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Software industry

Global Customer Relationship Management (CRM) Software Market to Reach $81.9 Billion by 2024

Strategic Insights

— 1 min read

The customer relationship management (CRM) software market is experiencing significant growth, driven by the increasing demand for customer-centric strategies, the adoption of cloud-based solutions, and the need for improved efficiency and productivity. The market is projected to reach $81.9 billion by 2024, registering a compounded annual growth rate (CAGR) of 11.4% over the analysis period.

Key Takeaways:

  • The global Customer Relationship Management (CRM) Software market is expected to reach $81.9 billion by 2024, growing at a CAGR of 11.4% over the analysis period.
  • The United States represents the largest regional market for Customer Relationship Management (CRM) Software, accounting for an estimated 49.7% share of the global total.
  • China is expected to spearhead growth and emerge as the fastest growing regional market, with a CAGR of 16.1% over the analysis period.
  • The demand for CRM software has been growing rapidly due to the customer-centric approach of businesses and organizations.
  • Mobile CRM and social CRM are notable trends in the global CRM software market, driven by the increasing penetration of smart mobile devices and growing user base of social media channels.
  • Security concerns, such as data breaches and GDPR compliance, are major factors impeding growth in the CRM software market.
  • The US continues to generate significant revenue for the global CRM software market, driven by the adoption of advanced CRM variants such as social CRM and CRM analytics.
  • The Asia-Pacific region, particularly China and India, will drive robust demand for CRM software due to positive economic growth, booming enterprise segment, and strong manufacturing and industrial sectors.

Statistics:

  • The global Customer Relationship Management (CRM) Software market is projected to reach $81.9 billion by 2024, with a CAGR of 11.4% over the analysis period.
  • The United States has an estimated 49.7% share of the global total CRM software market.
  • China is expected to grow at a CAGR of 16.1% over the analysis period.
  • The Asia-Pacific region will drive robust demand for CRM software due to positive economic growth, booming enterprise segment, and strong manufacturing and industrial sectors.
  • As of 2021, there are 74 players covered in the CRM software market, including Adobe Inc., AMDOCS Ltd., Huawei Technologies Co., Ltd., and others.

Sources:

  • Global Industry Analysts, Inc. (GIA), "Customer Relationship Management (CRM) Software - Global Market Trajectory & Analytics," May 2021.
  • Global Industry Analysts, Inc. (GIA), "Customer Relationship Management (CRM) Software - Global Market Trajectory & Analytics," May 2021, Executive Pool: 45,244.

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