According to the research report titled ‘Global Customer Relationship Management Market Size study, by Solution (Customer Service, Customer Experience Management and Others), by Deployment (On-Premise and Cloud), by Enterprise Size (Large, Medium and Small), by End Use (BFSI, Retail and Others), and Regional Forecasts 2021-2027’, available with Market Study Report, global customer relationship management market was worth USD 42 billion in 2020 and is expected to register 9.5% CAGR over 2021-2027 to reach a valuation of USD 79.84 billion by the forecast period end.
 

Emphasis among end-use industries to enhance customer experience, and increasing adoption of digital channels for customer engagement after the COVID-19 pandemic are catalyzing the growth of global customer relationship management market.
 

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The United Nations Conference on Trade and Development reported that industries and consumers opted hugely for digital trade, which raised e-commerce's share from 14% in 2019 to about 17% in 2020 in retail trade over the world.
 

For the unversed, customer relationship management, abbreviated as CRM is a solution used for managing business relationships and communications with customers as well as potential clients. CRM facilitates in streamlining processes, identifying and categorizing leads, offering better customer support, increasing referrals from existing customers, and improve overall profitability. Wide range of cloud CRM offerings like IaaS, PaaS and SaaS is also propelling the industry scenario.
 

Elaborating on the negatives, data privacy and security issues with cloud CRM are likely to restrain the market growth over the projected timeframe.
 

With respect to solution, the industry vertical is divided into customer experience management, customer service, marketing automation, salesforce automation, CRM analytics, social media monitoring, and others, whereas based on deployment, the market sphere is bifurcated into cloud, and on-premise.
 

With respect to enterprise size, worldwide customer relationship management market is fragmented into large enterprises, and small & medium enterprises. In terms of end-user terrain, the industry space is classified into BFSI, IT & telecom, healthcare, retail, government & education, discrete manufacturing, and others.
 

From a regional point of view, North America, Europe, Latin America, and Asia pacific are major contributors to industry remuneration. Among these, North America presently holds a major market share, owing to escalating per capita income, and extensive adoption of CRM solutions across end-use industries.
 

Parallelly, Asia Pacific industry is slated to register a strong growth rate over the forecast period, creditable to increasing discretionary income, government push for digitalization, and inclination for improved management and customer services among businesses.
 

Leading companies in global customer relationship management market include Microsoft Corporation, Oracle Corporation, SugarCRM Inc., Copper Inc., Creatio, Salesforce.com Inc., SAP SE, Insightly Inc., Adobe Inc., and Zoho Corporation among others.