Customer Relationship Management Industry Data Book - Customer Experience Management, Customer Self-service Software, Digital Experience Platform, Sales force Automation Software, Sales Training Software, Marketing Automation Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030

Database Overview

Grand View Research’s customer relationship management industry databook is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.

The following data points will be included in the final product offering in 6 reports and one sector report overview:

Customer Relationship Management Industry Data Book Scope

Customer Relationship Management Industry Data Book Coverage Snapshot

Customer Relationship Management Industry Outlook

Customer relationship management solutions are gaining widespread popularity in diverse industries. As businesses become more customer-centric, the CRM market is expected to witness rapid growth over the forecast period. Ongoing trends such as hyper-personalization of customer service, use of AI and automation, and various customer value models are the key attributes propelling the growth of the segment.

Moreover, implementing robust social media customer service can help reduce costs, increase response times, improve customer satisfaction, and increase the adoption of CRM platforms across industries. The adoption of CRM software is currently gaining traction in various industries owing to the changing nature of the software in terms of functionalities and features. CRM suites also enable enterprises to gauge business performance and track the sales trajectory, which is turning out to be a lucrative feature for businesses. Salesforce.com’s rapid growth in recent years indicates that cross-sales to existing customers with an installed base for add-ons and upgrades are also contributing to the growth of the market.

The continued digital transformation across various industries is prompting businesses to replace the existing array of solutions required to create, manage, and enhance their digital presence with a unified solution that can serve all the purposes. Moreover, there is increased adoption of social and mobile solutions. This can be attributed to the fact that there are several mobile customer relationship management solutions in the market that deliver a wide range of capabilities on any device connected to the network. Real-time access to such solutions is another major advantage offered by mobile CRM. In addition, the number of smartphone users is increasing exponentially across the globe, which is consequently widening the potential customer base of these solutions. 

Customer Experience Management Market Analysis And Forecast

Customer experience strategies are being adopted by numerous brands and organizations due to the growing importance of understanding consumer behaviour and preferences such as consistently engaging and communicating with customers, establish a long-lasting programmer, and use of automation to provide the finest service performance to consumers in real-time.

The rapid adoption of smart technologies, such as advanced machine learning and artificial, has decreased the cost of storage and computing. For instance, to help automakers deliver maintenance services with inside-vehicle sensors that can detect when a consumer needs any form of care, as well as to better understand what individuals do in their automobiles, the automakers are using Artificial Intelligence (AI), Internet of Things (IoT), and analytics.

Technology advances will enable enterprises to plan, manage, and enhance their end-to-end consumer experience management, which is expected to fuel market expansion. Enterprises are investing in artificial intelligence-based customer services to increase productivity by reducing complaint resolution and call processing. AI and its applications are revolutionizing how businesses communicate with end consumers. Additionally, it enables companies to prioritise content strategies that might be in line with the touchpoints of the buyer journey, give relevant information, boost sales, and enhance the customer journey.

Growing investments are also contributing to the market expansion in the development of improved customer experience management and better marketing technology to aid consumers in making cognitive decisions. One of the primary factors promoting the customer experience management market growth is the increasing trend of spending in customer retention methods. According to Harvard Business Review, the cost of keeping an existing customer is 25% less than the cost of finding a new one.

Furthermore, additional studies have shown that repeat consumers have a tendency to make larger purchases from a company with products priced differently, which contributes to greater business expansion. Therefore, strengthening customer experience management is essential to guaranteeing client retention and happiness and therefore increasing sales for any company in sectors including manufacturing, retail, banking, and entertainment.

Customer Self-service Software Market Analysis And Forecast

The growing need for delivering instant information among organizations in order to increase their productivity and operating efficiency is anticipated to drive market growth. The rising need to develop a better customer relationship platform to enhance the customer experience and retain the existing one is driving the demand for the market over the forecast period.

The customer self-service software enables users to quickly and easily find answers to their questions through an automated interview, improving user experience instead of using standard search methods. Self-service solutions, allows users to access data anywhere and anytime, are being developed with a user-centric platform strategy with the intention of accelerating market growth.

 Furthermore, many small and medium-sized organizations are focusing on to cut down contact centre expenses. The customer self-service software could help these organizations to minimize these expenses and to focus on increasing the profit margin. Organizations across the globe uses customer self-service software to increase their reach to customers and offer them 24/7 support when they needed. The software also allows enterprises to satisfy and retain their customers and allow customer to take fastest services experience across various channels of information. These factors are anticipated to drive the demand for the market over the forecast period.

