Customer Relationship Management Market Analysis and Forecast to 2031: By Component (Software and Service), Deployment Model (On-premise, Cloud, and Hybrid), Organization Size (Large Enterprises, Small and Medium Size Enterprises), and Region
Customer relationship management (CRM) is a term that refers to practices, strategies, and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving customer service relationships and assisting in customer retention and driving sales growth.
CRM systems are designed to consolidate customer information and data from multiple touchpoints, including a company’s website, telephone, email, live chat, marketing materials, and social media. This consolidated view of the customer allows companies to more easily identify sales and marketing opportunities, as well as service issues and areas where the customer experience can be improved. Additionally, CRM systems often include features for automating and streamlining customer-facing processes, such as sales quotes, orders, and invoicing.
There are a number of different CRM software solutions on the market, ranging from simple contact management tools to comprehensive, enterprise-level systems. Some CRM systems are designed specifically for small businesses, while others are better suited for larger organizations.
Key Trends
Some of the key trends in Customer Relationship Management technology are as follows:
There is a shift from on-premise to cloud-based solutions: More and more businesses are opting for cloud-based CRM solutions as they offer greater flexibility and scalability.
There is an increase in the use of mobile CRM solutions: With the increasing use of smartphones and tablets, businesses are now offering CRM solutions that can be accessed on these devices. This allows salespeople to access customer data even when they are on the go.
There is a growing need for social CRM solutions: With the increasing use of social media, businesses are now incorporating social media into their CRM strategies. This allows them to better engage with their customers and provide them with timely support.
Key Drivers
There are several key drivers of the Customer Relationship Management (CRM) market. First, the CRM market is driven by the need for organizations to manage customer relationships more effectively. With the advent of the Internet and the proliferation of social media, customers are more connected and empowered than ever before. They have access to more information and can easily switch between brands. As a result, organizations need to find ways to differentiate themselves and build strong relationships with their customers.
Second, the CRM market is driven by the need for organizations to reduce costs. With the global economic downturn, organizations are under pressure to reduce costs and improve efficiency. CRM systems can help organizations automate and streamline their processes, which can lead to significant cost savings.
Third, the CRM market is driven by the need for organizations to improve their decision-making. With the vast amount of data that is now available, organizations need to be able to make sense of it all and use it to make better decisions. CRM systems can help organizations collect, organize, and analyze data, which can give them the insights they need to make better decisions.
Fourth, the CRM market is driven by the need for organizations to better understand their customers. With the advent of big data, organizations have access to more data than ever before. However, this data is often unstructured and difficult to analyze. CRM systems can help organizations to structure and analyze this data, which can give them a better understanding of their customers.
Restraints & Challenges
The key restraints in Customer Relationship Management market are the lack of awareness about the benefits of customer relationship management among small and medium enterprises, high initial investment, and lack of skilled workforce. The challenges in Customer Relationship Management market are the need for integration with other enterprise software, data security concerns, and the need for customization.
The lack of awareness about the benefits of customer relationship management among small and medium enterprises is a major restraint in the growth of the customer relationship management market. Customer relationship management helps organizations to manage their customer data, track customer interactions, and provide better customer service. However, many small and medium enterprises are not aware of the benefits of customer relationship management and do not have the budget to invest in customer relationship management software.
The high initial investment is another restraint in the growth of the customer relationship management market. Customer relationship management software is generally expensive and requires a significant upfront investment. Moreover, the customer relationship management software needs to be customized according to the specific requirements of the organization, which can add to the cost.
The need for integration with other enterprise software is a challenge in the customer relationship management market. Customer relationship management software needs to be integrated with other enterprise software such as enterprise resource planning (ERP) and customer relationship management (CRM) software. This integration can be complex and time-consuming.
Market Segments
The Customer Relationship Management Market is segmented into component, deployment mode, organizational size, and region. By component, it is bifurcated into software and service. Depending on deployment mode, it is categorized into on-premise, cloud, and hybrid. On the basis of organization size, it is categorized into large scale and small and medium size enterprises. Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
Key Players
The Customer Relationship Management Market report includes players such as Salesforce.com, Microsoft Corporation, SAP SE, Oracle Corporation, ADOBE INC, SugarCRM Inc, Zoho Corporation Pvt. Ltd, Copper CRM, Inc, Insightly, Inc and Sage Group.
