The driving force behind the growth of CRM is the increasing focus on digitisation.
The global customer relationship management (CRM) market size is expected to gain momentum by reaching USD 128.97 billion by 2028 from USD 58.04 billion in 2021, while exhibiting a CAGR of 12.1% between 2021 and 2028, predicts Fortune Business Insights in its latest report, titled, “Customer Relationship Management (CRM) Market, 2021-2028.”
The report further mentions that the market stood at USD 52.64 billion in 2020. The driving force behind the growth of CRM is the increasing focus on digitisation.
In the aftermath of the COVID-19 crisis, the evolving consumer preference and the growing adoption of remote working culture enabled the organisations to adapt their strategies. This further led the companies to adopt automated and real-time tracking solutions such as CRM to ensure enhanced customer experience and high operational efficiency.
According to the report, the increasing demand for these solutions enabled the market to exhibit a CAGR of 10.1% in 2020 and is projected to showcase exponential growth in the forthcoming years.
Based on application, the lead generation & customer retention segment held a global customer relationship management (CRM) market share of about 32.5% in 2020 and is expected to experience considerable growth during the forecast period. This is attributed to the increasing focus on digitization of business processes to ensure retention of leads by providing an overall optimum customer experience worldwide.