Organizations are outsourcing their customer services to multiple contact centres. The high dependence on the human interface and high costs have increased the burden on expenditures and also the quality of customer service has dropped. Thus, owing to the above-mentioned factors, the growing need to reduce the customer churn rate and to avoid excessive costs, organizations across the globe are striving to adopt customer self-service software.

With rising demand from individuals for relevant and up-to-date information, organizations across the globe starts integrating customer self-service software into their employee relationship management and Customer Relationship Management (CRM) platform is expected to boost the growth of the market over the forecast period.

Digital Experience Platform Market Analysis And Forecast

The growing number of internet users and the shifting focus of end-use companies toward digital marketing and services to enhance consumer experience are driving the digital experience platform market growth across the globe. The integration of emerging technologies such as big data analytics and cloud computing plays a vital role in improving the productivity of DXPs, thereby supporting market growth.

 Digital experience platforms assist companies in providing enhanced consumer experience across all channels, including physical touchpoints, social media, mobile applications, and websites. Moreover, with these platforms, companies can optimize the content creation and actively improve their digital channel to attract a potential consumer base. Various brands are now preferring digital experience platforms to enhance customer engagement and improve brand identity.

Incumbents of several industries and industry verticals have started pursuing a customer-centric approach in dealing with real-time customer data. Digital experience platforms can help these industry incumbents in obtaining a unified view of customer interactions, activities, and data across multiple applications and touchpoints. Digital experiences inculcated and offered by the companies also hold the potential to increase operational productivity and enhance customer engagement in the long run. As such, enterprises are prioritizing various components of digital experience to attract tech-savvy, self-educating customers.

The increasing popularity of digital bank systems is accelerating the adoption of digital experience platforms in the BFSI sector. With DXPs, insurance companies empower their various portals of policyholder, agent or broker, underwriter, provider, member, claims, digital workplace, and customer service department with seamless operating experience. Market players are focusing on developing BFSI market-specific DXPs to improve their brand value and increase their banking clients.

For instance, in June 2022, Pathlight, a performance intelligence service provider, unveiled new AI-enabled Workforce Management (WFM) and Quality Assurance (QA) feature of its experience platforms at Customer Contact Week (CCW) in Las Vegas, Nevada.

Sales force Automation Software Market Analysis And Forecast

The growth of the market can be attributed to the increasing adoption of cloud sales force automation software. Cloud integration allows for automating of the flow of data between different systems being used, creating efficiency and increasing productivity. Also, the increasing demand for reducing the duration of sales cycle will act as a major factor influencing the growth of the sales force automation software market.

Sales force automation software allows businesses to handle customer databases, orders, invoices, and account information automatically, which also provides real-time system monitoring. As a result, adopting sales process automation software boosts company productivity and lowers the probability of errors. Additionally, the rise in smartphone adoption and the rising demand for business intelligence and insights are expected to bolster the demand for salesforce automation software over the forecast period.

Furthermore, the growing usage of 4G and 5G mobile technology makes it simpler to configure, use, and upgrade data for sales force automation applications based on various operating systems like Windows, Android, and iOS, which is anticipated to propel the growth of the sales force automation software market in the future.

Artificial intelligence (AI), Machine Learning (ML) is getting a lot of traction in technology and is expected to enhance salesforce automation. Also, the increasing demand for reducing the duration of sales cycle will act as a major factor influencing the growth of sales force automation software market. The entire sales lifecycle is becoming machine-driven and intelligent due to machine learning and artificial intelligence transforming how businesses approach sales.

The internal sales team's contact with other department heads is streamlined by the sales force automation software, which integrates easily with CRM platforms. It gives the internal sales staff all the support they require by allowing them to access numerous leads from sales intelligence, thorough corporate information, and a single screen to create a workforce that is faster and smarter. These factors would increase the favorable chances for the market expansion of sales force automation software.

Sales Training Software Market Analysis And Forecast

Due to increasing corporate competitiveness and shifting consumer demands, both large companies and Small & Medium Enterprises (SMEs) regularly spend in the training of their sales teams and other personnel. Furthermore, there are significant market potential due to the growing use of CRM software, which offers tools for sales enablement to enable effective communication with other sales representatives.

