Global customer relationship management market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 36.5% during the forecast period.
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Global customer relationship management market Definition
Customer relationship management (CRM) is one of the business strategies that allow companies to analyse and manage data and information and business relationships with their current, past, and potential customers. CRM is a practice to study more about customers' behaviours and needs with the intention to build up stronger relationships with them.
Global customer relationship management market Dynamics
A surge in the adoption of customer relationship management software by various businesses to focus on relationships with their customers, suppliers, colleagues, etc is a major driving factor behind the growth of the market. Increasing requirements for data have driven processes by various industries to compete with other businesses, growing demand for CRM solutions to improve sales, revenue, customer service, business development, and marketing efforts, emerging small and medium enterprises, the growing trend of bringing your own device and growing adoption of CRM based solutions such as CRM software, CRM cloud solutions, and CRM human management and artificial intelligence in BFSI industry are expected to improve the growth of the market during the forecast period. CRM solutions provide some benefits such as improved customer services, increased customer revenue, simplified sales, and marketing insights, and improved customer loyalty, which are ultimately propelling the growth of the market.
However, high costs associated with CRM software, lack of leadership, increasing concerns related to privacy and security, removal of human element, and risks of data loss are major restraining factors that could hamper the growth of the market.
Global Customer Relationship Management Market: Segmentation Analysis
By industry, the BFSI segment dominated the market in 2019 and is projected to witness fast growth at CAGR of XX% during the forecast period. A CRM solution in the BFSI industry helps banks and other financial institutions to manage customer relationships by understanding their needs or expectations to deliver effective solutions quickly. CRM in financial institutions provides benefits such as boosted sales, increased productivity, more effective communication, improved customer services, and improved lead conversion, which is ultimately making CRM solutions demandable in the BFSI sector.
Customer Relationship Management in Banking- Global Scenario
Growing adoption of CRM solutions in banks globally due to its numerous benefits is driving the growth of the global CRM market in the BFSI sector. For instance, Royal Bank of Canada adopted CRM solutions to expand its customer’s lifetime value and profitability. Wells Fargo Bank based in the United States, famous for its leadership in services to various customer segments, is utilizing CRM to improve customer service. Also, Indian banks such as Bank of Maharashtra, Yes Bank, ICICI Bank, Punjab National Bank, and others have adopted CRM solutions and software for enhanced customer service and support, improved customer understanding.
Global Customer Relationship Management Market: Regional Analysis
Region-wise, North America dominated the market in 2019 and is expected to maintain its dominance at CAGR of XX% during the forecast period. The US and Canada are major contributors to the growth of the market in the region. The growth is attributed to the large-scale adoption of CRM solutions in various end-user industries across the region.
Rising adoption of data-intensive approaches, advanced technologies, and rising need to manage customer and business relationships to develop more profitability of the business is driving the growth of the market in the NA region. Furthermore, the growing adoption of CRM solutions in well-known banks across the region to improve sales and revenues and customer services of the banks is further propelling the growth of the market in the region.
Global Customer Relationship Management Market: Competitive Analysis
Based on the CRM system offering Salesforce.com, Microsoft, SAP, Adobe, and Oracle are the top five vendors in the year 2019 and held approximately 63% of global CRM market share. Salesforce.com with 40%, Microsoft with 11%, SAP with 5%, Adobe with 4%, and Oracle with 3% have dominated the market in 2019.
The objective of the report is to present a comprehensive analysis of the Global Customer Relationship Management Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Customer Relationship Management Market dynamics, structure by analyzing the market segments and projects the Global Customer Relationship Management Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Customer Relationship Management Market make the report investor’s guide.
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The Scope of Global Customer Relationship Management Market: Inquire before buying
Global Customer Relationship Management Market, By Solution
• Social Monitoring
• Social Mapping
• Social Middleware
• Social Management
• Social Measurement
Global Customer Relationship Management Market, By Application
• Customer support service
Global Customer Relationship Management Market, By Deployment Mode
• On-Demand (SaaS and PaaS)
Global Customer Relationship Management Market, By Industry
• Academia Government
• Automotive, Transportation and Logistics
• Consumer Goods and Retail
• Energy, Power and Utilities
Global Customer Relationship Management Market, By Region
• North America
• Asia Pacific
• South America
• Middle East and Africa
Global Customer Relationship Management Market, Key Players
• SAP AG
• Oracle Corporation
• Microsoft Corporation
• Adobe Systems Inc
• Convergys Corporation
• Huawei Technologies Co. Ltd
• Infor Global Solutions, Inc
• SAS Institute Inc
• SYNNEX Corporation
• The Sage Group Plc
• Verint Systems Inc
• IBM Corporation
• NICE Ltd
• IMS Health
• NetSuite Inc
• ZOHO Corporation
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