Growing Cyber Attacks to Hinder the Adoption of CRM Applications: Fact.MR Report

Increased Application of AI-Powered Software to Boost the Customer Relationship Management Market

The Fact.MR market study on the customer relationship management market provides deep dive into key developments in the customer relationship management market. The report offers comprehensive analysis of leading segments in terms of by deployment, by end use, by solution, and enterprise size

The global customer relationship management market size expanded at a CAGR of 11% during the forecast period from 2022 to 2032 and is expected to secure a market value of US$ 164.68 Bn by the forecast period 2032.

The growing demand for AI-powered software across digital technologies plays a significant role in driving the market in the future as the PWC Experience Center report reveals that half of the organizations that adopted the digital transformations method were successful in offering a seamless experience to their customers.

The cases of growing data breaches with the usage of software are expected to hinder the market. The software system carries various personal details such as credit card information, corporate intelligence, patient health data, sales data, and financial information.

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It aims to work for service, marketing, and sales team. In another instance, it rolled out Service Cloud 360. It provides connected and personalized service from anywhere on a digital engagement platform.

 

The expansion in the market size can be attributed to the increased usage of software solutions to enhance the customer experience, especially during the COVID period. Sectors such as BFSI, retail, consumer goods, healthcare adopted such solutions during the lockdown, thereby growing its demand considerably.

This has also motivated brands to adopt customer relationship management applications to provide a seamless experience to their customers. Furthermore, the increasing application of digital platforms that use AI and its increasing usage by customers to engage with brands and organizations is projected to boost the market growth in the forecast period.

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Key takeaways:

• North America is projected to dominate the market and is likely to have garnered about 44% of the market share of the global revenue in 2022.
• India and Singapore are at the forefront positions across the APAC, with 40% of the market share of the establishments using the insights.
• By customer service, the customer service segment is expected to dominate the market evaluation 20% of the market share of the global revenue share in 2022.

Growth Drivers:

• Demand in the growth for AI-powered software across digital technologies which plays a significant role in driving the market in the coming time
• Demand in sales of automated engagement with customers and providing a seamless customer experience and services

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