Global CRM Market to Reach US$ 110.3 Billion by 2028 According to the latest research report, the global customer relationship management (CRM) market size reached US$ 57.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 110.3 Billion by 2028, exhibiting a growth rate (CAGR) of 11.2% during 2023-2028.
Global Customer Relationship Management Industry Trends and Drivers:
Artificial intelligence (AI) is one of the primary factors driving market growth. For instance, organizational departments, including sales and marketing and customer service and support, are extensively integrating customer relationship management (CRM) systems with AI to enhance customer experience and feedback, develop strong bonds with them, and thereby positively influence market growth.
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Additionally, rapid digital transformation is escalating the demand for CRM solutions due to the growing usage of digital channels like social media platforms by individuals to interact with brands. Besides minimizing costs, increasing response times, and enhancing consumer satisfaction, CRM solutions are also enabling companies to effectively interact with employees in a remote-working environment, driven by the sudden outbreak of coronavirus disease (COVID-19) and the widespread adoption of work-from-home (WFH) policies. Other major growth-inducing factors include the shifting preferences from push marketing to pull marketing, the increasing popularity of cloud solutions, and constant technological advancements in business intelligence.