Growing Cyber Attacks to Hinder the Adoption of Customer Relationship Management Applications: Fact.MR Report

NEW YORK, Feb. 10, 2022 /PRNewswire/ -- The global customer relationship management market size expanded at a CAGR of 11% during the forecast period from 2022 to 2032 and is expected to secure a market value of US$ 164.68 Bn by the forecast period 2032.

The growing demand for AI-powered software across digital technologies plays a significant role in driving the market in the future as the PWC Experience Center report reveals that half of the organizations that adopted the digital transformations method were successful in offering a seamless experience to their customers.

The cases of growing data breaches with the usage of software are expected to hinder the market. The software system carries various personal details such as credit card information, corporate intelligence, patient health data, sales data, and financial information.

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It aims to work for service, marketing, and sales team. In another instance, it rolled out Service Cloud 360. It provides connected and personalized service from anywhere on a digital engagement platform.

The expansion in the market size can be attributed to the increased usage of software solutions to enhance the customer experience, especially during the COVID period. Sectors such as BFSI, retail, consumer goods, healthcare adopted such solutions during the lockdown, thereby growing its demand considerably.

This has also motivated brands to adopt customer relationship management applications to provide a seamless experience to their customers. Furthermore, the increasing application of digital platforms that use AI and its increasing usage by customers to engage with brands and organizations is projected to boost the market growth in the forecast period.

Key takeaways:

• North America is projected to dominate the market and is likely to have garnered about 44% of the market share of the global revenue in 2022.
• India and Singapore are at the forefront positions across the APAC, with 40% of the market share of the establishments using the insights.
• By customer service, the customer service segment is expected to dominate the market evaluation 20% of the market share of the global revenue share in 2022.

Growth Drivers:

• Demand in the growth for AI-powered software across digital technologies which plays a significant role in driving the market in the coming time
• Demand in sales of automated engagement with customers and providing a seamless customer experience and services

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Competitive Landscape:

The competitive landscape of the Customer Relationship Management market focuses on the market that adopts various strategies such as collaboration, partnership, and acquisition to expand its global market reach.

• In November 2020, Microsoft Corporation disclosed an alliance with Adobe Systems, Inc. and C3.ai to offer developed and efficient AI-powered CRM solutions.
• In April 2020, Zoho Corporation Pvt. Ltd., launched Bigin. It is a CRM software launched for SMEs which will enable them to build multiple customer pipelines.
• In February 2021, Copper CRM, Inc. acquired Sherlock to assist clients in strengthening their relations with customers. 

Key Companies Profiled by Fact.MR

• Oracle Corporation
• Insightly Inc.
• Microsoft Corporation
• Copper CRM, Inc.
• ADOBE INC.
• SugarCRM Inc.
• Salesforce.com, Inc.

More valuable insights on the Customer Relationship Management Market: 

Fact.MR, in its report, offers a market analysis of the global Customer Relationship Management Market the forecast period through 2022 and beyond. This survey reveals the growth of sports in the Customer Relationship Management Market with detailed segmentation as follows:

By Deployment

• Cloud
• On-Premise

By End Use

• Government & Education
• Healthcare
• BFSI
• Retail
• Discrete Manufacturing
• IT & Telecom
• Others

By Solution

• CRM Analytics
• Social Media Monitoring
• Marketing Automation
• Customer Experience Management
• Salesforce Automation
• Customer Service
• Others

By Enterprise Size 

• Small & Medium Enterprise
• Large Enterprises

Key Questions covered in the Customer Relationship Management Report

How much was the global customer relationship management industry worth in 2021?

What is the expected market value for the customer relationship management in 2022?

What was the value CAGR of the customer relationship management industry from 2015 to 2021?

At what percentage will customer relationship management revenue flourish from 2022-2032?

What is the projected market value for customer relationship management as of 2032?

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