Customer Relationship Management Industry Foresees Skyrocketing Growth in the Coming Years

Customer Relationship Management Industry | Forecast 2030

Customer Relationship Management Industry Data Book Covers Customer Experience Management, Customer Self-service Software, Digital Experience Platform, Sales force Automation Software, Sales Training Software, Marketing Automation Markets.

The global customer relationship management industry size was estimated at USD 51.43 billion in 2022. The market is expected to expand at a CAGR of 16.9% CAGR (2023-2030).

Grand View Research’s customer relationship management industry databook is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.

Customer Experience Management Insights

The global customer experience management market was valued at USD 10.65 billion in 2022 and is expected to expand at a significant compound annual growth rate CAGR of 15.4% from 2023 to 2030.

The text analytics segment accounted for a revenue share of 40.6% in 2022. The growing need for social media analytics and the demand for sorting customer interactions or Voice of the Customer (VoC) across various digital touchpoints has contributed to the overall segment growth. Furthermore, text analytics enables predictive analytics with accurate sentiment data analysis and assists users in making critical business decisions by analyzing current and historical data to predict future outcomes.

The call centers segment accounted for the largest market share of 31.9% in 2022. The key driving factors include the rising adoption of advanced contact center technologies, the increasing deployment of cloud-based and virtual contact center solutions, the emerging role of social media in contact center operations, and streamlined customer interactions to achieve high customer satisfaction.

The on-premise segment accounted for the largest market share of 59.8% in 2022. A large number of companies are shifting from manual systems to automated systems for carrying out a variety of operations. According to a customer relationship management buyer survey conducted by SelectHub, several larger enterprise groups have preferred on-premise as compared to cloud-based deployment. 

The retail segment accounted for the largest market share of 24.1% in 2022. The retail sector invests heavily in marketing and promoting products to attract customers and increase sales. However, the retail sector faces various challenges in delivering customer services. Retail companies use structured analytics CEM solutions to maintain detailed information about their customers, such as their preferences and social media activity.

Customer Self-service Software Market Insights

The global customer self-service software market size was valued at USD 7.12 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 22.1% from 2020 to 2027. 

The web self-service segment dominated the market in 2019 with a market share of over 20%. Based on solutions, the market has been further segmented into mobile self-service, web self-service, social media and community self-service, email management, intelligent virtual assistants, IVR & ITR, and others.

The professional services segment dominated the market in 2019 with a market share of over 60%. Growing adoption of analytics and Artificial Intelligence (AI) in automation to enhance the efficiency of the workforce is anticipated to drive the demand for professional services. Professional services can ease the deployment and configuration of self-service solutions for both cloud and on-premise deployment.

The cloud segment dominated the market in 2019 with a market share of over 54%. Organizations are focus on modernizing their customer engagement operations by adopting cloud-based architectures that can facilitate the sharing of data across various functions. Organizations are particularly under pressure to accommodate the sudden rise in call volumes amid the outbreak of the COVID-19 pandemic and are hence deploying AI-based virtual agents to assist their clients.

The BFSI segment dominated the market in 2019 with a market share of over 20%. While the number of fintech startups shown no signs of abating, customers are also gradually developing a digital mindset, which is contributing significantly to the digitalization of banking systems worldwide. The adoption of self-service solutions as part of the digital banking strategies for managing finances is anticipated to drive the growth of the BFSI segment.

Digital Experience Platform Market Insights

The global digital experience platform market size was valued at USD 11.17 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 11.9% from 2023 to 2030. 

The platform segment accounted for a market share of 69.3% in 2022. The aggressive efforts being pursued by various enterprises to provide integrated, personalized, and optimized user engagement and experience across multiple marketing channels are expected to drive the growth of the segment.

The on-premise segment accounted for a market share of 51.1% in 2022. Numerous organizations choose on-premise deployment due to its ability to customize as per user requirements during the implementation. On-premise deployment offers high-end security to classified information which means organizations can have better control over sensitive data and it supports easy compliance with multiple government regulations.

The Business-to-Consumer (B2C) segment accounted for a market share of 56.0% in 2022. The segment growth can be attributed to the rising levels of disposable income, the growing popularity of online shopping, the proliferation of smartphones, and the increasing internet penetration rate. Advances in the latest technologies, such as AI and IoT, are providing customers with a real-time shopping experience.

The retail segment accounted for a market share of 28.1% in 2022. The segment growth can be attributed to the increasing internet penetration rate and the growing preference for mobile apps for making purchases and related decisions. Furthermore, retailers are also using digital e-commerce and web applications to attract new customers while retaining existing customers.

Access the Global Customer Relationship Management Industry Data Book, 2022 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competition benchmarking, macro-environmental analyses, and regulatory & technological framework studies

Sales Force Automation Software Market Insights

The global sales force automation software market size was valued at USD 7.29 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 8.3% from 2020 to 2027. 

The cloud segment dominated the market with a share of over 60% in 2019. The utility of cloud has helped enterprises in bringing together all the customer information on an integrated platform incorporating lead generation, marketing, sales, customer service, and business analytics. Moreover, the flexibility, scalability, and security aspects of cloud technology have also helped in promoting the growth of cloud technology.

