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Worldwide customer relationship management software market size 2015-2023

The global customer relationship management (CRM) software market is forecast to grow to 40.26 billion U.S. dollars in size in 2023. This is a projected increase of more than five billion U.S. dollars from 2018, at a compound annual growth rate (CAGR) of 2.8 percent.

Customer relationship management

Customer relationship management, or CRM, is the technology used to analyze and manage a company’s interaction with customers or potential customers. The goal of CRM is to improve companies’ relationships with customers, therefore increasing customer retention rates and ultimately driving sales growth. According to a 2018 survey, only 16 percent of U.S. organizations considered their company’s delivery of real-time customer interactions across touch points and devices as effective, showing that it is important for organizations to make use of the CRM technology. Scaling customer-centered decisions and actions across function in the business is the main driver behind organizations’ increased investment in real-time customer analytics in the United States.

CRM vendors

Salesforce is the leader in the CRM applications market, with a share of 16.8 percent in 2018. Other contenders in the market include Oracle and SAP, with 5.7 and 5.6 percent market shares respectively in 2018.

Customer relationship management (CRM) software market revenues worldwide from 2015 to 2023

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Sources

Release date

December 2019

Region

Worldwide

Survey time period

2015 to 2018

Supplementary notes

* Forecast.

For this statistic, the figures from 2019 to 2022 were rounded after being calculated using a constant annual growth rate of 2.8 percent CAGR, based on data provided by the source.

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