Table of Contents
Chapter 1. Market Introduction
1.1. Objectives of the Study
1.2. Market Definition and Research & Scope
1.3. Research Methodologies
1.4. Market Estimation Techniques
Chapter 2. Executive Summary
2.1. Summary
2.2. Key Highlights of the Market
Chapter 3. Customer Relationship Management Market Outlook
3.1. Customer Relationship Management Market segmentation
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.1.1. Driver 1
3.2.1.2. Driver 2
3.2.1.3. Driver 3
3.2.2. Market Restraints
3.2.2.1. Restraint 1
3.2.2.2. Restraint 2
3.2.3. Market Opportunities
3.2.3.1. Opportunity 1
3.2.3.2. Opportunity 2
3.3. Porter’s Five Forces Analysis
3.3.1. Threat of New Entrants
3.3.2. Threat of Substitutes
3.3.3. Bargaining Power of Buyers
3.3.4. Bargaining Power of Supplier
3.3.5. Competitive Rivalry
3.4. PESTLE Analysis
3.5. Value Chain Analysis
3.5.1. Raw Material Suppliers
3.5.2. Manufacturers
3.5.3. Wholesalers and/or Retailers
3.6. Impact of the Russia and Ukraine War on the Customer Relationship Management Market
Chapter 4. Economic Impact of COVID-19
4.1. Overall Impact of COVID-19
4.2. Impact of COVID On the Customer Relationship Management Market
4.3. Economic Impact Analysis
Chapter 5. Customer Relationship Management Market By Component
5.1. Market Overview
5.2. Software
5.2.1. Market Size and Forecast, 2021-2031 ($Million)
5.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
5.3. Service
5.3.1. Market Size and Forecast, 2021-2031 ($Million)
5.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
Chapter 6. Customer Relationship Management Market By Deployment Model
6.1. Market Overview
6.2. On-premise
6.2.1. Market Size and Forecast, 2021-2031 ($Million)
6.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
6.3. Cloud and Hybrid
6.3.1. Market Size and Forecast, 2021-2031 ($Million)
6.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
6.4. Hybrid
6.4.1. Market Size and Forecast, 2021-2031 ($Million)
6.4.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
Chapter 7. Customer Relationship Management Market By Enterprise Size
7.1. Market Overview
7.2. Large Scale
7.2.1. Market Size and Forecast, 2021-2031 ($Million)
7.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
7.3. Small and Medium Size Enterprise
7.3.1. Market Size and Forecast, 2021-2031 ($Million)
7.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
Chapter 8. Customer Relationship Management Market, by Region
8.1. Overview
8.2. North America
8.2.1. Key Market Trends and Opportunities
8.2.2. North America Customer Relationship Management Market Size and Forecast By Deployment Model, 2021-2031, ($Million)
