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 Sizing
• CRM Market Forecast
• CRM 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. 

For the market's vendor landscape highlights with a comprehensive list of vendors and their offerings - View Sample in minutes

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.

View Sample Report in minutes for more highlights into the market segments.

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 LP
• Adobe 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 Plc
• Salesforce.com Inc.
• SAP SE
• SAS 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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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 Overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Deployment
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 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 summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments
• Exhibit 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 Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 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 segments
• Exhibit 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 Deployment
• Exhibit 54: Data Table on Comparison by Deployment

• 7.3 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 comparison
• Exhibit 68: Data Table on Geographic comparison

• 9.3 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 drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 110: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 111: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 112: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 113: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 114: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 115: Matrix on vendor position and classification

• 12.3 Acoustic LP
• Exhibit 116: Acoustic LP - Overview
• Exhibit 117: Acoustic LP - Product / Service
• Exhibit 118: Acoustic LP - Key offerings

• 12.4 Adobe Inc.
• Exhibit 119: Adobe Inc. - Overview
• Exhibit 120: Adobe Inc. - Business segments
• Exhibit 121: Adobe Inc. - Key offerings
• Exhibit 122: Adobe Inc. - Segment focus

• 12.5 Concentrix Corp.
• Exhibit 123: Concentrix Corp. - Overview
• Exhibit 124: Concentrix Corp. - Product / Service
• Exhibit 125: Concentrix Corp. - Key offerings

• 12.6 Huawei Technologies Co. Ltd. 
• Exhibit 126: Huawei Technologies Co. Ltd. - Overview
• Exhibit 127: Huawei Technologies Co. Ltd. - Business segments
• Exhibit 128: Huawei Technologies Co. Ltd. - Key news
• Exhibit 129: Huawei Technologies Co. Ltd. - Key offerings
• Exhibit 130: Huawei Technologies Co. Ltd. - Segment focus

• 12.7 HubSpot Inc.
• Exhibit 131: HubSpot Inc. - Overview
• Exhibit 132: HubSpot Inc. - Product / Service
• Exhibit 133: HubSpot Inc. - Key offerings

• 12.8 Koch Industries Inc.
• Exhibit 134: Koch Industries Inc. - Overview
• Exhibit 135: Koch Industries Inc. - Product / Service
• Exhibit 136: Koch Industries Inc. - Key news
• Exhibit 137: Koch Industries Inc. - Key offerings

• 12.9 Microsoft Corp.
• Exhibit 138: Microsoft Corp. - Overview
• Exhibit 139: Microsoft Corp. - Business segments
• Exhibit 140: Microsoft Corp. - Key news
• Exhibit 141: Microsoft Corp. - Key offerings
• Exhibit 142: Microsoft Corp. - Segment focus

• 12.10 NICE Ltd.
• Exhibit 143: NICE Ltd. - Overview
• Exhibit 144: NICE Ltd. - Business segments
• Exhibit 145: NICE Ltd. - Key news
• Exhibit 146: NICE Ltd. - Key offerings
• Exhibit 147: NICE Ltd. - Segment focus

• 12.11 Oracle Corp.
• Exhibit 148: Oracle Corp. - Overview
• Exhibit 149: Oracle Corp. - Business segments
• Exhibit 150: Oracle Corp. - Key news
• Exhibit 151: Oracle Corp. - Key offerings
• Exhibit 152: Oracle Corp. - Segment focus

• 12.12 Pegasystems Inc.
• Exhibit 153: Pegasystems Inc. - Overview
• Exhibit 154: Pegasystems Inc. - Product / Service
• Exhibit 155: Pegasystems Inc. - Key news
• Exhibit 156: Pegasystems Inc. - Key offerings

• 12.13 Sage Group Plc
• Exhibit 157: Sage Group Plc - Overview
• Exhibit 158: Sage Group Plc - Business segments
• Exhibit 159: Sage Group Plc - Key offerings
• Exhibit 160: Sage Group Plc - Segment focus

• 12.14 Salesforce.com Inc.
• Exhibit 161: Salesforce.com Inc. - Overview
• Exhibit 162: Salesforce.com Inc. - Product / Service
• Exhibit 163: Salesforce.com Inc. - Key news
• Exhibit 164: Salesforce.com Inc. - Key offerings

• 12.15 SAP SE
• Exhibit 165: SAP SE - Overview
• Exhibit 166: SAP SE - Business segments
• Exhibit 167: SAP SE - Key news
• Exhibit 168: SAP SE - Key offerings
• Exhibit 169: SAP SE - Segment focus

• 12.16 SAS Institute Inc.
• Exhibit 170: SAS Institute Inc. - Overview
• Exhibit 171: SAS Institute Inc. - Product / Service
• Exhibit 172: SAS Institute Inc. - Key news
• Exhibit 173: SAS Institute Inc. - Key offerings

• 12.17 SugarCRM Inc.
• Exhibit 174: SugarCRM Inc. - Overview
• Exhibit 175: SugarCRM Inc. - Product / Service
• Exhibit 176: SugarCRM Inc. - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 177: Inclusions checklist
• Exhibit 178: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 179: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 180: Research methodology
• Exhibit 181: Validation techniques employed for market sizing
• Exhibit 182: Information sources

• 13.5 List of abbreviations
• Exhibit 183: List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Website: www.technavio.com

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