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Customer Relationship Management (CRM) Market Will Surpass USD 106.6 Billion at 12.9% CAGR Growth | Vantage Market Research



WASHINGTON, Sept. 05, 2022 (GLOBE NEWSWIRE) — Customer Relationship Management Market (CRM) software aids in planning, controlling, and tracking corporate processes to boost client satisfaction. Demand for software is anticipated to rise as a result of the growing use of cutting-edge technologies like the Internet of Things (IoT), Artificial Intelligence (AI), and big data. Additionally, cloud-based Customer Relationship Management Market (CRM) software is projected to become more popular due to its simplicity of use and integration. The Global Market revenue was valued at USD 51.5 Billion in 2021.

The Global Customer Relationship Management Market size is forecast to reach USD 106.6 Billion by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 12.9% during the forecast period; states Vantage Market Research, in a report, titled “Customer Relationship Management Market Size, Share & Trends Analysis Report by Components (Software, Services), by Deployment Model (On-Premise, Cloud, Hybrid), by Enterprise Size (Large Scale, Small & Medium Scale), by Applications (Customer Service, Customer Experience Management, CRM Analytics, Marketing Automation, Salesforce Automation, Other Applications), by Industry Verticals (Banking Financial Services & Insurance (BFSI), Healthcare, Energy & Utility, IT & Telecommunications, Retail & E-Commerce, Manufacturing, Government & Defense, Media & Entertainment, Other Verticals), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.

Key Industry Findings & Insights from the report:

  • The global Customer Relationship Management Market was valued USD 51.5 Billion in 2021 and is all set to surpass USD 106.6 Billion by 2028, exhibiting a CAGR of 12.9% during the forecast period 2022-2028.          
  • In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
  • In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
  • The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
  • Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Customer Relationship Management industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.

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Market Dynamics:


Integration of Artificial Intelligence

Globally, the use of artificial intelligence (AI) is expanding quickly. Similarly, there is an increasing demand for Customer Relationship Management Market (CRM) systems to incorporate AI to enhance the customer experience. According to an IDC study, Salesforce, Inc.’s AI-powered CRM solution is used to give users a competitive advantage. Deep learning, machine learning, and natural language processing are all components of CRM software that use AI to help businesses understand the psychological condition of their customers. By managing and delivering solutions to customers using this data, the software helps companies forge close bonds with their customers. For instance, Zia from Zoho CRM and Einstein from Salesforce offer AI-powered CRM that collects client data via speech technologies. Hence, increasing demand for CRM systems is propelling the market growth.

Rapid Digital Transformation

The need for Customer Relationship Management Market (CRM) solutions is anticipated to be driven by the integration of cutting-edge technology across corporate domains to enhance operations and value delivery to customers. To increase their regional presence, businesses also aim to apply business strategies and market trends. Following data analysis, this method aids businesses in providing a better customer experience. A PWC Experience Center poll found that about half of the firms said digital transformation improved customer experience. Because of this, businesses are using CRM systems as part of their shift to customer-centric services. CRM and other integrated technologies that increase customer satisfaction are crucial for rapid digital transformation. The end user’s journey is improved by this seamless transformation, which offers an excellent customer experience at all points of communication. Because of this, the demand for CRM software is anticipated to increase shortly, contributing to the growth of the global market.

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COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide and the Global Customer Relationship Management Market is not an exception. Governments across the world implemented several measures like strict lockdown to ensure social distancing norms to restrict the swift spread of the pandemic. The Customer Relationship Management Market suffered as the manufacturing units around the world were forced to shut down during the initial stages of the pandemic. Small and medium-scale companies which are the backbone technology providers to the Customer Relationship Management Market industry were directly affected due to the epidemic. Furthermore, the rollout for the Customer Relationship Management Market industry too is taken into consideration as the aftereffects of the pandemic are gradually coming down since the beginning of 2022.

The situation is seen to improve in the second half of 2022 as more supplies resume normal. Vantage Market Research, while performing the analysis study for the Global Customer Relationship Management Market has considered the impact of COVID-19 on the Customer Relationship Management Market globally and the subsidiaries for the Customer Relationship Management Market industry. In addition, the demand and supply chain are considered while estimating the current and forecast market size for the Global Customer Relationship Management Market industry for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic

a. North America

b. Europe

c. Asia Pacific

d. Latin America

e. Middle East & Africa

2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021

3. Key Strategies Undertaken by Companies to Tackle COVID-19

4. Long-Term Dynamics

5. Short-Term Dynamics

The report on Customer Relationship Management Market highlights:

  • Assessment of the market
  • Premium Insights
  • Competitive Landscape
  • COVID Impact Analysis
  • Historic Data, Estimates, and Forecast
  • Company Profiles

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Regional Analysis:

North America is expected to dominate the growth of Customer Relationship Management Market in 2021. North America is predicted to steer the Customer Relationship Management Marketplace proportion due to the fast-developing businesses and competitiveness among service providers are customer preferences data as well as real-time forecast capabilities. Also, the U.S. is expected to lead the region during the projected period owing to the presence of key market players.

List of Prominent Players in Customer Relationship Management Market:

  • Aurea Software Inc.
  • Insightly Inc.
  • Microsoft Corporation
  • Oracle Corporation
  • Pegasystems
  • Sage Group
  • INC
  • SAP SE
  • Sugar CRM
  • ZOHO Corporation PVT. Ltd.

Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on “Customer Relationship Management Market Size, Share & Trends Analysis Report by Components (Software, Services), by Deployment Model (On-Premise, Cloud, