CRM Market to grow at a CAGR of 10.16% from 2022 to 2027 | Historical and current forecast analysis research report- Technavio

NEW YORK, July 13, 2023 /PRNewswire/ — The CRM market is estimated to grow at a CAGR of 10.16% between 2022 and 2027. The market size is forecast to increase by USD 54.4 billion, according to the latest research report from Technavio. Discover Application Software industry potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports. View Sample Report!

The CRM market covers the following areas:

CRM Market SizingCRM Market ForecastCRM Market Analysis

CRM Market – Vendor Landscape

The CRM market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Vendor Offering

Acoustic LP – The company offers CRM, which features email marketing, mobile marketing, performance insights, and reporting.Adobe Inc. – The company offers CRM such as Adobe Marketo Engage. HubSpot Inc. – The company offers CRM such as HubSpot CRM. 

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CRM Market – Key Market Segmentation

The CRM market is segmented by application (service and support CRM, sales CRM, marketing CRM software, and e-commerce software CRM), and deployment (saas and on-premises)

The market share growth by the service and support CRM segment will be significant during the forecast period. This is due to the benefits it provides in resolving customer issues with efficiency. In addition, it also helps organizations in achieving and maintaining service standards through clear instructions. The service and support software collects vital consumer data and input, which is then used to improve business operations and address similar issues more quickly. Hence, these factors are expected to drive segment growth in the market during the forecast period.

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CRM Market – Regional Market Outlook

The market is segmented by geography (North America, Europe, APAC, South America, and Middle East and Africa).

North America is estimated to contribute 55% to the growth of the global market during the forecast period. Businesses in the region are making investments in cloud services to adopt enterprise applications and streamline their operational procedures. SaaS solutions provide convenient access to various software types, including ERP, CRM, and HRM, using a simple one-click functionality through web browsers. Furthermore, there is an increase in the number of enterprises from industries like BFSI, telecom and IT, healthcare, and retail, contributing to the overall growth in the region.

For more key highlights on the regional market share of most of the above-mentioned countries.- View Sample Report

Companies Mentioned

Acoustic LPAdobe 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 PlcSalesforce.com Inc.SAP SESAS Institute Inc.SugarCRM Inc.Verint Systems Inc.Vtiger Systems India Pvt. Ltd.Zendesk Inc.Zoho Corp. Pvt. Ltd.

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CRM Market – Market Dynamics

Key Drivers 

A focus on customer retention is a key factor driving the market growth. Businesses are focusing on retaining customers and maintaining long-term relationships with them. This approach extends the customer lifecycle and enables businesses to generate revenue by reselling their products or services. This reduces marketing expenditure while increasing consumer trust. A CRM allows you to share your latest offerings with both current and new customers. Major organizations are using CRM to improve customer engagement, which helps in building the brand. Hence, these factors are expected to drive market growth during the forecast period.

Major Trends

The growing demand for social interaction is a major trend in the market. There is a growing demand in the market for integrating CRM activities with social media services. This integration is aimed at gaining valuable insights and developing future products. By adopting this approach, companies can analyze social communications in real-time and leverage a combination of keyword analysis and predictive algorithms to understand their target audience better. This data breakdown helps in identifying and categorizing potential buyers in the market. Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenge

Data security concerns are a significant challenge restricting market growth. Organizations are experiencing a rising number of cyberattacks, leading to significant revenue losses and challenges in maintaining production efficiency. SMEs are particularly targeted by cybercriminals. Additionally, enterprise SaaS CRM applications are accessed through the Internet, and data transactions occur across various locations involving third-party entities. These operating environments are becoming increasingly vulnerable to cyberattacks and represent considerable risks. Hence these data security concerns are expected to restrict market growth during the forecast period.

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Related Reports:

Customer relationship management (CRM) in the healthcare market is estimated to grow at a CAGR of 8.85% between 2022 and 2027. The market size is forecasted to increase by USD 8.01 billion. Furthermore, this report extensively covers market segmentation by component (software and services), deployment (on-premises model and cloud-based model), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The growing demand for personalized healthcare services and patient engagement solutions is a key factor driving the market growth during the forecast period.

The SaaS customer relationship management (CRM) market is estimated to grow at a CAGR of 13.43% between 2022 and 2027. The size of the market is forecast to increase by USD 59,426.56 million. Furthermore, this report extensively covers market segmentation by end-user (retail, BFSI manufacturing, telecom and it, and others), application (service and support, sales, marketing, and e-commerce), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The increasing adoption of SaaS CRM by SMEs is a key factor driving the market growth during the forecast period.

