Customer Relationship Management Global Market Report 2024

Description

Customer relationship management (CRM) represents a strategic methodology adopted by organizations to oversee and analyze engagements with existing and potential customers. It streamlines, automates, and synchronizes sales, marketing, customer service, and technical support processes, thereby enhancing customer satisfaction, optimizing business operations, and cultivating enduring customer loyalty and retention.

The primary components of CRM comprise software and services. Software encompasses the array of programs and applications utilized in CRM, facilitating efficient management of customer interactions. These software solutions are deployed either on-premises or through cloud-based platforms and cater to businesses of varying sizes, including large enterprises and small to medium-sized enterprises (SMEs). They find application across multiple domains such as marketing and sales automation, customer management, lead generation, customer retention, customer support and contact center management, CRM analytics, social media management, and are utilized across diverse sectors including banking, financial services and insurance (BFSI), manufacturing, information technology and telecommunications, retail and consumer goods, healthcare, government, transportation and logistics, among others.

The customer relationship management market research report is one of a series of new reports from The Business Research Company that provides customer relationship management market statistics, including customer relationship management industry global market size, regional shares, competitors with a customer relationship management market share, detailed customer relationship management market segments, market trends and opportunities, and any further data you may need to thrive in the customer relationship management industry. This customer relationship management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The customer relationship management market size has grown rapidly in recent years. It will grow from $67.14 billion in 2023 to $77.99 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The expansion observed during the historic period can be attributed to several factors, including intensifying competition, escalating customer expectations, evolving business models, adherence to regulatory standards, mounting costs associated with customer acquisition, globalization trends, and shifting demographics.

The customer relationship management market size is expected to see rapid growth in the next few years. It will grow to $135.35 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The forecasted growth is driven by factors such as mobile CRM adoption, customer experience focus, data analytics emphasis, integration with other systems, subscription economy rise, and social CRM emergence. Major trends include cloud-based solutions, AI integration, omnichannel platforms, mobile app development, provider-vendor collaboration, social media functionalities, automation tool adoption, and marketing automation integration.

The customer relationship management market is poised for growth, driven by the increasing adoption of digital channels by consumers. Digital channels, encompassing various online platforms for social content distribution, are gaining prominence due to their accessibility, convenience, and the proliferation of internet connectivity and mobile devices. Technological advancements such as artificial intelligence, virtual reality, and augmented reality further contribute to the expansion of digital channels. These channels offer businesses diverse opportunities to engage with customers, gather insights, and cultivate enduring relationships. Effective customer relationship management, leveraging digital channels integration and management, enables businesses to enhance customer satisfaction, drive sales, and achieve sustainable success. For example, in February 2024, U.S. e-commerce sales surged to $1.119 trillion, marking a 7.6% increase from 2022 and surpassing overall retail sales growth. E-commerce sales accounted for 22.0% of retail sales, showcasing the increasing dominance of digital channels and their impact on the customer relationship management market.

Key players in the customer relationship management market are concentrating on the development of advanced software solutions to optimize customer interactions and enhance operational efficiency. AI Cloud, a suite of customer relationship management tools leveraging generative AI models such as Einstein GPT, stands out as a notable innovation. This suite aims to revolutionize customer interactions by automating processes and boosting productivity. For instance, Salesforce Inc. introduced AI Cloud in June 2022, offering capabilities within its customer relationship management platform, including auto-generation of personalized emails, chat replies, content, and even code prediction. This advancement reflects a shift towards automated and personalized customer interactions, empowering businesses to streamline operations and deliver tailored experiences at scale.

In December 2023, Zillow Group acquired Follow Up Boss, signaling a strategic move to enhance the real estate industry's customer experience. Follow Up Boss, a specialist in real estate customer relationship management software, was acquired to augment Zillow Group's suite of tools and services for professionals in the sector. Despite the acquisition, Follow Up Boss will maintain its independent operations, serving its existing client base. Zillow Group plans to invest in the development of new products and features to support agents and foster business growth, underscoring its commitment to elevating the real estate customer relationship management landscape.

Major companies operating in the customer relationship management market are Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Hewlett Packard Enterprise Development LP, Salesforce Inc., Adobe Inc., ServiceNow Inc., Amdocs Limited, Sage Group plc, NICE Systems Ltd., HubSpot Inc., Zoho Corporation, Pegasystems Inc., Zendesk Inc., WebMD LLC, Monday.com Ltd., Freshworks Inc., Jive Software, Acquia Inc., Ramco Systems, SugarCRM Inc., Insightly Inc., Copper CRM Inc., Verint Systems Inc., INFOR Inc., Aurea Inc., Nimble

