Global Customer Relationship Management (CRM) Software Market to Reach $81.9 Billion by 2024

Customer Relationship Management (CRM) software enables easy management of company`s interactions with existing and potential customers. As a key enabler of CRM deployment, it organizes, automates and synchronizes sales, marketing and customer service & support functions in an organization. Adoption of CRM systems can assist companies in improving their operational activities in individual silos, collaborating data within multiple departments, and creating customer-centric strategies. Amid the COVID-19 crisis, the global market for Customer Relationship Management (CRM) Software is projected to reach US$81.9 Billion by 2024, registering a compounded annual growth rate (CAGR) of 11.4% over the analysis period. United States represents the largest regional market for Customer Relationship Management (CRM) Software, accounting for an estimated 49.7% share of the global total. The market is projected to reach US$43.8 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 16.1% over the analysis period.

As the largest and a promising segment of the overall enterprise application software market, CRM software continues to gain importance across various industries, as businesses turn attention to the adoption of customer-centric strategies for enhancing customer experience, streamlining work process and improving profits. Driven by the customer-centric approach of businesses and organizations, the demand for CRM software has been growing rapidly, as the software enables companies to analyze customer patterns in various channels. Also, with artificial intelligence and big data playing an increasingly important role in data collection, the importance of CRM software is growing further. The growing emergence of Internet-centric business and the ability of CRM software integrated into company portals to resolve major customer issues are also fueling market growth. Mobile CRM and social CRM are the notable trends in the global CRM software market, driven by the increasing penetration of smart mobile devices and the growing user base of social media channels. Such offerings are essential to increase productivity, gain access to pertinent information and improve customer experience. A major factor impeding growth in the CRM software market is the rising number of security concerns emerging due to the growing availability of personal data over online platforms. Vendors of CRM software are required to comply with data regulations such as GDPR by additional privacy features to their offerings.

Though regarded as a mature market, the US continues to generate significant revenue for global CRM software market given the growing inclination of enterprises in the nation towards advanced CRM variants such as social CRM and CRM analytics. Mobile CRM is also growing in popularity with the nation having large number of mobile workforce in the world. Characterized by positive economic growth, booming enterprise segment, increase in number of new commercial establishments, particularly in retail sector, and strong manufacturing and industrial sector in some of the major countries, particularly China and India, will drive robust demand for CRM software in the Asia-Pacific region. Strong mobile device penetration, robust mobile application deployments and growing number of mobile workforce will boost market prospects for mobile CRM in the region.