Table of Contents

1 Executive Summary

1.1 Market OverviewExhibit 01: Executive Summary – Chart on Market OverviewExhibit 02: Executive Summary – Data Table on Market OverviewExhibit 03: Executive Summary – Chart on Global Market CharacteristicsExhibit 04: Executive Summary – Chart on Market by GeographyExhibit 05: Executive Summary – Chart on Market Segmentation by ApplicationExhibit 06: Executive Summary – Chart on Market Segmentation by DeploymentExhibit 07: Executive Summary – Chart on Incremental GrowthExhibit 08: Executive Summary – Data Table on Incremental GrowthExhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystemExhibit 10: Parent marketExhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definitionExhibit 12: Offerings of vendors included in the market definition3.2 Market segment analysis Exhibit 13: Market segments3.3 Market size 20223.4 Market outlook: Forecast for 2022-2027 Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ billion)Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ billion)Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

4.1 Global CRM market 2017 – 2021 Exhibit 18: Historic Market Size – Data Table on Global CRM market 2017 – 2021 ($ billion)4.2 Application Segment Analysis 2017 – 2021 Exhibit 19: Historic Market Size – Application Segment 2017 – 2021 ($ billion)4.3 Deployment Segment Analysis 2017 – 2021 Exhibit 20: Historic Market Size – Deployment Segment 2017 – 2021 ($ billion)4.4 Geography Segment Analysis 2017 – 2021 Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ billion)4.5 Country Segment Analysis 2017 – 2021 Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ billion)

5 Five Forces Analysis

5.1 Five forces summaryExhibit 23: Five forces analysis – Comparison between 2022 and 20275.2 Bargaining power of buyers Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 20275.3 Bargaining power of suppliers Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 20275.4 Threat of new entrants Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 20275.5 Threat of substitutes Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 20275.6 Threat of rivalryExhibit 28: Threat of rivalry – Impact of key factors in 2022 and 20275.7 Market conditionExhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Application

6.1 Market segmentsExhibit 30: Chart on Application – Market share 2022-2027 (%)Exhibit 31: Data Table on Application – Market share 2022-2027 (%)6.2 Comparison by Application Exhibit 32: Chart on Comparison by ApplicationExhibit 33: Data Table on Comparison by Application6.3 Service and support CRM – Market size and forecast 2022-2027 Exhibit 34: Chart on Service and support CRM – Market size and forecast 2022-2027 ($ billion)Exhibit 35: Data Table on Service and support CRM – Market size and forecast 2022-2027 ($ billion)Exhibit 36: Chart on Service and support CRM – Year-over-year growth 2022-2027 (%)Exhibit 37: Data Table on Service and support CRM – Year-over-year growth 2022-2027 (%)6.4 Sales CRM – Market size and forecast 2022-2027 Exhibit 38: Chart on Sales CRM – Market size and forecast 2022-2027 ($ billion)Exhibit 39: Data Table on Sales CRM – Market size and forecast 2022-2027 ($ billion)Exhibit 40: Chart on Sales CRM – Year-over-year growth 2022-2027 (%)Exhibit 41: Data Table on Sales CRM – Year-over-year growth 2022-2027 (%)6.5 Marketing CRM software – Market size and forecast 2022-2027 Exhibit 42: Chart on Marketing CRM software – Market size and forecast 2022-2027 ($ billion)Exhibit 43: Data Table on Marketing CRM software – Market size and forecast 2022-2027 ($ billion)Exhibit 44: Chart on Marketing CRM software – Year-over-year growth 2022-2027 (%)Exhibit 45: Data Table on Marketing CRM software – Year-over-year growth 2022-2027 (%)6.6 E-Commerce software CRM – Market size and forecast 2022-2027 Exhibit 46: Chart on E-Commerce software CRM – Market size and forecast 2022-2027 ($ billion)Exhibit 47: Data Table on E-Commerce software CRM – Market size and forecast 2022-2027 ($ billion)Exhibit 48: Chart on E-Commerce software CRM – Year-over-year growth 2022-2027 (%)Exhibit 49: Data Table on E-Commerce software CRM – Year-over-year growth 2022-2027 (%)6.7 Market opportunity by Application Exhibit 50: Market opportunity by Application ($ billion)

7 Market Segmentation by Deployment

7.1 Market segmentsExhibit 51: Chart on Deployment – Market share 2022-2027 (%)Exhibit 52: Data Table on Deployment – Market share 2022-2027 (%)7.2 Comparison by Deployment Exhibit 53: Chart on Comparison by DeploymentExhibit 54: Data Table on Comparison by Deployment7.3 SaaS – Market size and forecast 2022-2027 Exhibit 55: Chart on SaaS – Market size and forecast 2022-2027 ($ billion)Exhibit 56: Data Table on SaaS – Market size and forecast 2022-2027 ($ billion)Exhibit 57: Chart on SaaS – Year-over-year growth 2022-2027 (%)Exhibit 58: Data Table on SaaS – Year-over-year growth 2022-2027 (%)7.4 On-premise – Market size and forecast 2022-2027 Exhibit 59: Chart on On-premise – Market size and forecast 2022-2027 ($ billion)Exhibit 60: Data Table on On-premise – Market size and forecast 2022-2027 ($ billion)Exhibit 61: Chart on On-premise – Year-over-year growth 2022-2027 (%)Exhibit 62: Data Table on On-premise – Year-over-year growth 2022-2027 (%)7.5 Market opportunity by Deployment Exhibit 63: Market opportunity by Deployment ($ billion)

