The CRM market is projected to grow by USD 60 Billion from 2024-2028, with AI driving transformation and increased adoption by SMEs boosting growth – Technavio

News provided byTechnavio 

Sep 24, 2024, 14:45 ET

NEW YORK, Sept. 24, 2024 /PRNewswire/ — Report with the AI impact on market trends – The Global CRM Market size is estimated to grow by USD 60 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 10.23% during the forecast period. Increasing adoption of CRM by smes is driving market growth, with a trend towards integration of AI into CRM However, data security concerns poses a challenge – Key market players include Acoustic LP, Adobe Inc., Agile CRM Inc., Concentrix Corp., Huawei Technologies Co. Ltd., HubSpot Inc., Koch Industries Inc., Microsoft Corp., NICE Ltd., Oracle Corp., Pegasystems Inc., Sage Group Plc, Salesforce Inc., SAP SE, SAS Institute Inc., SugarCRM Inc., Verint Systems Inc., Vtiger Systems India Pvt. Ltd., Zendesk Inc., and Zoho Corp. Pvt. Ltd..

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Market Driver

Artificial Intelligence (AI) is a computer science technology that uses algorithms, pattern matching, rules, deep learning, and cognitive computing to make conclusions without human intervention. AI can solve complex problems and think and act like a human. Its integration with Customer Relationship Management (CRM) systems is increasing due to its productivity improvements and quick, accurate results. AI enhances CRM capabilities by automating tasks, providing predictive analytics, and personalizing customer interactions. For instance, Salesforce Einstein AI technology predicts customer behavior and recommends actions. Microsoft Dynamics 365 uses AI for customer data insights. Zoho CRM’s Zia assistant automates sales tasks. AI-optimized CRM solutions automate internal processes, enhance customer service, and increase personalization and responsiveness. The use of AI in SaaS CRM is expected to drive the global CRM market growth. 

CRM market trends include the rise of Freshchat and Supara, two innovative players in the CRM solutions space. E-commerce sales continue to drive CRM strategies, with business intelligence and embedded analytics becoming essential. Artificial intelligence (AI) integration, IT infrastructure upgrades, and digital transformation are key focus areas for large corporations. Omnichannel marketing, big data analytics, and cloud platforms are shaping CRM systems. Following B2B brands like Follow Up Boss and CRM software leaders, AI-driven customer experiences are the new norm. Hurdles include bot development, messaging API, and brand image concerns. Acquisitions, hurdles, and hyper-personalization are top priorities in the CRM analytics segment. Call center technology, work collaboration tools, and customer satisfaction are crucial for organizational departments. IT & telecom sectors leverage CRM platforms, digital technology, and CRM tools for sales and customer service. Cloud technology remains a game-changer, enabling automation and collaboration across departments. 

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Market Challenges

• Enterprises, both large and small, are adopting Software-as-a-Service (SaaS) solutions for their CRM needs due to advantages like low upfront costs, flexibility, and ease of use. However, the use of SaaS CRM applications over the internet comes with security and privacy concerns. Cyberattacks, such as ransomware, are increasingly targeting SMEs due to their limited IT security infrastructure and smaller budgets. Hackers exploit vulnerabilities in corporate networks to gain access to customer information in SaaS CRM applications. These attacks can result in significant revenue losses and operational disruptions. The global CRM market growth may be hindered by these security concerns, as enterprises weigh the benefits against the risks.
• CRM market is witnessing significant growth as businesses seek to enhance e-commerce sales through advanced strategies. Freshchat and Supara lead the way with innovative CRM solutions, integrating business intelligence and embedded analytics. Large corporations face hurdles in implementing AI integration and digital transformation, requiring robust IT infrastructure. Omnichannel marketing and AI-driven customer experiences are key trends, with automation and hyper-personalization driving customer satisfaction. CRM systems like Follow Up Boss and CRM software offer sales and customer service segment solutions. Digital channels and call center technology are essential tools for effective work collaboration across organizational departments. Cloud platforms and CRM analytics segment provide valuable insights for IT & telecom industries. Acquisitions and bot development using messaging APIs are shaping the future of CRM platforms. Brands strive for AI-driven customer experiences and brand image enhancement. CRM tools, sales, and customer service remain at the forefront of digital technology innovation.

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Segment Overview

This crm market report extensively covers market segmentation by

1. Application
   • 1.1 Service and support CRM
   • 1.2 Sales CRM
   • 1.3 Marketing CRM software
   • 1.4 E-Commerce software CRM
2. Deployment
   • 2.1 SaaS
   • 2.2 On-premise
3. Geography
   • 3.1 North America
   • 3.2 Europe
   • 3.3 APAC
   • 3.4 South America
   • 3.5 Middle East and Africa

1.1 Service and support CRM- CRM (Customer Relationship Management) systems play a crucial role in helping businesses manage and resolve customer issues efficiently. Service and support CRMs specifically collect essential data and feedback from customers, enabling organizations to address similar issues more quickly and effectively. These tools also connect on-field employees and technicians with customers, leading to faster query resolution and increased customer trust. For instance, the Coca-Cola Company utilizes service and support CRMs to address customer concerns and monitor customer behavior, as well as promote new offers to existing customers. These factors are expected to fuel the growth of the service and support CRM segment within the global CRM market during the forecast period.

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Research Analysis

CRM markets are experiencing significant growth as businesses increasingly prioritize hyper-personalization, customer satisfaction, and digital transformation. AI and automation are key drivers, enabling CRM platforms to analyze customer data in real-time and deliver tailored experiences across sales, customer service, and e-commerce channels. Cloud technology and CRM tools facilitate accessibility and scalability, while business intelligence and embedded analytics provide valuable insights. AI integration and cuel advanced CRM strategies, enhancing customer segmentation and omnichannel marketing efforts. IT infrastructure upgrades and digital channels further expand the reach of CRM software, making it an essential component of modern business operations.

Market Research Overview

CRM markets continue to evolve with the integration of hyper-personalization, AI, and automation to enhance customer satisfaction. Digital technology and cloud platforms are driving the adoption of CRM tools in various organizational departments, including sales and customer service. Work collaboration tools facilitate seamless communication and information sharing among teams. CRM analytics, business intelligence, and embedded analytics provide valuable insights for data-driven decision-making. IT & telecom companies and large corporations are investing in digital transformation and AI integration to deliver AI-driven customer experiences. E-commerce sales and omnichannel marketing strategies require advanced CRM solutions. Hurdles such as data privacy and security remain key challenges for CRM implementations. SoftClouds surveys reveal that CRM strategies focusing on customer service segment and call center technology are popular trends. Freshchat, Supara, Follow Up Boss, and other CRM systems offer innovative solutions to meet diverse business needs. Bot development and messaging API are essential for delivering personalized and efficient customer interactions. Brand image and acquisitions are critical factors influencing the CRM market landscape.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
  • Service And Support CRM
  • Sales CRM
  • Marketing CRM Software
  • E-Commerce Software CRM
• Deployment
  • SaaS
  • On-premise
• Geography
  • North America
  • Europe
  • APAC
  • South America
  • Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio