Customer Relationship Management Market 2023 Product Definition, Regional Outlook, Forecast and CAGR 2030

Customer Relationship Management Industry Data Book Covers Customer Experience Management, Customer Self-service Software, Digital Experience Platform, Sales force Automation Software, Sales Training Software, Marketing Automation Markets.

The global customer relationship management industry size was estimated at USD 51.43 billion in 2022. The market is expected to expand at a CAGR of 16.9% CAGR (2023-2030).

Customer Experience Management Market Report Highlights

The global customer experience management market was valued at USD 10.65 billion in 2022, and it is expected to reach USD 32.87 billion by 2030 and expand at a significant CAGR of 15.4% from 2023 to 2030.

• The speech analytics segment is about to witness a significant CAGR of 17.0% during the forecast period. Through the calls, they assist enterprises in identifying areas of trends, opportunities, and concerns. Speech analytics tools in contact centers help improve agent performance, monitor compliance, streamline business processes, improve first-call resolution, and improve customer experience.
• The mobile touchpoint segment is anticipated to expand at a CAGR of 17.2% over the forecast period. The segment's expansion can be attributed to the increased use of smartphones, which enables businesses to develop mobile marketing strategies. Furthermore, mobile CEM solutions enable mobile carriers to participate in the development of long-term customer relationships through customer-initiated requests.
• The cloud segment is anticipated to expand at a CAGR of 17.5% over the forecast period. The cloud deployment model enables enterprises to purchase only the features, added applications, or an updated version of the software based on the pay-as-you-go subscription model. Owing to these benefits, large enterprises are gradually investing in CEM software and collaborating with technology providers for digital transformation.
• The BFSI segment is anticipated to register the highest CAGR of 16.7% over the forecast period. The segment growth can be attributed to the increasing adoption of cloud-based deployment models and investments in advanced technologies to offer digital finance management assistance.
• Asia Pacific is expected to register the highest CAGR of 17.1% over the forecast period. With a significant presence of call centers, an increasing trend of social media marketing, and a growing emphasis on customer satisfaction across industries and sectors, the regional market is expected to grow.

Customer Self-service Software Market Report Highlights

The global customer self-service software market size was valued at USD 11.92 billion in 2022, and it is expected to reach USD 32.19 billion by 2027. It is anticipated to register a compound annual growth rate (CAGR) of 23.5% CAGR (2023-2030).

• The social media and community self-service segment is anticipated to register a considerable CAGR over the forecast period as organizations are rapidly switching to social media channels, which can potentially support communities and discussion forums, as part of the efforts to curb customer support costs
• The managed services segment is expected to register a significant CAGR over the forecast period as managed services allow end-users to run their operations effectively and increase business intelligence.
• The cloud segment is expected to register a significant CAGR over the forecast period as cloud deployment allows enterprises to save on the costs incurred on having a dedicated infrastructure to host on-premise solutions
• The healthcare segment is expected to register a significant CAGR over the forecast period owing to the growing adoption of self-service apps that allow patients to schedule appointments, fill forms, update their profile, and pay bills
• The Asia Pacific regional market is anticipated to register a significant CAGR over the forecast period in line with the increasing number of small medium enterprises looking forward to implementing customer self-care applications

Digital Experience Platform Market Report Highlights

The global digital experience platform market was valued at USD 11.17 billion in 2022, and it is estimated to reach USD 30.41 billion by 2030, registering a CAGR of 13.7% CAGR (2023-2030).

• The platform segment is expected to witness considerable CAGR at 12.9% over the forecast period. The rise in the adoption rate of digital experience platforms by organizations to implement improved customer engagement practices is driving the development of this segment
• In terms of deployment, the cloud segment is expected to expand at a promising CAGR of 16% from 2022 to 2030. The cloud segment offers multiple benefits such as convenience, improved security at lower cost, on-demand scalability, easy deployment, and reduced investments into physical infrastructure
• The Business-to-Consumer application is expected to observe the fastest development over the forecast period because of the rising interest in content personalization to offer an enhanced customer engagement experience
• In terms of end use, the retail segment is anticipated to expand at a significant CAGR and reach USD 8.98 billion by 2030. This can be due to multiple reasons such as the high focus on omnichannel marketing, the speedy growth of online B2B and B2C e-tailers, and the rising inclination to a customer-driven approach
• The Asia Pacific regional market is anticipated to expand at a significant rate and reach USD 7.80 billion by 2030. This can be due to the high penetration rate of mobile and web shopping applications in several developing countries such as China and India

Access the Global Customer Relationship Management Industry Data Book, 2022 to 2030, compiled with details like market sizing information forecasts, trade data, pricing intelligence, competition benchmarking, macro-environmental analyses, and regulatory technological framework studies

Sales Force Automation Software Market Report Highlights

The global sales force automation software market size was valued at USD 9.82 billion in 2022, and it is expected to reach USD 13.82 billion by 2027, expanding at a CAGR of 14.6% CAGR (2023-2030).

