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Trend towards Integration of Artificial Intelligence propels the Customer Relationship Management (CRM) Market Growth
HYDERABAD, TELANGANA, INDIA, September 23, 2022 /EINPresswire.com / -- IndustryARC, in its latest report, predicts that Customer Relationship Management (CRM) Market is anticipated to reach $96.39 billion by 2026 at a CAGR of 10.6% during the forecast period 2021-2026. Customer relationship management (CRM) is a system for managing all of company's customer and potential customer relationships and interactions. The rising need for automated customer engagement, expanding the breadth of digital operations, and improving customer experience, data management and service management and services are all driving demand for CRM systems in many sectors across the world. Furthermore, advances in cloud computing technology, the emergence of serverless computing and hybrid cloud computing, and the availability of various service models such as SaaS, Infrastructure as a Service (IaaS), and Platform as a Service (PaaS) are expected to propel the CRM market particularly for marketing automation and business process management over the forecast period. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key takeaways:
1. North America dominated held the major market share in 2020. This is mainly attributed to the early adoption of new technologies, wide scale implementation by large enterprises and others.
2. The demand for Customer Relationship Management (Crm) is estimated to witness significant upsurge during the forecast period, owing to the growing adoption of to the adoption of these services by SMEs globally.
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Segmental Analysis:
1. Customer Relationship Management (CRM) market is segmented into Small Enterprises, Medium Enterprises, and Large Enterprises. Large Enterprises held the highest market share of 56% in 2020.
2. North America dominated the market by a market share of approximately 37% in 2020. The market growth is due to the increasing use of emerging technologies such as machine learning, and industrial automation and major shift of business towards the digital transformation.
3. APAC is projected to have the fastest growth during 2021-2026, owing to increasing investment across industries, rapid digitalization, economic development and growing penetration of advanced technologies. The rising need for innovative CRM solutions from emerging nations such as China and India is also fuelling market expansion.
4. This market is segmented into On Premise and Cloud on the basis of deployment types. Cloud deployment model held the highest market share of 60% in 2020 and is anticipated to witness significant market growth during forecast period.
Competitive Landscape:
The top 5 players in the Customer Relationship Management (CRM) industry are -
1. Salesforce Inc.
2. Microsoft Corporation
3. SAP SE
4. Oracle Corporation
5. ADOBE INC.
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Related Reports:
A. Customer Experience Management Market
B. Enterprise Software Market
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