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Customer Relationship Management market Growth
WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 20, 2024 /EINPresswire / -- As per a report published by Allied Market Research, the global customer relationship management market is estimated to gather a revenue of $96.39 billion by 2027. The market was valued at $41.93 billion in 2019 and is likely to showcase a CAGR of 11.1% during the 2022-2027 period. The report offers a comprehensive study about the evolving market dynamics and the competitive scenario of the industry.
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The customer relationship management market growth is driven by surge in adoption of new cutting edge technologies in various organizations and rise in need to create new mile stone in customer engagement, sustainability and product marketing sector. In addition, increase in demand for customer satisfaction and simplification of customer order generation and delivery system to increase satisfaction of customer and its sustainability increases the use of customer relationship management software among the organization. Using a CRM system can give a clear overview of customer behavior to the companies. Project manager can see everything in one place. It provides customizable dashboard that can specify a customer's previous history with organization, the status of their orders, any outstanding customer service issues, and more.
The report has classified the global customer relationship management (CRM) market on the basis of different segments including component, organizational size, application, deployment mode, industry vertical, and region.
By component, the software segment accounted for the highest market share in 2019 and is set to dominate the market in the analysis period. On the other hand, the service segment is expected to have the highest CAGR of 12.6% during the 2020-2027 period.
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By deployment model, the cloud segment generated the highest market share in 2019 and is predicted to continue to its great run during the forecast period. The same segment is also anticipated to have the highest CAGR of 11.8% during the analysis timeframe.
By application, the customer service segment generated the maximum revenue in 2019 and is predicted to maintain its top position during the forecast period. On the other hand, the CRM analytics segment is estimated to have the highest CAGR of 15.5% in the 2020-2027 period.
By industry vertical, the BFSI segment accounted for the largest market share in 2019 and will continue on its growth trajectory in the coming period. However, the retail & e-commerce segment is projected to have the highest CAGR of 15.2% in the analysis timeframe.
By region, the North America region held the highest market share in 2019 and is expected to top the charts in the analysis period. On the other hand, the Asia-pacific region is expected to be the fastest growing with a CAGR of 13.8% in the analysis period.
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Key Findings of The Study
▶By component, the software segment dominated the customer relationship management market in 2019. However, the service segment is expected to exhibit significant growth during the forecast period.
▶On the basis of deployment mode, the cloud segment accounted for the highest revenue of CRM market in 2019; and is expected to witness the highest growth rate over the forecast period.
▶Depending on organizational size, the large scale enterprise segment generated the highest revenue in 2019. However, the small and medium scale segment is expected to witness the highest growth rate in the near future.
▶Depending on industry vertical, the BFSI industry generated the highest revenue in 2019. However, the retail & e-commerce industry is expected to witness the highest growth rate in the near future.
▶Region wise, the CRM market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.