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Ready To Use Customer relationship management market size and forecast, 2022-2032

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Ready To Use Customer relationship management market size and forecast, 2022-2032

The global customer relationship management market is anticipated to secure a market value of USD 164.68 Bn by 2032 while projecting a CAGR of 11% during the forecast period from 2022 to 2032. The growth of the market can be attributed to the increasing application of the latest technologies such as; machine learning, artificial intelligence, and models such as SaaS.

The increased demand for automated engagement with customers is likely to boost the market significantly in the coming time. The sales and marketing and customer services departments are projected to generate a notable demand for CRM systems. Furthermore, with the outbreak of COVID-19, there has been a significant rise in the application of CRM in sectors like retail, banking, BFSI, and healthcare. In addition, the increasing demand for AI-powered software is a prominent factor driving the market.

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Regionally, the APAC region is anticipated to expand at the maximum CAGR in the forecast period. Regionally, APAC is anticipated to expand at the highest CAGR during the forecast period. On the other hand, North America is likely to dominate the global market. However, concerns associated with privacy breaches are likely to hinder the market growth in the evaluation period.

Key Takeaways from the Market Study

  • The global customer relationship management market to secure a market value of US$ 58 Bn by 2022
  • Customer service segment to account for around 20% of the global market revenue
  • Demand for customer service management software across SMEs to comprise 50% revenue
  • North America is expected to accumulate over 2/5th of the global customer relationship management market revenue in 2022
  • Asia Pacific to be one of the fastest growing regions, flourishing at a CAGR of 12% through 2032

 “The increasing demand for AI-powered software to propel the global customer relationship management market in the coming time.”- says an analyst at Fact. MR.

Competitive Landscape

The global players of the market adopt various strategies to enhance their global reach and secure the forefront position in the global market. Some of the recent developments among the key players of the market are:

  • In February 2021, Copper CRM, Inc. acquired Sherlock to help clients in developing their relations with consumers. It also provides transparency to the professionals with respect to the customers’ behavior and preferences.
  • In November 2020, Microsoft Corporation announced an alliance with Adobe Systems, Inc. and C3.ai to offer efficient AI-powered CRM solutions.
  • In April 2020, Zoho Corporation Pvt. Ltd., rolled out Bigin. It is a CRM software launched for SMEs which will enable them to build multiple customer pipelines.

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More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the global customer relationship management market, presenting forecast statistics for the historical period 2015-2021 and forecast period of 2022-2032.

The study reveals essential insights on the basis of vertical (mining, public safety, it & telecom, healthcare & social work, agriculture, manufacturing, aerospace & defense, government, real estate, retail, transportation & logistics, bfsi, oil & gas, construction), and communication type (FWA, eMBB, mMTC, uRLLC) across five major regions (North America, APAC, Europe, Latin America, and MEA)

Fact.MR’s Domain Knowledge in Technology Industry

Our technology consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the technology sector. Our expertise in recognizing the challenges and trends impacting the global technology industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.

Key Segments Covered in the Customer Relationship Management Industry Report

  • By Deployment
  • Cloud
  • On-Premise
  • By End Use
  • Government & Education
  • Healthcare
  • BFSI
  • Retail
  • Discrete Manufacturing
  • IT & Telecom
  • Others
  • By Solution
  • CRM Analytics
  • Social Media Monitoring
  • Marketing Automation
  • Customer Experience Management
  • Salesforce Automation
  • Customer Service
  • Others
  • By Enterprise Size
  • Small & Medium Enterprise
  • Large Enterprises

 

 

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