Customer Relationship Management Industry Overview
The global customer relationship management market size was valued at USD 52.4 billion in 2021 and is expected to reach USD 157.6 billion by 2030, at a CAGR of 13.3% from 2022 to 2030.
The COVID-19 pandemic has driven several organizations across the globe to develop a roadmap and to understand together with their consumers how to move ahead in the future. Rising demand for automated engagement with customers, improving the scope of digital operations and enhancing customer experience and services are driving the demand for Customer Relationship Management (CRM) solutions across various industries globally. Emerging technologies, such as cloud computing technology, Artificial Intelligence (AI), machine learning, and the availability of various service models such as SaaS, Infrastructure as a Service (IaaS), and Platform as a Service (PaaS) are projected to drive the market over the forecast period.
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According to industry estimates, over 91% of organizations with more than ten employees in their workforce use customer relationship management systems. Organizational departments such as sales and marketing and customer services and support are increasingly integrating CRM systems with artificial intelligence to improve customer experience and feedback and develop strong bonds with their customers. Furthermore, factors such as efforts to accelerate business content, shifting their strategy from push marketing to pull marketing, and providing real-time communication, will empower organizations to adopt customer relationship management solutions over the forecast period.