Customer Relationship Management Market
The global customer relationship management market size is expected to reach USD 157.6 billion by 2030, according to new research by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.3% from 2022 to 2030. The continuous demand for innovative solutions to analyze customer information, collate critical customer data, and transform it into a better customer experience strategy are driving factors for CRM solutions across all sizes of businesses. This further led to the integration of customer relationship management solutions with advanced technologies such as big data analytics, machine learning, and AI-powered analytics are expected to boost product innovation and development across CRM solutions for a better customer experience and high operational efficiency.
The adoption of CRM solutions has shown tremendous growth in recent years with several benefits, including reduced marketing cost, improved operational efficiency, and efficient data-based management of an organization’s entire sales process. With the rapid growth of mobile and cloud solutions, organizations are increasingly insisting on efficient access to real-time customer data for improved customer engagement to drive sales growth and maintain customers for a long period. Furthermore, the increasing penetration of CRM solutions through smart mobile devices and internet services is one major trend in the sales and marketing domain globally.
The continuous demand for the optimized implementation of advanced technologies such as predictive and prescriptive analytics to maximize current operational processes is a key driving factor for investments and innovation in CRM solutions. For instance, in September 2021, Salesforce.com, Inc. announced the collaboration with Slack, a business communication platform, to empower the sales team to collaborate in real-time to close more deals from anywhere. Moreover, this integration enables marketing teams and agency partners to collaborate in a shared digital workspace.
North America dominated the Customer Relationship Management (CRM) market and accounted for the largest revenue share of44.1% in 2021. In North America, the U.S. held the major revenue share of the market in 2021. The key driving factors are increasing adoption of CRM solutions by several enterprises across the region that rely on the use of advanced technologies and are expected to dominate the market over the forecast period. Furthermore, continuous adoption of digital transformation across various sectors, including banking, retail, and hospitality, is expected to propel the North American market over the forecast period.
In Asia Pacific, the market is estimated to register the highest CAGR over the forecast period. The rising demand for innovative customer relationship management solutions from emerging countries such as China and India is acting as a catalyst for the growth of the regional market. The expansion of the e-commerce industry in Asian countries, such as India, is anticipated to drive the demand for customer relationship management solutions. The growing scope of businesses in the region, an optimistic growth prediction across economies, and a large customer base are other key factors expected to drive the growth of the CRM market in the Asia Pacific region over the forecast period.
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