Global CRM Software Market is valued at USD 44.57 Billion in 2021 and expected to reach USD 100.63 Billion by 2028 with a CAGR of 12.34% over the forecast period.
Global CRM Software Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Rising prevalence of Covid-19, increasing need for customer engagement, and growing development in cloud technology Aare some of the major factors driving the growth of Global CRM Software Market.
Customer Relation Manager (CRM) is software that provides a business platform for all customers and potential customers to carry out interactions. With the world tending towards digitalization CRM is an important platform for all customers and future customers to stay connected with the organization’s management. Some of the vital applications of CRM are managing customer data, using email for cross-collaboration outside the organization, managing sales pipelines, automate repetitive tasks, send follow-up reminders etc.
The Covid-19 pandemic which has been a bane for many businesses but a boon for the CRM market. Because of the social distancing norms, a lot of organizations have adopted the work from home module for its employees. This has led to shift of all conventional on field marketing to online modules and CRM has ameliorated the hardships faced by online modules as it provides marketing and interacting platform between customers and business management. Hence, Covid-19 has lead to increase the demand of CRM solutions and services.
Global CRM software market is segmented on the basis of component, deployment mode, organizational size, application, industry verticals and region & country level. Based on components, the CRM software market is divided into software and service. Based on deployment mode, the CRM Software market can be classified into on-premise, cloud and hybrid. Based on organizational size, CRM software market is divided into large scale and small & medium scale. Based on applications, the market can be divided into customer service, customer experience management, CRM analytics, marketing automation, and salesforce automation and other. Based on industry vertical, the CRM software the market is divided into BFSI, healthcare, energy & utility and IT & telecommunication.
The regions covered in this global CRM software market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of CRM software is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some of the key players for global CRM software market are
On November 11th, 2021; Business software provider Freshworks announced Freshstack, a unified customer relationship management (CRM) offering for customer support, sales, and marketing teams at startups, as it doubles down on its efforts to grow its pipeline of young, but fast-growing customers.
On September 2nd, 2021; Pipeliner CRM announced the launch of Kepler, the 4.0 version of its sales enablement tool and CRM software. The update brings a suite of new project management capabilities, key account management functionalities, and Salesforce Automation tools to the company’s platform, which will help Pipeliner’s clients create a unified revenue engine.
On June 2nd, 2021; Kylas, a Customer Relationship Management (CRM) product launched in India. Kylas will help small and medium businesses streamline their sales efforts, engage with customers effectively and grow faster. Kylas was launched with a dream to make excellent CRM software open to small companies so the attention is on restoring their organizations without the extra burden of expanding its innovation.
One of the major factors driving the growth of the global CRM software market is rising prevalence of Covid-19. For instance, according to the World Health Organization (WHO), on February 11th, 2022, there are about 404,910,528 confirmed cases of COVID-19 and 5,783,776 deaths, globally. Due to the Covid-19 pandemic, the government imposed lockdown conditions which result in a shutdown of all business sectors. Hence, most of the companies offered work from home to their employee. During this pandemic, the number of people working from home are exponentially increased. Work from home has resulted in converting all offline business operations including the sales and marketing avenue in a mode that is compatible in remote locations. The increase in CRM usage due to increase in Covid-19 which has led to work from home can be seen in a blog in SuperOffice which states that use CRM has increased. Therefore, the inevitable work form homes conditions have resulted growth of CRM Software market as it provides a suitable online sales and marketing platform.
In addition, another major factor supplementing the growth of global CRM software market is increasing need for customer engagement. Customer is the main stakeholder of any business. Hence answering to customers any and every need, improving post sales services and considering customer feedback has been an avenue which provides great profits to the businesses. CRM stores all the customer information for management in one location which can help in finding out preferences and needs of customers and assist them accordingly. CRM also stores customer feedback and complaints which can be reviewed by the business management. For instance, as per the report by Hubspot, the businesses can grow revenues between 4% and 8% above their market when they prioritize better customer service experiences. Software CRM provides a setting to improve customer experience vastly. The improvement of customer services can be seen in a report by nomlays which states that CRM improves customer experience and hence sales by 40 %.
Furthermore, growing advancements in cloud technology also drives the global CRM software market. The CRM in cloud computing includes innovation to robotize and organize business exercises, advertising and deals process, give customer service etc. The utilization of these tools in a CRM system helps to keep a decent connection with the clients and it additionally helps to manage work all the more productively. For example; in April 2021, Salesforce.com Inc launched Service Cloud 360 to help client service assumptions and give customized, associated service from anyplace on one digital engagement platform. Further, Service Cloud 360 offers service cloud workforce commitment, a workforce arranging item that utilizes artificial intelligence (Al) to help undertakings with anticipating the solicitation enterprises predict the request coming to the contact place, including web talk, telephone, email, and social.
However, growing security threats over customer relation software may hamper the global CRM software market growth. In spite of that, rising demand of mobile CRM solutions can provide various opportunities for the further growth of the global CRM software market.
North America is expected to dominate the global CRM software market within the forecast period attributed to the rapidly increasing number of organizations, rising adoption of advanced technologies and presence of key players in this region. One of the main factors is rising adoption of advanced technologies in the North America region attributed growth of the market. For example; in May 2021, SugarCRM launched Artificial Intelligence (Al) controlled SugarPredict that works for promoting, service, and sales groups. SugarPredict gives lead scoring utilizing Al to examine transformation and commitment data from SugarMarket and allows the stage to accomplish the work. Presence of key companies also drives the market in this region. For example; in November 2020, Microsoft Corporation declared a strategic alliance with C3.ai and Adobe Systems, Inc. to give progressed and AI- powered CRM arrangements. This best in class offering is relied upon to give enhanced predictive capacities.
Asia Pacific is projected to show the fastest growth in the global CRM software market due to the increasing Covid-19 cases and rising number of technological advancements in this region. Due to Covid-19 pandemic, many organizations adopted work from home strategy. Hence, demand of CRM software has increased in the region during Covid-19 outbreak. In addition, rising adoption of advanced technology also drives the market in this region. For example; in May 2020, Zoho Corporation Pvt. Ltd., one of the main software suppliers, sent off Bigin, CRM software for small and medium-sized organizations. With the assistance of Bigin, SMEs will actually want to make different client pipelines and make and receive get client decisions from a distance.
Middle East and Africa
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 44.57 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 100.63 Billion|
|Tables, Charts & Figures:||175|
|CRM Software Companies||Microsoft Corporation, Salesforce.com, Inc., Oracle Corporation, SugarCRM Inc., Zoho Corporation Pvt. Ltd, Insightly Inc., Copper CRM, Inc., SAP SE, ADOBE INC., others.|
|Segments Covered||By Component, By Deployment Mode, By Organizational Size, By Application, By Industry Vertical|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|