Customer relationship management (CRM) solutions help organizations track customer interactions with sales and marketing teams across email, social media, phone calls, and other channels. CRM software provides sales representatives a 360-degree view of customer profiles and purchasing behavior to deliver personalized experiences. Furthermore, it streamlines marketing campaigns and automates workflows to enhance sales productivity. Advantageous features include contact management, customer support ticketing, reporting and analytics.
The global customer relationship management market is estimated to be valued at US$ 81.87 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the customer relationship management market is the rising demand for omnichannel experience. Omnichannel CRM platforms allow businesses to provide a seamless customer experience across multiple touchpoints. It integrates digital channels like website, mobile apps, emails, social media and call centers with physical stores to offer consistency. This provides a unified view of the customer regardless of where, when and how they interact with the brand. CRM providers are enhancing their solutions with features like unified messaging, location-based services and customized recommendations. Advanced analytics also helps businesses gain insights into customer preferences on different channels to refine their omnichannel strategy. This is expected to stimulate investments in omnichannel-enabled CRM systems during the forecast period.
Segment Analysis
The global customer relationship management market is dominated by the software segment, which holds around 75% share. This is because software forms the core of any CRM solution, enabling customer data collection, storage, analysis and interactions. Within software, the on-premise segment dominates currently due to security and control concerns of many organizations over cloud-based data storage. However, the cloud/SaaS segment is growing at a much faster pace due to advantages like low upfront costs, scalability, easy updates and mobility. The services segment, which includes implementation, training and support is also gaining traction due to the increasing complexity of CRM solutions.
Key Takeaways
The Global Customer Relationship Management Market Size is expected to witness high growth over the forecast period of 2024 to 2031 supported by growing digital transformation across industries.
Regional analysis: The North America region currently dominates the global CRM market due to advanced digital transformation and presence of major players in the US and Canada. However, the Asia Pacific region is expected to witness the fastest growth during the forecast period owing to growing adoption of CRM in digitalizing economies like China, India and Southeast Asian countries. The growth in Asia Pacific is also fueled by emergence of local CRM vendors as well as expansion strategies of global players.
Key players operating in the customer relationship management market are Toyota Industries Corporation Group, Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., UniCarriers Americas Corporation, Anhui Heli Company Limited, Komatsu Ltd., Clark Material Handling Company, Doosan Industrial Vehicle, Hangcha Group Co. Ltd., JBT Corporation, Combilift Ltd., Godrej & Boyce Mfg. Co. Ltd, Linde Material Handling. Salesforce remains the largest CRM vendor globally, while Microsoft, Adobe, Oracle, SAP and Zoho are other major players focusing on both cloud and on-premise solutions.
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