Customer Relationship Management Market Size (2024 - 2029)

Customer Relationship Management (CRM) Market Analysis

The Customer Relationship Management Market size is estimated at USD 72.95 billion in 2024, and is expected to reach USD 105.91 billion by 2029, growing at a CAGR of 7.74% during the forecast period (2024-2029).

This is primarily due to the number of businesses adopting CRM to boost their customer retention and drive sales is seeing a continuous surge. CRM connects multiple support channels to resolve issues ASAP. With its multiple deployment modes, easy mobile access, and scalability as top features, CRM tools see increasing applications globally.

• A CRM solution is a complex platform that stores everything users need to grow, improve, and maintain customer connections. There will be tremendous growth opportunities and operating operations with the help of an integrated CRM solution, such as making the most of customer connections or sales leads.
• In recent times, cloud-based solution has several advantages that can help businesses improve their operations and better use technology. Cloud computing takes pleasure in assisting SMEs in their growth and encourages entrepreneurial behavior at all levels.
• The potential of AI in CRM is huge, and most providers are investing in the same to have predictions and recommendations based on unique business processes. With benefits ranging from Predictive lead scoring to anticipating customer needs across major functions like sales, marketing, and customer service, the adoption of AI in CRM is leading toward growth in the forecasted period.
• The need for more security concerning consumer information privacy and the expensive initial and installation costs of this software may limit the market's global expansion. Furthermore, the growing acceptance of the bring your own device (BYOD) ecosystem and the CRM software's high operational efficiency and low operating costs will generate lucrative prospects in the CRM market throughout the forecast period.
• The COVID-19 pandemic brought digitalization, which led to the growth of data generation and the need to analyze the data generated. It also led to an increase in digitalization to cope with the remote-working environment. Further, due to the pandemic's effects, various businesses have faced severe challenges pertaining to supply chain issues. Businesses and industries have seen a slump in growth. In the post-COVID-19 scenario, the demand for CRM solutions is expected to increase significantly in the region, with higher demand for mobile solutions and SaaS.

Customer Relationship Management (CRM) Industry Segmentation

The customer relationship management (CRM) software market is a subsegment of the enterprise software market geared toward managing external business contacts and communication in marketing, sales, and acquisition. It offers standalone software designed to help end-user companies manage a customer's entire life cycle, including marketing, sales, customer services, and contact center. The study is structured to capture revenues accrued by software vendors through various software offerings and allied services to small and medium businesses throughout the globe.

The market is segmented by Deployment Mode (Cloud-based, On-Premise), Size of Organization (Small and Medium Enterprise, Large Enterprise), End-user Vertical (Healthcare, Retail, BFSI, IT & Telecom, Manufacturing, Media & Entertainment), Application (Sales, Marketing, Customer Service, Digital Commerce) and Geography.

The scope of the report covers customer relationship management software by Deployment, Size of Organisation, Application across important business functions, and End-user Verticals.

The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.