Enhanced Customer Engagement Strategies | The Customer Relationship Management Market Reach USD 96.39 Billion by 2027

The growing importance of long-term customer engagement and retention for small and medium-scale businesses is predicted to boost the global CRM market.

PORTLAND, PORTLAND, OR, UNITED STATE, July 12, 2024 /EINPresswire.com/ -- Allied Market Research published a new report, titled, " Enhanced Customer Engagement Strategies | The Customer Relationship Management Market Reach USD 96.39 Billion by 2027 ." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The CRM software market size was valued at USD 41.93 billion in 2019, and is projected to reach USD 96.39 billion by 2027, growing at a CAGR of 11.1% from 2020 to 2027.

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The customer relationship management market growth is driven by factors such as increasing focus on customer engagement for long time and increasing use of customer relation management software in small and medium scale enterprises globally. Moreover the worldwide acceleration of digital transformation in enterprises due to COVID-19 outbreak boosts the growth of market. Increasing adoption of bringing your own device (BYOD) ecosystem due to surge in use of smartphone as well as high operational efficiency and less operational cost of the CRM software will create lucrative opportunity in the CRM software market during the forecast period.

Customer relationship management market is segmented into component, deployment mode, organizational size, application, industry vertical, 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. As per industry vertical, it is classified into BFSI, healthcare, energy & utility, it & telecommunication, retail & e-commerce, manufacturing, government & defense and others. Region wise, the CRM software market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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By component, the software segment accounted for the highest market share in 2019 and is set to dominate the market in the analysis period. On the other hand, the service segment is expected to have the highest CAGR of 12.6% during the 2020-2027 period.

By deployment model, the cloud segment generated the highest market share in 2019 and is predicted to continue to its great run during the forecast period. The same segment is also anticipated to have the highest CAGR of 11.8% during the analysis timeframe.

By application, the customer service segment generated the maximum revenue in 2019 and is predicted to maintain its top position during the forecast period. On the other hand, the CRM analytics segment is estimated to have the highest CAGR of 15.5% in the 2020-2027 period.

By region, the North America region held the highest market share in 2019 and is expected to top the charts in the analysis period. On the other hand, the Asia-pacific region is expected to be the fastest growing with a CAGR of 13.8% in the analysis period.

The report has also analyzed the major companies in the market, including MICROSOFT CORPORATION, AUREA SOFTWARE INC., SUGARCRM, INSIGHTLY, INC., ZOHO CORPORATION PVT. LTD., PEGASYSTEMS, SALESFORCE.COM, INC., SAGE GROUP, SAP SE, and ORACLE CORPORATION.

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COVID–19 Scenario:

● The COVID-19 pandemic had a significant impact on businesses all over the world. Due to disruptions in production units, supply chains, labor and personnel availability, and the temporary closing of cross-country borders. As a result, businesses adopted policies allowing employees to work from home.
● However, companies have noticed a growing demand for customer support techniques to enable smooth communication between employees and customers. Intelligent cloud-based CRM would provide consolidated and analyzed data from a variety of sources inside and outside the databases by automating these solutions, providing decision-makers with useful insights.

● Due to the above-mentioned factors, customer relationship management adoption will reach its peak in the coming decades, opening significant opportunities for both established companies and start-ups.

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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.

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