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CRM Software Market Share

ID: MRFR//3512-HCR | 100 Pages | Author: Ankit Gupta| November 2024

Differentiation is a common marketing strategy used by CRM providers to set their systems apart by offering unique features or specialized functionality." Employing this strategy, which aims to meet the specific needs and demands of various customers, helps companies carve out a unique market spot for themselves. Pricing is another important strategy. Companies that offer CRM services use different pricing strategies to get clients with a wide range of interests. Suppliers that offer low-cost customer relationship management (CRM) options to draw price-conscious customers use a cost leadership approach.

On the other hand, paid CRM options with advanced features and functions may be aimed at larger companies that are willing to pay more for a complete solution. Setting the right price-to-value ratio is very important because it has a direct effect on a company's market share and customer base. In today's market, partnerships between businesses are becoming more common. In the business world, it's like a significantly larger force multiplier. It allows for collaboration, which is when the output of the relationship is greater than the output of each company working alone. Partnerships have become an important part of modern business planning for a number of strong reasons. Businesses can pool resources like money, technology, people, and even customers when they form partnerships.

This makes the foundation stronger, allowing the businesses to work and grow. Forming a smart link could help you reach new areas that were out of reach before. Working with a person who already has a strong influence can get around these problems. Strategic placement for market share in customer relationship management software must include aggressive branding and marketing actions as important parts. If a customer knows a product or service and buys it, smart branding will make sure they keep coming back to buy more. A strong company that sells good products and uses branding tactics well hits all the right notes with customers. These actions will eventually lead to more loyal customers. A strong name is important for any business to do well. Once a business sets up its branding, which includes its mission, colors, fonts, and other elements, all of its future actions may be based on this branding. You can use this to set the stage for any future marketing efforts you may have. In this way, customers can better connect with a brand, which helps the company stay consistent.

Innovative ideas are a big part of market share positioning because businesses that do customer relationship management (CRM) try to keep up with new technologies. CRM (customer relationship management) companies may be able to offer cutting-edge solutions because they are always improving their products and adding new technologies like AI, machine learning, and automation. Maintaining a place at the top of innovation gives companies the chance to attract tech-savvy customers and show that they are stars in their field. When it comes to customer relationship management software, keeping customers happy and happy with your products are important parts of market share positioning strategies.

Customers who have a great experience with a company are more likely to stick with it if they get good customer service. People satisfied with customer relationship management (CRM) system are more likely to tell their friends and family about it. This can help the answer grow on its own through happy customers' suggestions and word of mouth.

Covered Aspects:

Report Attribute/Metric	Details
Base Year For Estimation	2021
Historical Data	2018 & 2020
Forecast Period	2022-2030
Growth Rate	12.7% (2022-2030)

CRM Software Market Highlights:

CRM Software Market Trends

CRM Software Market Analysis

CRM Software Market Share

CRM Software Companies

CRM Software Market Overview

CRM Software Market Size was valued at USD 40.2 Billion in 2023. The CRM Software Market industry is projected to grow from USD 46.3 Billion in 2024 to USD 156.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.50% during the forecast period (2024 - 2032).

CRM or customer relationship management software refers to strategies or technologies a company uses to analyze customer interactions throughout the consumer lifecycle. CRM software is designed to compile information about customers across different channels with the basic goal to maintain business relationships. It helps the companies to stay connected with their customers and improve profitability and also helps in streamlining work processes.

Figure 1: CRM Software Market Size, 2024-2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

CRM Software Market Trends

Integration of Artificial Intelligence

Artificial intelligence (Al) applications are expanding quickly on a scale. Similarly to this, there is a growing demand to integrate Al with CRM systems to enhance the customer experience. Deep learning, machine learning, and natural language processing-based CRM software aid businesses in comprehending the psychological condition of their customers. By managing and delivering solutions to customers using this data, the software helps businesses forge close bonds with their customers. For instance, Salesforce Einstein and Zoho CRM's Zia both provide an Al-powered CRM that collects client data using speech technologies. Additionally, bots and virtual assistants employ this technology to reduce human error and offer automatic responses to emails, reports from customers, data collection, and other duties. The use of Al technology will therefore probably lead to an expansion in the market's size in the near future.

Rapid Digital Transformation

The use of cutting-edge technology across corporate sectors to enhance operations and customer value delivery is anticipated to fuel demand for CRM solutions. To increase their regional presence, businesses also plan to execute business strategies and market trends. This method helps businesses to offer a better client experience after data analysis.

