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Customer Relationship Management Market Size to Surpass USD 170 BN by 2030

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London, May 16, 2022 (GLOBE NEWSWIRE) — According to Precedence Research, the global customer relationship management market size was accounted at USD 61.57 billion in 2021. The North American market will dominate the market size during the forecast due to an increase in the competitiveness, amongst the service providers and the fast-developing businesses the demand for this software is expected to grow. The use of advanced technology is also expected to give a boost to the market. As many major market players are located in the North American region in the US, the US market is expected to show a great growth during the forecast. There shall be a steady growth in the Latin American markets. As there is a rising demand for software’s in the industrial sectors like the healthcare, retail and BFSI.

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The Asia Pacific market is expected to grow rapidly during the forecast. There is a high demand for the CRM in this region. Due to increased adoption of new technologies, the demand for the CRM software’s has increased in the Asia Pacific region. The retail industry poses a high demand for the CRM market in the Asia Pacific region. Countries like Japan, India, China and Southeast Asia have different demographics and all of these reasons are expected to give a boost to the CRM market. As there is digitalization across the world, the Middle Eastern African countries are also expected to adopt this technology. In order to provide customer details, security and customer experience to the already existing customers and the new customers. The companies in this location are also adopting the technology.

Scope of the Report

Report Attributes Details
Market Size in 2020 USD 61.57 Billion
Revenue Forecast by 2030 USD 170 Billion
CAGR 13.3% from 2022 to 2030
Largest Market North America
Fastest Growing Market Asia Pacific
Companies Covered Salesforce.com, Inc., Oracle Corporation, ADOBE INC., SugarCRM Inc., Insightly Inc., Microsoft Corporation, SAP SE, Zoho Corporation Pvt. Ltd, Copper CRM, Inc., Creatio

Report highlights.

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  • On the basis of the component used, the software segment dominated the CRM market and it is expected to grow during the forecast. There is an increased adoption of the CRM software as it helps in gaining strategic and competitive advantage. The software is able to provide strong customer retention. The software segment also helps in acquiring new customers and retaining those customers from the industrial verticals.
  • On the basis of the deployment mode, the cloud-based segment is expected to grow during the forecast. As there is an increasing demand for customer relationship management software in small and medium scale organisations which prefer the cloud deployment.
  • The Asia Pacific market is expected to show the highest growth during the forecast due to strong economic growth and developments in the businesses.

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Market Dynamics

Drivers

In order to increase the customer base, the CRM is expected to be in demand. The CRM software help in lead generation and retention of the customers. So, the demand for these software’s is expected to grow during the forecast. The businesses are able to have sales automation, lead generation and retention facilities and also support provided by these software’s. So, there is optimum utilization of resources and increase efficiency. Due to the digital transformation across donations, many industries are adopting the CRM software’s. The option of the CRM software has helped in the increase in service and product inquiries and help in the lead creation. The customer support software and the contact center software are expected to have a good market share.

Restraints

A huge quantity of personal as well as confidential data from the businesses and consumers is stored in the CRM software. Credit card information, sales data, the financial information, patients’ health card and banking instructions are all included in the CRM software. Ensuring the safety and security of all of this data is a major issue for all the organizations. Stringent rules are made by the governments of various nations in order to protect the consumer data. There is a lot of data breach through the CRM software. So, it increases the security threat. the major restraint for the growth of this market is the increasing security threats to the information which is stored on the CRM softwares.

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Opportunities

Due to the integration of artificial intelligence in the CRM softwares there is expected to be a fast growth across the globe. Integration of artificial intelligence in the CRM systems helps in improving the customer experience. It helps in machine learning, deep learning, natural language processing etc.

Challenges

The time and the cost required for implementing the CRM software is challenging. It takes a lot of time, efforts, money and training. Another challenge for the CRM software is that even after trying to convince the teammates, there will be some people who will not want to use the software. The CRM softwares are not scalable with a growing business and therefore this is also a challenge. In case there is less research in order to understand what is needed for the business, a wrong type of CRM software will be chosen and implemented and this will lead to the failure of business.

Recent Developments

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  • Oracle Crowd Infrastructure launched new capabilities and services. In March 2022 Which will help in. Greater flexibility to the customers. It will help in providing automatically adjusting resources in order to fit the application needs.
  • Infusion Software Inc introduced smart client management software in November 2020 for the small businesses.

Market Segmentation

By Component

  • Software
  • Services

By Deployment

  • On-Premise
  • Cloud
  • Hybrid

By Application

  • Marketing and sales automation
  • Customer management
  • Lead generation and customer retention
  • Others.

By End User

  • BFSI
  • Manufacturing
  • Retail and consumer goods
  • Health care
  • IT and telecommunications

By Solution

  • Customer Service
  • Customer Experience Management
  • CRM Analytics
  • Marketing Automation
  • Salesforce Automation
  • Social Media Monitoring
  • Others

By Enterprise Size

  • Large Enterprises
  • Small & Medium Enterprise

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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About Us

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

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Artificial Intelligence

Xinhua Silk Road: E China’s Changzhou City unveils investment opportunities in sectors of new productive forces for global investors

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BEIJING, Sept. 29, 2024 /PRNewswire/ — Changzhou City, an leading international smart manufacturing base located in east China’s Jiangsu Province, has released a bunch of investment investment opportunities to global investors in various sectors of new productive forces at the the 2024 New Energy Industry Development Conference & Invest in Changzhou Conference held in the city on September 19.

