Pune, India, Nov. 01, 2021 (GLOBE NEWSWIRE) — The global CRM market size was USD 52.64 billion in 2020. The market is projected to grow from USD 58.04 billion in 2021 to USD 128.97 billion in 2028 at a CAGR of 12.1% during the 2021-2028 period.
This information is provided by Fortune Business Insights™, in its report, titled, “Customer Relationship Management (CRM) Market, 2021-2028.”
According to our researchers, the presentation of cloud-based software is probable to gather momentum owing to its effortlessness of availability and incorporation. For example, in March 2021, Rotary Corporation, which is an outdoor power equipment dealer, declared the collaboration with the cloud-based CRM provider Workbooks to refine operations and decline cost.
COVID-19 Impact
Surging Distant Location-based Workforces and Clienteles to Fuel Growth
The COVID-19 crisis has enormously influenced occupations across the world owing to the commotion in production units, supply chain, labor and employee accessibility, brief shutdown of cross-country boundaries, among others. This resulted in businesses to embrace work-from-home method of working.
Therefore, in spite of the lockdown, several companies initiated their functions from remote working. Nevertheless, to offer unified partnership between personnel and consumers, businesses confronted huge demand for customer support solutions.
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Report Coverage
The CRM Market Size report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective. The regional dynamics and how they shape the market in an upward curve are presented in the following report. Moreover, COVID-19 impacts have been added for additional information and how it is expected to affect the demand for CRM in the near future.
Segmentation
On the basis of component, the global CRM Market Size has been segmented into software and service.
Based on the deployment criterion, the market has been further branched into cloud and on-premises.
In terms of enterprise size, the market is classified into large enterprises and small and medium enterprises.
Based on the application, the market is segregated into marketing and sales automation, customer management, lead generation and customer retention, customer support and contact center, and others. The lead generation and customer retention is estimated to account for maximum CRM Market share during the forecast period.
To get to know more about the short-term and long-term impact of COVID-19 on this CRM Market Size, please visit: https://www.fortunebusinessinsights.com/customer-relationship-management-crm-market-103418
Drivers and Restraints
Prompt Digital Transformation to Fuel Market Growth
Digital transformation is the incorporation of digitally progressive technologies across all the business zones to bolster functions and value delivery to its clients. This change from the conservative base is compelling companies to implement novel business representations as well as market trends.
The understandings composed from the incessantly linked technology aids in offering a better customer experience after appropriate data examination. This is expected to bolster the customer relationship management (CRM) market growth.
Regional Insights
North America held the maximum CRM market share. The promptly growing businesses and competition amongst the service suppliers are estimated to drive the demand for the software.
Europe is projected to hold the second position in the market during the forecast period. The briskly growing small and medium businesses across the European countries are predicted to rise the demand for this market to attain customer inclinations and insights.
The market in Latin America is probable to display stable growth during the forecast period. The increasing industry sectors such as healthcare, BFSI, and retail in the region are aspects responsible for the market growth.
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Competitive Landscape
Crucial Players Plan Strategic Partnerships to Extend Their Global Businesses
The vendors of the CRM Market Size, such as NetSuite, Inc., SAP SE, Inc., Oracle Corporation, Salesforce.com, IBM Corporation, Infusion Software, Inc., and Copper CRM, Inc., are offering inventive offerings owing to significant progressions in developing technology. These companies are profound on offering customer experience augmentation solutions for small as well as large enterprises.
Industry Development
February 2021: Copper CRM, Inc., procured Sherlock to assist its client form a more significant relation with customer and projections. Moreover, it offers experts with clarity on what their objective is doing through customer journey in a method that navigates customer success, action for sales and account administration.
List of Players Covered in the Customer Relationship Management Market Report
- Copper CRM, Inc. (California, U.S.)
- Infor, Inc. (New York, U.S.)
- Infusion Software, Inc. (Keap) (Arizona, U.S.)
- Netsuite Inc. (California, U.S.)
- Pipedrive (New York, U.S.)
- Salesforce.com, Inc. (California, U.S.)
- Adobe Systems Inc. (California, U.S.)
- Zendesk, Inc. (California, U.S.)
- SugarCRM (California, U.S.)
- Zoho Corporation Pvt. Ltd. (Tamil Nadu, India)
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Table Of Content :
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- CRM Market Size Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, 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 Key Players
- Global Customer Relationship Management (CRM) Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Customer Relationship Management (CRM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (USD)
- By Deployment (USD)
- By Enterprise Size (USD)
- Large Enterprises
- Small & Medium Enterprises
- By Application (USD)
- Marketing and Sales Automation
- Customer Management
- Lead Generation and Customer Retention
- Customer Support and Contact Centre
- Others (Social Media Management, CRM Analytics, etc.)
- By Vertical (USD)
- Banking, Financial Services and Insurance (BFSI)
- Manufacturing
- IT and Telecommunications
- Retail and Consumer Goods
- Healthcare
- Transportation and Logistics
- Others (Government, Media, and Entertainment, Education, Etc.)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- Global Customer Relationship Management (CRM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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Read More: Customer Relationship Management (CRM) to Reach USD 128.97 Billion by 2028;
