Customer Relationship Management (CRM) Market to Grow at a CAGR of 12.6% Over 2024 – 2032; Increased Demand for CRM Solutions by Companies to Manage Customer Inquiries Boost Market Growth

The global customer relationship management (CRM) market size stood at USD 91.43 billion in 2023. The market revenue is anticipated to rise from USD 101.41 billion in 2024 to USD 262.74 billion by 2032, registering a CAGR of 12.6% from 2024 to 2032.

Fortune Business Insights™ presents this information in its report titled, “Customer Relationship Management (CRM) Market Size, Share & Industry Analysis, By Component (Software and Services), By Deployment (On-Premises and Cloud), By Enterprise Size (Large Enterprises and SMEs), By Application (Marketing and Sales Automation, Customer Management, Lead Generation & Customer Retention, Customer Support and Contact Center, CRM Analytics, and Social Media Management), By Vertical (BFSI, Manufacturing, IT & Telecommunications, Retail & Consumer Goods, Government, Healthcare, Transportation and Logistics, and Others), and Regional Forecast, 2024 – 2032”.

Customer Relationship Management (CRM) simplifies customer service processes by offering agents access to complete customer information and history. Increased demand for CRM solutions by companies to manage customer inquiries and requests to improve service levels and customer retention is fostering market growth.

The COVID-19 pandemic favored the global market. Increased demand for CRM software to support businesses in maintaining and strengthening relationships with existing customers during the pandemic propelled market growth.

Surging Generative AI Adoption to Assist Personalized Customer Interaction to Bolster Market Growth

Generative AI can improve customer relationship management systems by assisting more personalized and context-aware customer interactions. CRM systems can predict customer needs and enhance sales and marketing strategies to maximize ROI by using predictive analytics.

Increase in Product Introductions by Key Companies to Fuel Market Progress

Zendesk introduced a Conversational Commerce tool in May 2022 to assist companies in forming networks with consumers. This tool will offer shoppers direct assistance from the sales and marketing team during a discussion during their digital customer experience (CX) journey.

Increased Integration of Mobile-friendly and Multichannel Capabilities into CRM Systems to Foster Market Growth 

Growing usage of mobile devices and smartphones are boosting the demand for mobile-friendly customer relationship management solutions. Several CRM vendors provide dedicated mobile applications for iOS and Android devices, offering users enhanced performance and usability. Multichannel CRM assists companies to engage with customers across various communication channels, including email, SMS, social media, and messaging apps. The ability to supervise customer interactions across channels can offer businesses valuable insights into customer behavior and preferences. All these factors are bolstering the customer relationship management market growth.

On the other hand, market growth is impeded by the lack of customization and standardization in customer relationship management solutions.

Key Companies Focus on R&D Investments for Product Innovations to Sustain Their Market Competitiveness

Major participants are launching new products to boost their consumer base. Top companies emphasize R&D investments for product innovations to sustain their competitiveness in the market.

Notable Industry Development

• August 2023: IBM Corporation collaborated with Salesforce to assist companies globally in fueling the adoption of their CRM platforms supported by innovative generative AI technology.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/customer-relationship-management-crm-market-103418

List of the Companies Profiled in the Report:

• Infor, Inc. (U.S.)


• Infusion Software, Inc. (Keap) (U.S.)


• IBM Corporation (U.S.)


• Microsoft Corporation (U.S.)


• Oracle Corporation (U.S.)


• Salesforce, Inc. (U.S.)


• SAP SE (Germany)


• Adobe Systems, Inc. (U.S.)


• Zendesk, Inc. (U.S.)


• HubSpot, Inc. (U.S.)

Further Report Findings-

• North America commanded the customer relationship management market share with the presence of key companies in the U.S.


• Europe is set to hold a key position in the market owing to an increase in companies' digital transformation initiatives to transform operations and improve efficiency.


• Based on component, the software segment led the global market. Increased software adoption among SMEs, owing to the rising need to manage customer experience and retain new customers, is fueling segment expansion.


• On the basis of deployment, the cloud segment is expected to command the market with the highest CAGR over the projected period. The increased need to avoid large capital expenditures among businesses is boosting segment expansion.

Table of Segmentation