by Customer relationship management (CRM) software allows organizations to better manage their interactions with current and potential customers. CRM provides customer data storage capabilities that help companies gain insights into customer behavior, needs, and preferences over time to deliver personalized customer experiences. Additionally, it streamlines marketing, sales, and customer support processes through features like contact management, activity tracking, reporting and analytics.
The global Customer Relationship Management Market is estimated to be valued at US$ 81.87 Mn in 2024 and is expected to exhibit a CAGR of 11. % over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of cloud-based CRM solutions continues to drive significant growth in the customer relationship management market. Legacy on-premise systems require large upfront capital investments and ongoing maintenance costs. However, cloud-based CRM platforms offer advantages such as flexible cost structures based on monthly or annual subscriptions, automatic software upgrades, scalability, and easy accessibility from any internet-connected device. They allow businesses, especially small and medium enterprises, to optimize their budgets and focus more on customer experience improvement. Rapid digital transformation across industries is further propelling the cloud-based deployment of CRM systems.
SWOT Analysis
Strength: The customer relationship management market offers benefits like streamlining processes, increasing customer satisfaction and loyalty, gaining valuable customer insights.
Weakness: High initial costs, requirement of trained professionals for implementation and maintenance, data privacy and security concerns.
Opportunity: Growing adoption of cloud-based CRM solutions, emergence of social CRM and analytics.
Threats: Availability of open-source and freemium CRM solutions, evolving customer needs and technological disruptions.
Key Takeaways
The Global Customer Relationship Management Market Size is expected to witness high growth over the forecast period of 2024 to 2031 supported by growing digital transformation across industries.
Regional analysis: North America currently dominates the CRM market owing to high technology adoption rates and presence of major players in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing investments in cloud-based solutions by enterprises in countries like China, India.
Key players: Key players operating in the customer relationship management market are Toyota Industries Corporation Group, Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., UniCarriers Americas Corporation, Anhui Heli Company Limited, Komatsu Ltd., Clark Material Handling Company. These players are focusing on new product launches and partnerships to strengthen their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
