytics and machine learning algorithms. CRM also helped in boosting customer engagement and reducing marketing costs. This fuelled the market growth.
The global customer relationship management market is segmented on the basis of deployment mode, component, organizational size, industry vertical, application, and region.
By component, the software segment held the largest share in 2019, attributing to more than two-thirds of the global customer relationship management market, and is expected to maintain its lead position during the forecast period. On the other hand, the services segment is anticipated to manifest the largest CAGR of 12.6% from 2020 to 2027.
By deployment mode, the cloud segment held the highest market share in 2019, contributing to more than two-thirds of the market, and is expected to lead throughout the forecast period. The segment is predicted to exhibit the highest CAGR of 11.8% from 2020-2027. The report also covers segments such as on-premise and hybrid.
By region, North America contributed to the highest market share in terms of revenue in 2019, contributing to more than two-fifths of the market, and is anticipated to maintain its lead by 2030. However, Asia-Pacific is proposed to witness the fastest CAGR of 13.8% from 2020-2027.
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Key leading players of the global customer relationship management market include Salesforce.com, Inc., Insightly, Inc., Sage Group plc, SAP SE, Zoho Corporation Pvt. Ltd, Pegasystems, Oracle Corporation, SugarCRM, Netsuite Inc., and Microsoft Corporation.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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