8 Customer Landscape

8.1 Customer landscape overview Exhibit 64: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation Exhibit 65: Chart on Market share by geography 2022-2027 (%)Exhibit 66: Data Table on Market share by geography 2022-2027 (%)9.2 Geographic comparison Exhibit 67: Chart on Geographic comparisonExhibit 68: Data Table on Geographic comparison9.3 North America – Market size and forecast 2022-2027 Exhibit 69: Chart on North America – Market size and forecast 2022-2027 ($ billion)Exhibit 70: Data Table on North America – Market size and forecast 2022-2027 ($ billion)Exhibit 71: Chart on North America – Year-over-year growth 2022-2027 (%)Exhibit 72: Data Table on North America – Year-over-year growth 2022-2027 (%)9.4 Europe – Market size and forecast 2022-2027 Exhibit 73: Chart on Europe – Market size and forecast 2022-2027 ($ billion)Exhibit 74: Data Table on Europe – Market size and forecast 2022-2027 ($ billion)Exhibit 75: Chart on Europe – Year-over-year growth 2022-2027 (%)Exhibit 76: Data Table on Europe – Year-over-year growth 2022-2027 (%)9.5 APAC – Market size and forecast 2022-2027 Exhibit 77: Chart on APAC – Market size and forecast 2022-2027 ($ billion)Exhibit 78: Data Table on APAC – Market size and forecast 2022-2027 ($ billion)Exhibit 79: Chart on APAC – Year-over-year growth 2022-2027 (%)Exhibit 80: Data Table on APAC – Year-over-year growth 2022-2027 (%)9.6 South America – Market size and forecast 2022-2027 Exhibit 81: Chart on South America – Market size and forecast 2022-2027 ($ billion)Exhibit 82: Data Table on South America – Market size and forecast 2022-2027 ($ billion)Exhibit 83: Chart on South America – Year-over-year growth 2022-2027 (%)Exhibit 84: Data Table on South America – Year-over-year growth 2022-2027 (%)9.7 Middle East and Africa – Market size and forecast 2022-2027 Exhibit 85: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ billion)Exhibit 86: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ billion)Exhibit 87: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)Exhibit 88: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)9.8 US – Market size and forecast 2022-2027 Exhibit 89: Chart on US – Market size and forecast 2022-2027 ($ billion)Exhibit 90: Data Table on US – Market size and forecast 2022-2027 ($ billion)Exhibit 91: Chart on US – Year-over-year growth 2022-2027 (%)Exhibit 92: Data Table on US – Year-over-year growth 2022-2027 (%)9.9 Canada – Market size and forecast 2022-2027 Exhibit 93: Chart on Canada – Market size and forecast 2022-2027 ($ billion)Exhibit 94: Data Table on Canada – Market size and forecast 2022-2027 ($ billion)Exhibit 95: Chart on Canada – Year-over-year growth 2022-2027 (%)Exhibit 96: Data Table on Canada – Year-over-year growth 2022-2027 (%)9.10 UK – Market size and forecast 2022-2027 Exhibit 97: Chart on UK – Market size and forecast 2022-2027 ($ billion)Exhibit 98: Data Table on UK – Market size and forecast 2022-2027 ($ billion)Exhibit 99: Chart on UK – Year-over-year growth 2022-2027 (%)Exhibit 100: Data Table on UK – Year-over-year growth 2022-2027 (%)9.11 Germany – Market size and forecast 2022-2027 Exhibit 101: Chart on Germany – Market size and forecast 2022-2027 ($ billion)Exhibit 102: Data Table on Germany – Market size and forecast 2022-2027 ($ billion)Exhibit 103: Chart on Germany – Year-over-year growth 2022-2027 (%)Exhibit 104: Data Table on Germany – Year-over-year growth 2022-2027 (%)9.12 Japan – Market size and forecast 2022-2027 Exhibit 105: Chart on Japan – Market size and forecast 2022-2027 ($ billion)Exhibit 106: Data Table on Japan – Market size and forecast 2022-2027 ($ billion)Exhibit 107: Chart on Japan – Year-over-year growth 2022-2027 (%)Exhibit 108: Data Table on Japan – Year-over-year growth 2022-2027 (%)9.13 Market opportunity by geography Exhibit 109: Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

10.1 Market drivers10.2 Market challenges10.3 Impact of drivers and challenges Exhibit 110: Impact of drivers and challenges in 2022 and 202710.4 Market trends