The investment opportunities covers nine areas including synthetic biology, low-altitude economy, intelligent connected new energy vehicles, solid-state batteries, hydrogen energy, third-generation semiconductors, and artificial intelligence, manifesting the confidence of Changzhou in further opening development. 
Changzhou, seated in the axis of the Yangtze River Delta, has become an important base for advanced manufacturing in China.
In recent years, thanks to intensified efforts in developing new energy industry and fostering new quality productive forces, Changzhou has expanded the added value of its industrial sector to more than two trillion yuan, with manufacturing added value accounting for about 43 percent, both ranking among the top three in Jiangsu Province.
In the Hurun China New Energy Cities 2024, a list released by the Hurun Research Institute at the conference, Changzhou ranked first among other cities in the country for three consecutive years in terms of investment attractiveness and concentration.
Changzhou has accumulated a total of 10.59 billion US dollars (nearly 74.25 billion yuan) in terms of actually utilized foreign capital since 2020. Major projects such as soft magnetism of ArcelorMittal and medical device of BIOS, a Hong Kong-based company, have been launched during the conference. 
In addition, Changzhou has released a multilingual guide for foreign nationals in Changzhou at the conference, which includes practical service items in stay and residence, work, convenient payment options, among others, turning the city into a more open and international place.
Original link: https://en.imsilkroad.com/p/342380.html
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Artificial Intelligence

CGTN: China honors individuals with highest awards in celebration of 75th National Day

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BEIJING, Sept. 29, 2024 /PRNewswire/ — Huang Zongde enlisted in the Chinese People’s Liberation Army at the age of 17, beginning a nearly four-decade-long military career where his bravery, valor and devotion earned him countless awards and honors.

The heavily decorated 93-year-old received the highest state honor on Sunday when Chinese President Xi Jinping conferred him with the Medal of the Republic at a ceremony in the Great Hall of the People in Beijing.
China awarded national medals and national honorary titles to 15 individuals, including Huang, in recognition of their contribution and achievement as it celebrates the 75th anniversary of the founding of the People’s Republic of China, which falls on October 1.
Chinese heroes and role models
In addition to Huang, three others were awarded the Medal of the Republic. Wang Yongzhi, a missile and rocket expert and a pioneer of China’s manned space program, was honored posthumously. Wang Zhenyi, a medical scientist known for breakthroughs in leukemia treatment, and Li Zhensheng, an expert in wheat breeding, are also among the honorees.
The national honorary titles went to 10 people, including scientists, a border patrolman, an artist, a craftsman, educators, a health worker, an economist and an athlete.
Addressing Sunday’s awarding ceremony, President Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, called on the Chinese people to learn from heroes and role models to form a mighty force to build a strong China.
China is in a crucial period for building a great modern socialist country in all respects and achieving national rejuvenation through Chinese modernization, he said.
Encouraging the Chinese people to strive for extraordinary achievements at ordinary job posts, Xi urged them to contribute to resolving challenges to development and reform and safeguarding social harmony and stability.
China’s old friends and good friends
As its highest state honor for foreigners, China awarded the Friendship Medal to Dilma Rousseff, president of the New Development Bank and former Brazilian president, for her commitment to the friendship between China and Brazil, and development of relationship between China and the Community of Latin American and Caribbean States, and cooperation among BRICS countries, a group of major emerging economies.
Accepting the honor at the ceremony, Rousseff said the medal symbolizes the strong bonds between Brazil and China and pledged to continue her unremitting efforts to promote the friendship.
China’s achievements over the decades, including economic transformation, technological innovation and remarkable social development, have made it a beacon and a source of inspiration for the world, she said.
Xi lauded Rousseff as an outstanding representative of China’s old friends and good friends who have shared the same aspirations and stood together with the Chinese people over the past 75 years and vowed that China will never forget such international friends.
The Chinese people are ready to join hands with people from all over the world to safeguard world peace, promote common development and advance the building of a community with a shared future for mankind to create a better future for humanity, he said.
https://news.cgtn.com/news/2024-09-29/China-honors-individuals-with-highest-awards-ahead-of-National-Day-1xhS1SaZeZa/p.html
 

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Artificial Intelligence

Kazakhstan Government Delegation Visited SUPCON

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HANGZHOU, China, Sept. 29, 2024 /PRNewswire/ — On September 26, a delegation from the Ministry of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan, led by Minister Madiyev Zhaslan, visited SUPCON. SUPCON’s Chairman and President, Mr.Cui Shan, warmly welcomed the delegation.

The Kazakhstan government representatives expressed their appreciation and recognition of SUPCON’s expertise and innovation in intelligent manufacturing, digital transformation, and industrial AI.
Madiyev Zhaslan expressed a strong interest in industrial AI technologies of SUPCON, particularly their applications in intelligent and low-carbon facilities. He looks forward to exploring extensive collaboration with SUPCON across various sectors in Kazakhstan.
Cui Shan emphasized that as a leading industrial AI company with a global presence, SUPCON will leverage its technological advantages to meet Kazakhstan’s industry development requirements and trends, injecting new momentum into the country’s industrial digitalization.
In 2023, SUPCON established a subsidiary in Kazakhstan as its Central Asia regional headquarters and set up a localized operational system. SUPCON will continue to invest in the long-term development of the Central Asia region, contributing further wisdom and strength to the industrial digital transformation in Kazakhstan and beyond.
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