Customer relationship management (CRM) market: product


Pune, India, July 14, 2021 (GLOBE NEWSWIRE) – The world customer relationship management (CRM) market the size should gain momentum by reaching USD 128.97 billion by 2028 onwards $ 58.04 billion in 2021, while posting a CAGR of 12.1% between 2021 and 2028. This information is published by Fortune Business Insights in its latest report, entitled, “Customer relationship management (CRM) market, 2021-2028.” The report further mentions that the market was $ 52.64 billion in 2020. Factors such as the increasing emphasis on digitization are expected to drive demand for the product across the world.

What does the CRM market report include?

The global Customer Relationship Management (CRM) market report comprises a detailed analysis of several factors such as major drivers and restraints that will impact the growth. Further, the report provides information on regional analysis which covers different regions, which are contributing to the market growth. It understands the competitive landscape that involves leading companies and the adoption of strategies by them to introduce new products, announce partnerships and collaboration that will further contribute to the growth of the market between 2021 and 2028. In addition, the Research analyst has adopted several research methodologies. such as PESTEL and SWOT analysis to gain insight on current trends and industry developments that will drive the growth of the customer relationship management (CRM) market in the coming years.

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Impact of COVID-19: The market posted a 10.1% CAGR in 2020, supported by the growing adoption of CRM by SMEs

Although the COVID-19 crisis had an impact on multiple horizons, there were remarkable changes in the way businesses were run. The first few months saw organizations falter under economic pressure and downsizing. However, changing consumer preferences and the growing adoption of the remote work culture have allowed organizations to adapt their strategies. This has further led companies to adopt automated and real-time tracking solutions such as CRM to ensure an improved customer experience and high operational efficiency. The increasing demand for these solutions has enabled the market to post a 10.1% CAGR in 2020 and is expected to grow exponentially in the years to come.

Scope and segmentation of the report:

Cover of the report Details
Forecast period 2021 to 2028
Forecast period 2021 to 2028 CAGR 12.1%
2028 value projection $ 128.97 billion
Year of reference 2020
Market size in 2020 $ 52.64 billion
Historical data for 2017 to 2019
Number of pages 150
Covered segments Component, scope, deployment, company size, vertical and geography
Growth drivers Increased focus on digitization to drive growth
Rapid digital transformation to drive growth in CRM market
Adoption of CRM solutions increased during the Covid-19 pandemic

Pitfalls and challenges

Increased incidence of data fraud and decreased availability of qualified professionals to hamper growth

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REGIONAL OVERVIEW

North America – The region was $ 17.33 billion in 2020 and is expected to occupy the highest position in the customer relationship management (CRM) market in the years to come. This is due to the growing emphasis on adopting advanced technologies to enable real-time prediction and extract data on customer preferences in the region. Additionally, the presence of established players such as Infor, Inc., Oracle Corporation, and Microsoft Corporation will bode well for market growth in the region.

Europe – The region is expected to occupy the second position in the market in the coming years. This is attributable to factors such as the growing number of small and medium-sized businesses in countries like Germany, Italy and France that are adopting advanced customer relationship management solutions into their business processes between 2021 and 2028.

DRIVING FACTORS

Increased focus on digitization to drive growth

According to business intelligence platform Tofler, Google India’s revenue increased 35% to over INR 5,594 crore in fiscal 2020, a profit of 24%. This is a testament to the growing focus on digital transformation by several companies to take advantage of the opportunities offered by the market. COVID-19 has certainly sped up the digitization process as more companies use online support to reach their customers. In such scenarios it is very important to have a platform to ensure better engagement and better management of customers. Hence, the increasing attention to digitalization is expected to contribute to the global customer relationship management (CRM) market share in the coming years.

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COMPETITIVE LANDSCAPE

Prominent companies will present advanced CRM solutions to consolidate their positions

The customer relationship management (CRM) market is segmented into small, medium, and large businesses that focus on maintaining a strong position and gaining a competitive advantage over their rivals. To do this, they introduce new advanced customer relationship management solutions to meet the growing demand of several industries around the world. Additionally, other key players are adopting organic and inorganic strategies to maintain their presence in the fiercely competitive global market.

Industry Development:

  • November 2020 – Infusion Software, Inc., a leading CRM vendor, has released new smart customer management software for small businesses. The software known as Keap effectively helps small businesses improve their customer service experience and increase sales revenue.

List of Companies Featured in Global Customer Relationship Management (CRM) Market:

  • Copper CRM, Inc. (San Francisco, CA)
  • Infor, Inc. (New York, United States)
  • Infusion Software, Inc. (Keap) (Arizona, United States)
  • Netsuite Inc. (California, United States)
  • IBM Corporation (New York, United States)
  • Microsoft Corporation (Washington, United States)
  • Oracle Corporation (California, United States)
  • Pipedrive (New York, United States)
  • Salesforce.com, Inc. (California, United States)
  • SAP SE (Walldorf, Germany)
  • Adobe Systems Inc. (California, United States)
  • Zendesk, Inc. (California, United States)
  • SugarCRM (California, United States)
  • Zoho Corporation Pvt. Ltd. (Tamil Nadu, India)

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Contents:

  • introduction
    • Definition, by segment
    • Research methodology / approach
    • Information source
  • Key points to remember
  • Customer relationship management (CRM) market dynamics
    • Macro and micro economic indicators
    • Drivers, constraints, opportunities and trends
    • Impact of COVID-19
      • Short term impact
      • Long term impact
  • Competition landscape
    • Business strategies adopted by key players
    • Consolidated SWOT analysis of the main players
    • PESTLE analysis
    • Porter’s Five Forces Analysis
  • Overview and market share analysis of major global customer relationship management (CRM) players, 2020
  • Key market insights and strategic recommendations
  • Main responses of the interviewee
  • Profiled companies (Covered for 10 key players only)
    • Overview
      • Key management
      • Headquarters etc
    • Offers / business segments
    • Key details (Key details are subject to data availability in the public domain and / or on chargeable databases)
      • Employee size
      • Key financial data
        • Past and current income
        • Gross margin
        • Geographic share
        • Share of business segment
    • Recent developments

TOC Continued…!
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