Large enterprise accounted for the major market share with over 60% in 2019 and is projected to continue their dominance during the forecast period. The increasing spending to automate and streamline the sales process among the large organizations in Europe and North America is driving the market growth. Furthermore, the growing complexity of the business environment coupled with a rising need to make the sales process more customer-centric by getting close to the customer through various marketing channels is stimulating the demand for the software.

Lead management segment accounted for the largest market share of over 25% in 2019. Based on application, the market has been segmented in lead management, sales forecasting, order and invoice management, opportunity management, and others. Lead management permits users to create, assign, and track leads end to end with an aim to convert into qualified opportunities.

The BFSI segment among end use dominated the market with the share nearly 20% in 2019. Based on end use, the market has been segmented in banking and financial services, retail, healthcare, IT and telecom, manufacturing, and others. Sales force automation involves combining multiple activities such as opportunity management, lead management, customer relationship management, order and invoice management, and analytics into a single solution.

Sales Training Software Market Insights

The global sales training software market size was valued at USD 1.92 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 14.0% from 2022 to 2030.

The cloud-based deployment segment accounted for the largest share of 51.2% of the overall revenue in 2021. The increasing popularity of cloud-based software owing to its enhanced reliability and greater adaptability than on-premise software is expected to create a positive outlook for the segment. The growth of the segment is also attributed to the low maintenance costs of cloud-based deployment and its ability to provide remote coaching.

The large enterprise segment dominated the global industry in 2021 and accounted for the maximum share of more than 63.00% of the overall revenue. The significant growth can be attributed to the shifting focus of large enterprises toward adopting sales training software to strengthen their growth prospects. Sales training software solutions assist them in designing the roadmap and implementing their strategies more efficiently and effectively.

The retail segment acquired the largest revenue share of 20.5% in 2021. The rising preference of retail companies for sales training software for effective management of sales operations and to remain competitive in the retail sector is driving segment growth. The adoption of sales performance management and training software allows retail businesses to save a significant amount of time spent on training new and old sales employees while allowing employees career up-gradation and upskilling opportunities.

Marketing Automation Market Insights

The global marketing automation market size was valued at USD 4.06 billion in 2019 and is expected to witness a CAGR of 9.8% from 2020 to 2027.

Based on solutions, the marketing automation market is segmented into campaign management, email, inbound marketing, mobile applications, lead nurturing and lead scoring, reporting and analytics, social media, and others. Email marketing solutions dominated the market in 2019, owing to the ubiquity of email promotions across industries and the increasing use of mobile devices.

Cloud and on-premise are the two types of deployment methods used by industry players. Cloud deployment is the most preferred way for the deployment of this technology and is predicted to maintain its dominance over the next eight years. The scalability and flexibility of the cloud technology, security aspects, and control over the data center are some of the prime factors that will boost the utility of cloud technology in the dispersion of marketing automation solutions.

Based on end-use, the market is segmented into Banking Financial Services and Insurance (BFSI), retail, healthcare, telecom and IT, discrete manufacturing, and government, among others. The telecom and IT segment dominated the market in 2019. The large prevalence of B2B companies in the telecom and IT sector is the primary reason for its dominance in the market.

Based on enterprise size, the market is segmented into large enterprises and Small and Medium Enterprises (SMEs). In the initial stage of technology proliferation, marketing automation had few applications limited to large enterprises only. However, with the digitalization of industries and increasing rate of internet and mobile device penetration, and the need to reach consumers effectively, a large number of SMEs have started integrating automation solutions into their existing systems.

Customer Relationship Management Market – Global Industry Segmentation

Customer Relationship Management Industry, By Type

• Customer Experience Management
• Customer Self-service Software
• Digital Experience Platform
• Sales Force Automation Software
• Sales Training Software
• Marketing Automation

Customer Relationship Management Industry, By Component

• Software
• Service

Customer Relationship Management Industry, By Deployment

• On-premise
• Cloud

Customer Relationship Management Industry, By Enterprise size

• Large Enterprises
• Small & Medium Enterprises

Customer Relationship Management Industry, By End Use

• BFSI
• Retail
• Healthcare
• Telecom & IT
• Discrete Manufacturing
• Government & Education
• Others

Order your copy of the Free Sample of “Customer Relationship Management Industry Data Book - Customer Experience Management, Customer Self-service Software, Digital Experience Platform, Sales force Automation Software, Sales Training Software, Marketing Automation Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

Customer Relationship Management Industry Data Book Regional Outlook

• North America
• S.
• Canada
• Europe
• K.
• Germany
• France
• Italy
• Asia Pacific
• China
• Japan
• India
• Australia
• Latin America
• Brazil
• Mexico
• Middle East & Africa (MEA)

Customer Relationship Management Industry Data Book Competitive Landscape

These companies maintain an exhaustive product portfolio and are employed to maintain a competitive edge in the market, their product offerings, the applications segment they served, the sophistication of their technology, their strategy to differentiate their products, and their industry impact. 

Key players operating in the customer relationship management industry are –

• Adobe Inc.
• IBM Corporation
• com, Inc.
• Sitecore
• Microsoft Corporation
• Oracle Corporation
• SAP SE

Go through the table of content of Customer Relationship Management Industry Data Book to get a better understanding of the Coverage & Scope of the study

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