8.2.3. North America Customer Relationship Management Market Size and Forecast By Enterprise Size, 2021-2031, ($Million)
8.2.4. North America Customer Relationship Management Market Size and Forecast By Component, 2021-2031, ($Million)
8.2.5. The U.S.
8.2.5.1. The U.S. Customer Relationship Management Market Size and Forecast By Deployment Model, 2021-2031, ($Million)
8.2.5.2. The U.S. Customer Relationship Management Market Size and Forecast By Enterprise Size, 2021-2031, ($Million)
8.2.5.3. The U.S. Customer Relationship Management Market Size and Forecast By Component, 2021-2031, ($Million)
8.2.6. Canada
8.2.6.1. Canada Customer Relationship Management Market Size and Forecast By Deployment Model, 2021-2031, ($Million)
8.2.6.2. Canada Customer Relationship Management Market Size and Forecast By Enterprise Size, 2021-2031, ($Million)
8.2.6.3. Canada Customer Relationship Management Market Size and Forecast By Component, 2021-2031, ($Million)
8.2.7. Mexico
8.2.7.1. Mexico Customer Relationship Management Market Size and Forecast By Deployment Model, 2021-2031, ($Million)
8.2.7.2. Mexico Customer Relationship Management Market Size and Forecast By Enterprise Size, 2021-2031, ($Million)
8.2.7.3. Mexico Customer Relationship Management Market Size and Forecast By Component, 2021-2031, ($Million)
8.3. Europe
8.3.1. Key Market Trends and Opportunities
8.3.2. Europe Customer Relationship Management Market Size and Forecast By Deployment Model, 2021-2031, ($Million)
8.3.3. Europe Customer Relationship Management Market Size and Forecast By Enterprise Size, 2021-2031, ($Million)
8.3.4. Europe Customer Relationship Management Market Size and Forecast By Component, 2021-2031, ($Million)
8.3.5. Germany
8.3.5.1. Germany Customer Relationship Management Market Size and Forecast By Deployment Model, 2021-2031, ($Million)
8.3.5.2. Germany Customer Relationship Management Market Size and Forecast By Enterprise Size, 2021-2031, ($Million)
8.3.5.3. Germany Customer Relationship Management Market Size and Forecast By Component, 2021-2031, ($Million)
8.3.6. France
8.3.6.1. France Customer Relationship Management Market Size and Forecast By Deployment Model, 2021-2031, ($Million)
8.3.6.2. France Customer Relationship Management Market Size and Forecast By Enterprise Size, 2021-2031, ($Million)
8.3.6.3. France Customer Relationship Management Market Size and Forecast By Component, 2021-2031, ($Million)
8.3.7. U.K.
8.3.7.1. U.K. Customer Relationship Management Market Size and Forecast By Deployment Model, 2021-2031, ($Million)
8.3.7.2. U.K. Customer Relationship Management Market Size and Forecast By Enterprise Size, 2021-2031, ($Million)
8.3.7.3. U.K. Customer Relationship Management Market Size and Forecast By Component, 2021-2031, ($Million)
8.3.8. Spain
8.3.8.1. Spain Customer Relationship Management Market Size and Forecast By Deployment Model, 2021-2031, ($Million)
8.3.8.2. Spain Customer Relationship Management Market Size and Forecast By Enterprise Size, 2021-2031, ($Million)
8.3.8.3. Spain Customer Relationship Management Market Size and Forecast By Component, 2021-2031, ($Million)
8.3.9. Italy
8.3.9.1. Italy Customer Relationship Management Market Size and Forecast By Deployment Model, 2021-2031, ($Million)
8.3.9.2. Italy Customer Relationship Management Market Size and Forecast By Enterprise Size, 2021-2031, ($Million)
8.3.9.3. Italy Customer Relationship Management Market Size and Forecast By Component, 2021-2031, ($Million)
8.3.10. Rest of Europe
8.3.10.1. Rest of Europe Customer Relationship Management Market Size and Forecast By Deployment Model, 2021-2031, ($Million)
8.3.10.2. Rest of Europe Customer Relationship Management Market Size and Forecast By Enterprise Size, 2021-2031, ($Million)
8.3.10.3. Rest of Europe Customer Relationship Management Market Size and Forecast By Component, 2021-2031, ($Million)
8.4. Asia-Pacific
8.4.1. Key Market Trends and Opportunities
8.4.2. Asia-Pacific Customer Relationship Management Market Size and Forecast By Enterprise Size, 2021-2031, ($Million)
8.4.3. Asia-Pacific Customer Relationship Management Market Size and Forecast By Deployment Model, 2021-2031, ($Million)
8.4.4. Asia-Pacific Customer Relationship Management Market Size and Forecast By Component, 2021-2031, ($Million)
8.4.5. China
8.4.5.1. China Customer Relationship Management Market Size and Forecast By Deployment Model, 2021-2031, ($Million)
8.4.5.2. China Customer Relationship Management Market Size and Forecast By Enterprise Size, 2021-2031, ($Million)
8.4.5.3. China Customer Relationship Management Market Size and Forecast By Component, 2021-2031, ($Million)
8.4.6. India
8.4.6.1. India Customer Relationship Management Market Size and Forecast By Deployment Model, 2021-2031, ($Million)
8.4.6.2. India Customer Relationship Management Market Size and Forecast By Enterprise Size, 2021-2031, ($Million)
8.4.6.3. India Customer Relationship Management Market Size and Forecast By Component, 2021-2031, ($Million)
8.4.7. Japan