Advancement in emerging technologies such as Artificial Intelligence (AI), big data analytics, and cloud computing is creating robust market opportunities for sales training software. AI integration in businesses offloads sales tasks and enables sales managers to develop strategies for generating more leads. Further, sales representatives can better identify the prospects who are likely to buy from them.

The many end-use companies are focusing into marketing and advertising their products to boost net sales and maintain competitiveness in their individual markets, which is supporting the industry trend. To raise knowledge of the industry-specific products, the well-established associations from a variety of end-use industries, including automotive, healthcare, retail & e-commerce, and logistics & transportation, provide sales training programmes.

The sales training programmes includes numerous sales coaching tools, automated action plans, learning courses, activities, and quizzes. The market participants are concentrating on mergers and acquisitions to diversify their consumer base and service offerings.  The sales training programme includes numerous sales coaching tools, automated action plans, learning courses, activities, and quizzes. The market participants are concentrating on mergers and acquisitions to diversify their consumer base and service offerings.

For instance, in October 2021, LevelJump, a sales enablement solutions developer has been acquired by Salesforce, Inc. With LevelJump's cutting-edge, outcome-based coaching and enablement integrated into the Sales Cloud interface, Salesforce, Inc. will able to improve engagement and have a demonstrable impact on the sales process.

Marketing Automation Market Analysis And Forecast

The digitalization of various industries, increasing internet usage, and the popularity of mobile devices, the market for marketing automation has been growing rapidly. The rising demand for tailored advertising, user retention for business growth, and the requirement for an informed advertising strategy are some of the key factors anticipated to propel the growth of the marketing automation market. Additionally, the demand for business automation and insights, growth in big data and data analytics solutions, and increased usage of IoT devices will drive the market's expansion over the forecast period.

Marketing automation is a technology that aids businesses in creating stronger consumer engagement initiatives by removing tedious activities and allowing the promotions department to concentrate on more important matters. In addition to other things, the technology makes it easier to manage lead generation and customer lifecycle marketing. Additionally, almost 45% of people use social media globally. As a result, the industry will grow in the years to come owing to the increasing use of mobile devices, the internet, and social media.

Artificial intelligence (AI), data-driven marketing, and SEO will give marketing solution providers a competitive edge in the age of digitization and aggressive marketing tactics. In the upcoming years, AI will present businesses, sectors, and nations with new opportunities that might enhance the global GDP by up to 14% by 2030.

Globally, consumers have transformed how they perceive information, share ideas, and study products & services before making a purchase. They now recognize the conventional strategies used by sales and marketing teams and know how to avoid them. They have advanced in technology and rely on information found on search engines, blogs, and other social media platforms. 

Competitive Landscape

The market is competitive with the presence of major Adobe Inc., IBM Corporation, Salesforce.com, Inc., Sitecore among others. These companies maintain an exhaustive product portfolio and are employed to maintain a competitive edge in the market, their product offerings, the applications segment they served, the sophistication of their technology, their strategy to differentiate their products, and their industry impact. The key strategies include strategic collaborations, partnerships, and agreements; new product development; capability expansion; mergers & acquisitions; and research & development initiatives. For instance, in January 2022, Salesforce.com, Inc. announced a partnership with PayPal, a multinational financial technology company offering seamless online payment solutions. The partnership allowed e-commerce brands who are using Salesforce easy click-based configurations that reduced check-out friction and drove the sales.

Product innovations and new product development are the primary strategic growth tactics used to strengthen their market position. Microsoft Corporation, Oracle Corporation, SAP SE are some key vendors actively engaged in innovation and product upgrades. For instance, March 2022, Microsoft Corporation introduced new product innovation designed to improve the hybrid work experience. The features include shared channels that enable collaboration with employees inside as well as outside the organization, language interpretation that converts the language in near real-time, and Microsoft Team Phone that assigns a single business-provided mobile phone number for mobile devices and desktops. 

Key Drivers

• Growing preference for Software-as-a-Service (SaaS) solutions

• The growing popularity of social CRM

• New business models to increase and retain the customer base

• Increasing investments in technologies to improve customer experience

• Growing emphasis on enhancing customer experience through omnichannel solutions

• Growing adoption of CRM software in healthcare and hospitality industry verticals