CRM Software Market Segment Insights

CRM Software Component Insights

The market segmentation, based on Components, includes Software and Services. The software segment holds the majority share in 2021 of the market. This is due to a growth in the use of CRM software by businesses to obtain a strategic and competitive edge and outperform their rivals in terms of client retention. Additionally, it enables the industrial vertical to quickly win over new clients and keep them on board for an extended period, which fuels market expansion.

CRM Software Deployment Insights

Based on Deployment, the market segmentation includes On-Premise, Cloud, and Hybrid. The Cloud segment is accounted for the largest share of the market. Since cloud implementation requires no investment in IT infrastructure because all data is housed on cloud servers, the market for customer relationship management software in small and medium-sized businesses is anticipated to develop at the fastest rate in the next few years.

CRM Software Application Insights

Based on Application, the market segmentation includes Customer Service, Customer Experience Management, CRM Analytics, Marketing Automation, Salesforce Automation, and Others. The Customer Service segment is accounted for the largest share of the market. The software immediately analysis and improve customer service and operates in solving customer problems.

CRM Software Vertical Insights

Based on Vertical, the market segmentation includes BFSI, Healthcare, IT & Telecommunication, Retail & E-commerce, Manufacturing, Government & Defense, Media & Entertainment, and Others. The BFSI segment dominated the market in 2021. The BFSI industry is gradually becoming more digital, which calls for the creation of customer-specific software. To attract and keep devoted consumers, growing online banking services are also anticipated to enhance demand for management software.

Figure 2: CRM Software Market, by Vertical, 2021 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

CRM Software Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America has dominated the market share. As of the increasing use of emerging technology such as machine learning and industrial automation, as well as a significant shift in business toward digital transformation. North America is also becoming a hub for various industrial verticals such as IT and Telecom, healthcare, and the energy and utility sector. This industry vertical has a big client base, which will need the use of customer relationship management software.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: CRM SOFTWARE MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Asia-Pacific is anticipated to experience the highest growth the market forecast period. This is because organizations in this region are investing heavily in this market to maintain growth and boost productivity. The significant trend toward digital transformation, cloud deployment and technical advancement among small and medium-sized organizations, and ongoing modernization of marketing and sales strategy in emerging nations are other aspects that significantly contribute to the market growth.

CRM Software Key Market Players & Competitive Insights

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development such as new product releases, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the CRM Software industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the CRM Software industry to benefit customers and expand the market sector. Major market players, including IBM, SAP AG, Oracle Corporation, Microsoft Corporation, Adobe Systems Inc, and others, are attempting to increase market demand by funding R&D initiatives.

Oracle is a corporation that offers cloud-based applications and platform services. It works in three divisions: Cloud and License, Hardware, and Services. Through its cloud and licensing products, the Cloud and License business advertises, sells, and delivers a variety of enterprise applications and infrastructure technologies. The Hardware division includes hardware support along with enterprise hardware solutions and related software such as Oracle Engineered Systems, servers, storage, industry-specific hardware offerings, operating systems, virtualization, and management. Consulting and advanced customer service are included in the Services section.

Technology firm SAP creates business application software. It provides services for many different company sectors, such as enterprise resource planning and finance, customer relationship management and customer experience, network and expenditure management, digital supply chain, human resources, and employee engagement. The business provides services to the energy and natural resource, consumer, public, financial, automotive, aerospace, and defense industries, among others.

Key Companies in the CRM Software market include

Salesforce.com

SAP AG

Oracle Corporation

Microsoft Corporation

Adobe Systems Inc

Freshworks Inc

Convergys Corporation

Huawei Technologies Co. Ltd

Infor Solutions Inc

SAS Institute Inc

IBM Corporation

CRM Software Industry Development

March 2022: Oracle Cloud Infrastructure launched new capabilities and services aimed at providing customers with even greater flexibility. Further, with the launch the company would provide customers with flexible and core infrastructure services, automatically adjusting resources to fit application needs while greatly lowering expenses.

December 2021: Freshworks Inc. introduced Freshdesk Contact Center to a 7-Eleven store, a retail chain. The system will respond quickly to problems and offer the same in-store benefits to both online and regular customer buyers.

CRM Software Market Segmentation

CRM Software Component Outlook

Software

Services

CRM Software Deployment Outlook

On-Premise

Cloud

Hybrid

CRM Software Application Outlook

Customer Service

Customer Experience Management

CRM Analytics

Marketing Automation

Salesforce Automation

Others

CRM Software Vertical Outlook

BFSI

Healthcare

IT & Telecommunication

Retail & E-commerce

Manufacturing

Government & Defense

Media & Entertainment

Others

CRM Software Regional Outlook

North America
- US
- Canada

Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe

Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific

Rest of the World
- Middle East
- Africa
- Latin America

CRM Software Companies

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