CRM Market size to grow by USD 54.4 billion from 2022 to 2027; The focus on customer engagement to drive the market- Technavio

NEW YORK, May 3, 2023 /PRNewswire/ -- The global CRM market size is estimated to grow by USD 54.4 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 10.16% during the forecast period. North America is expected to account for 55% of market growth during the forecast period. For more invaluable market insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

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CRM Market - Segmentation Assessment
Segment Overview
This report extensively covers market segmentation by application (service and support CRM, sales CRM, marketing CRM software, and e-commerce software CRM), deployment (SaaS and on-premise), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The market share growth by the service and support CRM segment will be significant for overall market growth during the forecast period. Customer service and support software CRM help organizations resolve customer issues as smoothly as possible and ensure that proper service standards are achieved through instructions. The service and support software collects essential data and feedback from customers. This data is used to promote businesses and resolve similar issues at a faster rate. Hence, such factors will increase the segment growth during the forecast period.

Geography Overview
By geography, the global CRM market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global CRM market.

• North America is estimated to account for 55% of the global market growth during the forecast period. Regional enterprises are investing in cloud services to implement enterprise applications to streamline business processes. For instance, SaaS solutions enable access to all types of software, such as ERP, CRM, and HRM, through web browsers using the one-click functionality. The flexibility of CRM solutions makes them suitable for temporary workloads and workloads that are experimental in nature or prone to changes unexpectedly. North America also experiences growth in the number of enterprises from industries such as BFSI, telecom and IT, healthcare, and retail. These factors will positively impact the growth of the regional market during the forecast period.

Insights on the market contribution of various segments, including country- and region-
wise data, historic (2017 to 2021) data, and forecast market size (2023 to 2027) -
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CRM Market – Market Dynamics
Key factor driving market growth

• Keen focus on customer retention is a key factor driving the growth of the global CRM market. 
• Businesses increasingly focus on retaining customers and building long-term relationships with them, which helps extend the customer lifecycle and allows them to generate revenue through the resale of their products/services. This is known to save marketing costs and creates trust among consumers.
• A CRM helps users communicate the latest offers to both existing and potential customers and enables businesses to resolve day-to-day customer issues.
• Hence, the increasing focus on customer engagement will drive the demand for CRM software during the forecast period.

Leading trends influencing the market 

• The growing demand for social interaction is an emerging trend influencing the global CRM market growth. 
• The need for the integration of CRM activities with social media services is increasing in the market to get several insights and create future products.
• Social interactions primarily consist of two components, namely customer prediction and customer conversation. The primary purpose of customer prediction is to identify potential social demand by separating prospective buyers from non-potential ones.
• Similarly, customer conversation helps engage likely buyers and convert them to make an inquiry or move further down the demand requirement process. 
• However, a newer approach has been implemented in fields such as analytics platforms to integrate social data into their forecast models.
• Hence, such developments are expected to fuel the growth of the CRM market during the forecast period.

Major challenges hindering the market growth

• Data security concerns are a major challenge impeding the growth of the global CRM market. 
• Enterprises are increasingly hit by cyberattacks. They also face revenue losses and major issues in maintaining their production efficiency.
• SMEs are the primary targets of cybercriminals, and these enterprises are impacted by espionage, sabotage, and data theft.
• The lack of proper IT security infrastructure and small internal budgets makes SMEs more vulnerable to threats, resulting in cyberattacks such as ransomware. These attacks result in the loss of the target company's sensitive data, financial thefts, or the disruption of business operations.
• Hence, such challenges will hinder the market growth for CRM during the forecast period.

Insights on Market drivers, trends, & challenges for the historic period (2017 to 2021) and
forecast period (2023 to 2027) - Request a sample report!

What are the key data covered in this CRM Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the CRM market between 2023 and 2027
• Precise estimation of the size of the CRM market and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the CRM market across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of CRM market vendors

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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. 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 focus on customer engagement is notably driving the SaaS customer relationship management market growth. 

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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 across 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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