Customer Relationship Management (CRM) solutions help organizations track customer interactions, maintain customer data, and streamline processes related to customer services. CRM products provide actionable customer insights and intelligence through customer data analytics and predictive analytics capabilities. Organizations leverage CRM tools to gain a 360-degree view of customers, identify opportunities to provide superior customer experience, and enhance customer retention. The growing dependency of businesses on data-driven decision making is driving the demand for Customer Relationship Management solutions that can capture, organize, and analyze customer interactions and purchase behavior.
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:
One of the key trends driving the Customer Relationship Management market is the increasing adoption of cloud-based CRM solutions. Cloud deployment models offer scalability, reduced upfront costs, and flexible subscription models. Cloud-based CRM applications are easier to scale up or down based on business needs without heavy infrastructure investments. They also allow small and medium enterprises to leverage advanced CRM capabilities at affordable prices. This has resulted in a growing preference for Software-as-a-Service (SaaS) delivery of CRM. Industry experts predict that cloud adoption will continue to rise in the Customer Relationship Management market over the forecast period as more businesses recognize the advantages of the cloud model.
Threat of new entrants: The CRM market requires large investments in technologies and research and development. Established brands have strong brand loyalty which acts as a barrier for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various product options from different vendors.
Bargaining power of suppliers: A few major players dominate the supply market, giving them significant bargaining power over buyers.
Threat of new substitutes: There is a low threat from substitutes as CRM caters to core business needs of customer relationship management.
Competitive rivalry: The global CRM market is highly competitive due to presence of numerous international and regional vendors.
The Global Customer Relationship Management Market Size is expected to witness high growth over the forecast period. The Asia Pacific region is expected to witness the fastest growth led by countries like China and India. Increased digitalization initiatives across industries are driving the demand for CRM solutions in the region.
Regional analysis: North America dominates the global market currently due to presence of major players and highly developed economies. However, Asia Pacific is expected to grow at the fastest pace with over 15% CAGR due to growing digitalization, increasing demand from small and medium enterprises.
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, Doosan Industrial Vehicle, Hangcha Group Co. Ltd., JBT Corporation, Combilift Ltd., Godrej & Boyce Mfg. Co. Ltd, Linde Material Handling. These players are focusing on new product launches and partnerships to gain more market share.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it