8.4.7.1. Japan Customer Relationship Management Market Size and Forecast By Deployment Model, 2021-2031, ($Million)
8.4.7.2. Japan Customer Relationship Management Market Size and Forecast By Enterprise Size, 2021-2031, ($Million)
8.4.7.3. Japan Customer Relationship Management Market Size and Forecast By Component, 2021-2031, ($Million)
8.4.8. South Korea
8.4.8.1. South Korea Customer Relationship Management Market Size and Forecast By Deployment Model, 2021-2031, ($Million)
8.4.8.2. South Korea Customer Relationship Management Market Size and Forecast By Enterprise Size, 2021-2031, ($Million)
8.4.8.3. South Korea Customer Relationship Management Market Size and Forecast By Component, 2021-2031, ($Million)
8.4.9. Rest of APAC
8.4.9.1. Rest of APAC Customer Relationship Management Market Size and Forecast By Deployment Model, 2021-2031, ($Million)
8.4.9.2. Rest of APAC Customer Relationship Management Market Size and Forecast By Enterprise Size, 2021-2031, ($Million)
8.4.9.3. Rest of APAC Customer Relationship Management Market Size and Forecast By Component, 2021-2031, ($Million)
8.5. Rest of the World
8.5.1. Key Market Trends and Opportunities
8.5.2. Rest of the World Customer Relationship Management Market Size and Forecast By Deployment Model, 2021-2031, ($Million)
8.5.3. Rest of the World Customer Relationship Management Market Size and Forecast By Enterprise Size, 2021-2031, ($Million)
8.5.4. Rest of the World Customer Relationship Management Market Size and Forecast By Component, 2021-2031, ($Million)
8.5.5. Latin America
8.5.5.1. Latin America Customer Relationship Management Market Size and Forecast By Deployment Model, 2021-2031, ($Million)
8.5.5.2. Latin America Customer Relationship Management Market Size and Forecast By Enterprise Size, 2021-2031, ($Million)
8.5.5.3. Latin America Customer Relationship Management Market Size and Forecast By Component, 2021-2031, ($Million)
8.5.6. Middle East
8.5.6.1. Middle East Customer Relationship Management Market Size and Forecast By Deployment Model, 2021-2031, ($Million)
8.5.6.2. Middle East Customer Relationship Management Market Size and Forecast By Enterprise Size, 2021-2031, ($Million)
8.5.6.3. Middle East Customer Relationship Management Market Size and Forecast By Component, 2021-2031, ($Million)
8.5.7. Africa
8.5.7.1. Africa Customer Relationship Management Market Size and Forecast By Deployment Model, 2021-2031, ($Million)
8.5.7.2. Africa Customer Relationship Management Market Size and Forecast By Enterprise Size, 2021-2031, ($Million)
8.5.7.3. Africa Customer Relationship Management Market Size and Forecast By Component, 2021-2031, ($Million)
Chapter 9. Competitive Landscape
9.1. Market Overview
9.2. Market Share Analysis/Key Player Positioning
9.3. Developmental Strategy Benchmarking
9.3.1. New Product Development
9.3.2. Product Launches
9.3.3. Business Expansions
9.3.4. Partnerships, Joint Ventures, and Collaborations
9.3.5. Mergers and Acquisitions
Chapter 10. Company Profiles
10.1. Salesforce.com
10.1.1. Company Snapshot
10.1.2. Financial Performance
10.1.3. Product Offerings
10.1.4. Key Strategic Initiatives
10.1.5. SWOT Analysis
10.2. Microsoft Corporation
10.2.1. Company Snapshot
10.2.2. Financial Performance
10.2.3. Product offerings
10.2.4. Key Strategic Initiatives
10.2.5. SWOT Analysis
10.3. SAP SE
10.3.1. Company Snapshot
10.3.2. Financial Performance
10.3.3. Product offerings
10.3.4. Key Strategic Initiatives
10.3.5. SWOT Analysis
10.4. Oracle Corporation
10.4.1. Company Snapshot
10.4.2. Financial Performance
10.4.3. Product offerings
10.4.4. Key Strategic Initiatives
10.4.5. SWOT Analysis
10.5. ADOBE INC
10.5.1. Company Snapshot
10.5.2. Financial Performance
10.5.3. Product offerings
10.5.4. Key Strategic Initiatives
10.5.5. SWOT Analysis
10.6. SugarCRM Inc
10.6.1. Company Snapshot
10.6.2. Financial Performance
10.6.3. Product offerings
10.6.4. Key Strategic Initiatives
10.6.5. SWOT Analysis
10.7. Zoho Corporation Pvt. Ltd
10.7.1. Company Snapshot
10.7.2. Financial Performance
10.7.3. Product offerings
10.7.4. Key Strategic Initiatives
10.7.5. SWOT Analysis
10.8. Copper CRM, Inc
10.8.1. Company Snapshot
10.8.2. Financial Performance
10.8.3. Product offerings
10.8.4. Key Strategic Initiatives
10.8.5. SWOT Analysis
10.9. Insightly, Inc
10.9.1. Company Snapshot
10.9.2. Financial Performance
10.9.3. Product offerings
10.9.4. Key Strategic Initiatives
10.9.5. SWOT Analysis
10.10. Sage group
10.10.1. Company Snapshot
10.10.2. Financial Performance
10.10.3. Product offerings
10.10.4. Key Strategic Initiatives
10.10.5. SWOT Analysis
*The list of company is subject to change during the final compilation of the report
Key Players
Market Segments
- By Component
- Software
- Services
- By Deployment Model
- On-Premise
- Cloud
- Hybrid
- By Enterprise Size
- Large Enterprises
- Small and Medium Enterprises (SMEs)
- By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The UK
- Germany
- France
- Spain
- Rest of Europe
- The Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- The Middle East
- Africa
- North America