According to a report, “U.S. Customer Relationship Management Market Size, Share & Trends Analysis Report By Deployment (On-premise, Cloud), By End Use, By Application, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc. The U.S. customer relationship management market size is expected to reach USD 64.2 billion by 2025, registering a CAGR of 14.0% from 2019 to 2025, according to a new report by Grand View Research, Inc. CRM solutions with data-driven insights offer enhanced functionality apart from their traditional role of information gathering, activity tracking, and passive data repository generation. Therefore, these solutions enable companies to analyze buying behavior of customers and simultaneously provide relevant information to augment their sales efforts. Hence, business and organization of all sizes are investing heavily in customer relationship management solutions.
CRM solutions have brought lots of positives to not only the major companies and organizations but also to the small and medium sized businesses. Therefore, the CRM market in the U.S. has observed high demands from these small and medium sized businesses and is expected to make the most of the promising growth opportunities presented to it. The new models such as CRM based on SaaS and the on-demand models in the U.S. market can minimize the need for upgrading or investing in the hardware infrastructure and can consecutively bring down maintenance and support costs, making it more beneficial for the organizations deploying it. Presence of major CRM solution providers in the country is also a major factor that drives the adoption of customer relationship management solutions over the forecast period.
Continuous innovations in the CRM technology has been one of the key factors in helping the market grow its demands in the U.S., and it has already gained significant attention from various industries due to its changing nature in terms of growing functionalities and feature set. CRM suites now offer the capability to measure business performance and keep a track of sales trajectory, which have been some of the key factors encouraging businesses to use them. This trend of innovations by major key players in the market is crucial in maintaining the higher growth rate that is expected to fuel market expansion for the forecasted period.
Presently, large customer relationship management solution providers such as Salesforce.com, SAP SE, Oracle Corporation, and Microsoft Corporation dominate the U.S. customer relationship management market and have focused on augmenting their collective market share in the U.S. Other key players are trying to access the market by offering identical CRM solutions at a competitive price. This has led to a notable rise in intensity of competition across all sub-segments in the U.S. market.
Further key findings from the study suggest:
Acquisition & mergers and collaborations are some of the key strategies employed by major key players for market expansion. For example, in December 2020, Salesforce, the global leader in CRM, signed a definitive agreement to acquire Acumen Solutions, a leading professional services firm with deep Salesforce knowledge and extensive industry expertise across public sector, manufacturing, financial services and more.
Innovations are a major force driving the growth of the market. Recently, in November 2020, Microsoft Corporation announced a partnership with Adobe Inc. and privately held startup C3.ai to offer customer relationship management (CRM) software solutions utilizing artificial intelligence (AI).
Competition in the U.S Customer Relationship Management Market is immensely tough and major companies fight neck-to-neck to gain more grounds in the market. For instance, in September 2020, SAP announced that it is conceding the broad mainstream CRM market to Salesforce and will pursue only certain specific segments.
On the basis of deployment, cloud deployment has been the dominant segment since 2018 and is likely to witness more traction in the upcoming years owing to rising preference and increased awareness regarding its benefits in terms of cost and flexibility
On the basis of end-use, large enterprises have been at the forefront in deploying cloud-based CRM solutions for their businesses, which is resulting in effective customer engagement. SMEs in the U.S. market are also deploying customer relationship management solutions to improve business processes, which is likely to result in high revenue generation
Some of the key participants in the market are Salesforce.com; SAP SE; Zoho; Oracle Corp; Nimble; SugarCRM Inc.; and Verint Systems Inc.
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Grand View Research has segmented the U.S. customer relationship management market based on application, deployment, and end use:
U.S. CRM Application Outlook (Revenue, USD Billion, 2014 – 2025)
Telecom & IT
Government & Education
U.S. CRM Deployment Outlook (Revenue, USD Billion, 2014 – 2025)
U.S. CRM End-use Outlook (Revenue, USD Billion, 2014 – 2025)
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