• Cloud deployment is anticipated to witness the fastest growth over the forecast period as it is accessible through multiple devices, offers real-time information, and customization options coupled with various pricing models
• Lead management is predicted to be the largest application over the forecast period owing to the rising demand to automate end to end leads and convert them into qualified opportunities
• SMEs is likely to be the fastest growing segment over the forecast period. Optimization of lead management, economical pricing options offered by SFA vendors, and rising demand for personalized services by the users are the prime drivers for the growth
• The retail industry is projected to expand at the highest CAGR from 2020 to 2027, owing to the growing demand for SFA solutions that help in streamlining the complex sales management processes
• Asia Pacific is expected to expand at the highest CAGR from 2020 to 2027 owing to the rising demand for software from retail, banking, and telecom industries. Moreover, the increasing IT investments to digitize and automate the industrial functions in the market are likely to be witnessed in countries such as China, India, and other South Asian nations

Sales Training Software Market Report Highlights

The global sales training software market size was valued at USD 2.14 billion in 2022, and it is anticipated to reach USD 6.11 billion by 2030, registering a CAGR of 14.3% CAGR (2023-2030).

• The cloud-based segment is expected to grow significantly from 2022 to 2030. Various companies are focusing on migrating their sales training software to a cloud platform to reduce maintenance costs and increase the revenue stream
• For instance, in April 2022, RAIN GROUP, a sales training company, collaborated with ValueCore, a cloud-based ROI platform company, to enable sales marketing companies to represent entrancing value propositions to their customers
• The SME segment is expected to observe a rapid CAGR during the forecast period as SMEs are adopting sales training software to train their marketing sales representatives to improve their brand identity worldwide in a minimum time
• The IT telecom segment is anticipated to experience notable growth during the forecast period as the IT telecom companies are focusing on increasing the customer retention rate through effective marketing sales strategy
• Asia Pacific is expected to register the fastest CAGR from 2022 to 2030 due to the increasing focus of end-use firms on sales training and enablement platforms to convert maximum leads into customers and stay competitive in their respective industries

Marketing Automation Market Report Highlights

The global marketing automation market USD 5.72 billion in 2022, and it is expected to reach USD 8.42 billion by 2027, expanding at a CAGR of 13.2% CAGR (2023-2030).

• The reporting and analytics segment is likely to dominate the marketing automation market in the coming years. Increasing use of artificial intelligence and machine learning to engage with customers through various channels such as messaging, voice, and IoT devices are some of the key driving factors
• Cloud deployment was the most preferred way of deploying the software in 2019, and the segment is predicted to maintain its dominance over the next eight years. Growth in cloud computing technology and its services such as Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS) will foster the growth
• The small and medium enterprises segment is anticipated to be the fastest growing segment over the forecast period. Innovation in marketing strategies, increase in productivity, and customer retention are some of the factors that are propelling SMEs to adopt marketing automation solutions
• Discrete manufacturing is anticipated to emerge as the fastest growing segment by 2027. Integration of CRM with marketing service solutions to eliminate redundant tasks and to retain customers is likely to promote the applications of marketing automation among manufacturers
• Asia Pacific is expected to experience the highest growth over the forecast period, attributed to the presence of emerging economies such as India and China, who possess large customer base. Moreover, increasing awareness about the marketing tools and services, growing penetration of internet, rise in number of social media platforms, and usage of smart devices is likely to promote the growth
• Market comprises of some prominent players such as Adobe Inc.; Cognizant; Act-On Software, Inc.; HubSpot, Inc.; Oracle Corporation; Salesforce.com, Inc.; IBM Corporation; Keap; Marketo, Inc.; and Teradata Corporation; among others. Moreover, large vendors are observed acquiring other players to consolidate their market share and expand their existing portfolio

Order your copy of the Free Sample of “Customer Relationship Management Industry Data Book - Customer Experience Management, Customer Self-service Software, Digital Experience Platform, Sales force Automation Software, Sales Training Software, Marketing Automation Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

Competitive Landscape

Key players operating in the customer relationship management industry are –

• Adobe Inc.
• IBM Corporation
• Salesforce.com, Inc.
• Sitecore
• Microsoft Corporation
• Oracle Corporation
• SAP SE

Grand View Research’s customer relationship management industry databook is a collection of market sizing information forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.

Go through the table of content of Customer Relationship Management Industry Data Book to get a better understanding of the Coverage Scope of the study

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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