PUBLISHER: Grand View Research | PRODUCT CODE: 1678471
PUBLISHER: Grand View Research | PRODUCT CODE: 1678471
The global customer relationship management market size is estimated to reach USD 163.16 billion by 2030, registering to grow at a CAGR of 14.6% from 2025 to 2030 according to a new report by Grand View Research, Inc. The continuous demand for innovative solutions to collate critical customer data, analyze customer information, and transform it into a better customer experience strategy are driving factors for customer relationship management (CRM) solutions across all sizes of businesses.
These solutions help organizations in obtaining and manage customer feedback and data through a centralized platform. These insights can further help companies in defining the areas of improvement, transforming challenges into opportunities, generating improved responses, and further enhancing the overall customer experience. Understanding customer behavior is essential for businesses of all sizes.
Given that the general public frequently spends quality time on various social networking platforms, such as Twitter, Facebook, Pinterest, LinkedIn, and Snapchat, among others, organizations have recognized that social networking platforms can provide a great opportunity to gauge changing customer behavior and the way customers interpret information about products or services.
Social customer relationship management (CRM) can particularly assist businesses at this stage in positively engaging customers and increasing brand awareness. Customer engagement is becoming increasingly important to businesses. As a result, customer engagement is increasingly becoming an important component of CRM activities. This would supplement the growth of the customer relationship management market during the forecast period.
The ongoing demand for the optimized implementation of advanced technologies such as predictive and prescriptive analytics to optimize current operational processes is a key driving factor for CRM solution investments and innovation. For instance, in September 2021, Salesforce.com, Inc. announced the collaboration with Slack, a business communication platform, to enable the sales team to collaborate in real-time to close more deals from anywhere. Furthermore, with this integration, marketing teams and agency partners can collaborate in a shared digital workspace.