Customer Relationship Management Market Size & Growth Report, Trends 2023-2028

Customer relationship management examples

IMARC Group, a leading market research company, has recently releases report titled “Customer Relationship Management (CRM) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global customer relationship management market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How Big is the Customer Relationship Management (CRM) Market?

The global customer relationship management market size reached US$ 57.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 110.3 Billion by 2028, exhibiting a growth rate (CAGR) of 11.2% during 2023-2028.

What is Customer Relationship Management (CRM)?

Customer relationship management (CRM) refers to a specialized business strategy that prioritizes managing and nurturing interactions between a company and its customers. It involves the use of technology, data, and processes to enhance customer satisfaction and loyalty and, ultimately, drive business growth. It consolidates customer information, such as contact details, purchase history, and preferences, in a centralized database. It facilitates sales processes by automating various tasks, such as lead tracking, opportunity management, and sales forecasting. It also enables businesses to identify trends, address issues, and provide better support, enhancing overall customer satisfaction.

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What are the growth prospects and trends in the customer relationship management industry?

At present, the increasing demand for CRM, as it provides valuable data and analytics, empowering businesses to make informed decisions and examine opportunities for growth, represents one of the crucial factors impelling the growth of the market.

Besides this, the rising utilization of cloud-based systems due to their cost-effectiveness, scalability, and ease of implementation is positively influencing the market. In addition, the growing integration of artificial intelligence (AI) and machine learning (ML) technologies within CRM platforms for revolutionizing customer interactions is offering a favorable market outlook.

Apart from this, the increasing adoption of mobile-centric CRM solutions by businesses to empower their sales representatives and customer service teams with real-time access to data and insights, irrespective of their location, is bolstering the growth of the market.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Component:

Software
Services

Breakup by Deployment Mode:

On-premises
Cloud-based

Breakup by Organization Size:

Small and Medium-sized Enterprises
Large Enterprises

Breakup by Application:

Customer Service
Customer Experience Management
CRM Analytics
Marketing Automation
Salesforce Automation
Others

Breakup by Industry Vertical:

BFSI
Retail
Healthcare
IT and Telecom
Discrete Manufacturing
Government and Education
Others

Market Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

Adobe Inc., Cisco Systems Inc., Insightly Inc., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Pegasystems Inc., Ramco Systems Limited, Sage Group plc, Salesforce.com Inc., SAP SE, SugarCRM Inc. and Zoho Corporation Private Limited.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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