11 Vendor Landscape

11.1 Overview11.2 Vendor landscapeExhibit 111: Overview on Criticality of inputs and Factors of differentiation11.3 Landscape disruptionExhibit 112: Overview on factors of disruption11.4 Industry risksExhibit 113: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors coveredExhibit 114: Vendors covered12.2 Market positioning of vendors Exhibit 115: Matrix on vendor position and classification12.3 Acoustic LPExhibit 116: Acoustic LP – OverviewExhibit 117: Acoustic LP – Product / ServiceExhibit 118: Acoustic LP – Key offerings12.4 Adobe Inc.Exhibit 119: Adobe Inc. – OverviewExhibit 120: Adobe Inc. – Business segmentsExhibit 121: Adobe Inc. – Key offeringsExhibit 122: Adobe Inc. – Segment focus12.5 Concentrix Corp.Exhibit 123: Concentrix Corp. – OverviewExhibit 124: Concentrix Corp. – Product / ServiceExhibit 125: Concentrix Corp. – Key offerings12.6 Huawei Technologies Co. Ltd. Exhibit 126: Huawei Technologies Co. Ltd. – OverviewExhibit 127: Huawei Technologies Co. Ltd. – Business segmentsExhibit 128: Huawei Technologies Co. Ltd. – Key newsExhibit 129: Huawei Technologies Co. Ltd. – Key offeringsExhibit 130: Huawei Technologies Co. Ltd. – Segment focus12.7 HubSpot Inc.Exhibit 131: HubSpot Inc. – OverviewExhibit 132: HubSpot Inc. – Product / ServiceExhibit 133: HubSpot Inc. – Key offerings12.8 Koch Industries Inc.Exhibit 134: Koch Industries Inc. – OverviewExhibit 135: Koch Industries Inc. – Product / ServiceExhibit 136: Koch Industries Inc. – Key newsExhibit 137: Koch Industries Inc. – Key offerings12.9 Microsoft Corp.Exhibit 138: Microsoft Corp. – OverviewExhibit 139: Microsoft Corp. – Business segmentsExhibit 140: Microsoft Corp. – Key newsExhibit 141: Microsoft Corp. – Key offeringsExhibit 142: Microsoft Corp. – Segment focus12.10 NICE Ltd.Exhibit 143: NICE Ltd. – OverviewExhibit 144: NICE Ltd. – Business segmentsExhibit 145: NICE Ltd. – Key newsExhibit 146: NICE Ltd. – Key offeringsExhibit 147: NICE Ltd. – Segment focus12.11 Oracle Corp.Exhibit 148: Oracle Corp. – OverviewExhibit 149: Oracle Corp. – Business segmentsExhibit 150: Oracle Corp. – Key newsExhibit 151: Oracle Corp. – Key offeringsExhibit 152: Oracle Corp. – Segment focus12.12 Pegasystems Inc.Exhibit 153: Pegasystems Inc. – OverviewExhibit 154: Pegasystems Inc. – Product / ServiceExhibit 155: Pegasystems Inc. – Key newsExhibit 156: Pegasystems Inc. – Key offerings12.13 Sage Group PlcExhibit 157: Sage Group Plc – OverviewExhibit 158: Sage Group Plc – Business segmentsExhibit 159: Sage Group Plc – Key offeringsExhibit 160: Sage Group Plc – Segment focus12.14 Salesforce.com Inc.Exhibit 161: Salesforce.com Inc. – OverviewExhibit 162: Salesforce.com Inc. – Product / ServiceExhibit 163: Salesforce.com Inc. – Key newsExhibit 164: Salesforce.com Inc. – Key offerings12.15 SAP SEExhibit 165: SAP SE – OverviewExhibit 166: SAP SE – Business segmentsExhibit 167: SAP SE – Key newsExhibit 168: SAP SE – Key offeringsExhibit 169: SAP SE – Segment focus12.16 SAS Institute Inc.Exhibit 170: SAS Institute Inc. – OverviewExhibit 171: SAS Institute Inc. – Product / ServiceExhibit 172: SAS Institute Inc. – Key newsExhibit 173: SAS Institute Inc. – Key offerings12.17 SugarCRM Inc.Exhibit 174: SugarCRM Inc. – OverviewExhibit 175: SugarCRM Inc. – Product / ServiceExhibit 176: SugarCRM Inc. – Key offerings

13 Appendix

13.1 Scope of the report13.2 Inclusions and exclusions checklist Exhibit 177: Inclusions checklistExhibit 178: Exclusions checklist13.3 Currency conversion rates for US$ Exhibit 179: Currency conversion rates for US$13.4 Research methodologyExhibit 180: Research methodologyExhibit 181: Validation techniques employed for market sizingExhibit 182: Information sources13.5 List of abbreviationsExhibit 183: List of abbreviations

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