Customer Relationship Management (CRM) Market to Gather $96.39 Billion by 2027: Allied Market Research
The growing importance of long-term customer engagement and retention for small and medium-scale businesses is predicted to boost the global customer relationship management (CRM) market.
Wilmington, DE, Nov. 17, 2023 (GLOBE NEWSWIRE) — 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.
Report Coverage and Details:
|Market Size in 2019||$41.93 Billion|
|Market Size in 2027||$96.39 Billion|
|No. of Pages in Report||334|
|Segments Covered||Component, Deployment Mode, Organizational Size, Application, Industry Vertical, and Region.|
|Drivers||Increasing demand for long-term customer engagement and retention from small and medium-sized businesses|
|Opportunities||Affordable software costs and high operational efficiency|
|Rising adoption of bring your own device (BYOD) ecosystem owing to widespread penetration of smartphones|
|Restraints||Security and privacy issues with respect to confidentiality of the customer|
|High cost of customer relationship management software|
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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.
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.
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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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The report has also analyzed the major companies in the market, including MICROSOFT CORPORATION, AUREA SOFTWARE INC., SUGARCRM, INSIGHTLY, INC., ZOHO CORPORATION PVT. LTD., PEGASYSTEMS, SALESFORCE.COM, INC., SAGE GROUP, SAP SE, and ORACLE CORPORATION. The different strategic alliances such as partnerships, mergers, and acquisitions that are established by these companies are also studied in this report.
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