North America was the largest region in the customer relationship management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the customer relationship management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the customer relationship management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The customer relationship management market includes revenues earned by entities by providing services such as customer service, customer experience management, marketing automation, and service automation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Including: 1) By Component: Software; Services
2) By Deployment: On-Premises; Cloud
3) By Enterprise Size: Large Enterprises; Small And Medium-Sized Enterprises
4) By Application: Marketing And Sales Automation; Customer Management; Lead Generation And Customer Retention; Customer Support And Contact Centre; CRM Analytics; Social Media Management
5) By Vertical: Banking, Financial Services And Insurance (BFSI); Manufacturing; Information Technology And Telecommunications; Retail And Consumer Goods; Healthcare; Government; Transportation And Logistics
Covering: Microsoft Corporation; IBM Corporation; Oracle Corporation; SAP SE; Hewlett Packard Enterprise Development LP

Product Code: r17333

1. Executive Summary

2. Customer Relationship Management Market Characteristics

3. Customer Relationship Management Market Trends And Strategies

4. Customer Relationship Management Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Customer Relationship Management Market Size and Growth

5.1. Global Customer Relationship Management Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Customer Relationship Management Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Customer Relationship Management Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Customer Relationship Management Market Segmentation

6.1. Global Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Software
Services
6.2. Global Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
On-Premises
Cloud
6.3. Global Customer Relationship Management Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Large Enterprises
Small And Medium-sized Enterprises
6.4. Global Customer Relationship Management Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Marketing And Sales Automation
Customer Management
Lead Generation And Customer Retention
Customer Support And Contact Centre
CRM Analytics
Social Media Management
6.5. Global Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Banking, Financial Services And Insurance (BFSI)
Manufacturing
Information Technology And Telecommunications
Retail And Consumer Goods
Healthcare
Government
Transportation And Logistics
Other Vertical

7. Customer Relationship Management Market Regional And Country Analysis

7.1. Global Customer Relationship Management Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Customer Relationship Management Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Customer Relationship Management Market

8.1. Asia-Pacific Customer Relationship Management Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Customer Relationship Management Market

9.1. China Customer Relationship Management Market Overview
9.2. China Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Customer Relationship Management Market

10.1. India Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Customer Relationship Management Market

11.1. Japan Customer Relationship Management Market Overview
11.2. Japan Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Customer Relationship Management Market

12.1. Australia Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Customer Relationship Management Market

13.1. Indonesia Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Customer Relationship Management Market

14.1. South Korea Customer Relationship Management Market Overview
14.2. South Korea Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Customer Relationship Management Market

15.1. Western Europe Customer Relationship Management Market Overview
15.2. Western Europe Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Customer Relationship Management Market

16.1. UK Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Customer Relationship Management Market

17.1. Germany Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Customer Relationship Management Market

18.1. France Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Customer Relationship Management Market

19.1. Italy Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Customer Relationship Management Market

20.1. Spain Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Customer Relationship Management Market

21.1. Eastern Europe Customer Relationship Management Market Overview
21.2. Eastern Europe Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Customer Relationship Management Market

22.1. Russia Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Customer Relationship Management Market

23.1. North America Customer Relationship Management Market Overview
23.2. North America Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Customer Relationship Management Market

24.1. USA Customer Relationship Management Market Overview
24.2. USA Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Customer Relationship Management Market

25.1. Canada Customer Relationship Management Market Overview
25.2. Canada Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Customer Relationship Management Market

26.1. South America Customer Relationship Management Market Overview
26.2. South America Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Customer Relationship Management Market

27.1. Brazil Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Customer Relationship Management Market

28.1. Middle East Customer Relationship Management Market Overview
28.2. Middle East Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Customer Relationship Management Market

29.1. Africa Customer Relationship Management Market Overview
29.2. Africa Customer Relationship Management Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Customer Relationship Management Market, Segmentation By Deployment
, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Customer Relationship Management Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Customer Relationship Management Market Competitive Landscape And Company Profiles

30.1. Customer Relationship Management Market Competitive Landscape
30.2. Customer Relationship Management Market Company Profiles
- 30.2.1. Microsoft Corporation
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. IBM Corporation
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Oracle Corporation
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. SAP SE
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Hewlett Packard Enterprise Development LP
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Customer Relationship Management Market Other Major And Innovative Companies

31.1. Salesforce Inc.
31.2. Adobe Inc.
31.3. ServiceNow Inc.
31.4. Amdocs Limited
31.5. Sage Group plc
31.6. NICE Systems Ltd.
31.7. HubSpot Inc.
31.8. Zoho Corporation
31.9. Pegasystems Inc.
31.10. Zendesk Inc.
31.11. WebMD LLC
31.12. Monday.com Ltd.
31.13. Freshworks Inc.
31.14. Jive Software
31.15. Acquia Inc.

32. Global Customer Relationship Management Market Competitive Benchmarking

33. Global Customer Relationship Management Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Customer Relationship Management Market

35. Customer Relationship Management Market Future Outlook and Potential Analysis

35.1 Customer Relationship Management Market In 2028 - Countries Offering Most New Opportunities
35.2 Customer Relationship Management Market In 2028 - Segments Offering Most New Opportunities
35.3 Customer Relationship Management Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer