Global Industry Analysts Predicts the World Customer Relationship Management (CRM) Software Market to Reach $113.3 Billion by 2026
SAN FRANCISCO , March 28, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Customer Relationship Management (CRM) Software – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 21; Released: March 2022
Executive Pool: 45244
Companies: 428 – Players covered include Adobe Inc.; AMDOCS Ltd.; Huawei Technologies Co., Ltd.; IBM Corporation; Infor; Microsoft Corporation; NetSuite, Inc.; NICE Ltd.; Oracle Corporation; Salesforce.com, Inc.; SAP SE; SAS Institute, Inc.; SugarCRM, Inc.; Synnex Corporaiton; The Sage Group Plc; Verint Systems, Inc.; Zoho Corporation Pvt., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Organization Size (SMEs, Large Enterprises); Deployment (Cloud, On-Premise); Application (Sales, Marketing, Manufacturing, Customer Service, Social Networking, Supply Chain, Distribution, Other Applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Customer Relationship Management (CRM) Software Market to Reach US$113.3 Billion by the Year 2026
Customer Relationship Management (CRM) software enables easy management of company’s interactions with existing and potential customers. As a key enabler of CRM deployment, it organizes, automates and synchronizes sales, marketing and customer service & support functions in an organization. Adoption of CRM systems can assist companies in improving their operational activities in individual silos, collaborating data within multiple departments, and creating customer-centric strategies. CRM software adoption will continue to increase at a rapid pace owing to growing enterprise attention towards customer engagement as a key customer relationship strategy, the emergence of social media platforms that can ensure efficient customer engagement and sharing of ideas in a real time environment. Driven by the customer-centric approach of businesses and organizations, the demand for CRM software has been growing rapidly, as the software enables companies to analyze customer patterns in various channels. Also, with artificial intelligence and big data playing an increasingly important role in data collection, the importance of CRM software is growing further. The growing emergence of Internet-centric business and the ability of CRM software integrated into company portals to resolve major customer issues are also fueling market growth. Mobile CRM and social CRM are the notable trends in the global CRM software market, driven by the increasing penetration of smart mobile devices and the growing user base of social media channels. Such offerings are essential to increase productivity, gain access to pertinent information and improve customer experience.
Amid the COVID-19 crisis, the global market for Customer Relationship Management (CRM) Software estimated at US$72.7 Billion in the year 2022, is projected to reach a revised size of US$113.3 Billion by 2026, growing at a CAGR of 12.2% over the analysis period. SMEs, one of the segments analyzed in the report, is projected to grow at a 15.8% CAGR to reach US$58 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Large Enterprises segment is readjusted to a revised 9.6% CAGR for the next 7-year period. This segment currently accounts for a 62.5% share of the global Customer Relationship Management (CRM) Software market. By organization size, the small and medium enterprises (SME) segment is poised to make strong gains in the CRM software market. The growing need to automate and expedite workflows is the main driver of growth in the segment. On the other hand, the adoption of CRM software in large enterprises also continues to grow due to the constantly expanding customer base of the companies, necessitating greater focus on customer experience as a means to boost revenues.
The U.S. Market is Estimated at $35.8 Billion in 2022, While China is Forecast to Reach $9.8 Billion by 2026
The Customer Relationship Management (CRM) Software market in the U.S. is estimated at US$35.8 Billion in the year 2022. The country currently accounts for a 49.63% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$9.8 Billion in the year 2026 trailing a CAGR of 17.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.2% and 11.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.8% CAGR while Rest of European market (as defined in the study) will reach US$5.9 Billion by the close of the analysis period. Developed markets such as the United States and Europe have been the traditional revenue contributors for CRM software market. Though regarded as a mature market, the US continues to generate significant revenue for global CRM software market given the growing inclination of enterprises in the nation towards advanced CRM variants such as social CRM and CRM analytics. The region is a hub for several industrial segments such as energy, utility, healthcare, IT, and Telecom. There is increasing use of machine learning and industrial automation in digital transformation. Mobile CRM is also growing in popularity with the nation having large number of mobile workforce in the world. UK is the primary revenue contributor for CRM software market in Europe leading in terms of software adoption in the region. Asia-Pacific including China will record strong gains in the years ahead. Characterized by positive economic growth, booming enterprise segment, increase in number of new commercial establishments, particularly in retail sector, and strong manufacturing and industrial sector in some of the major countries, particularly China and India, will drive robust demand for CRM software in the region in coming years.
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.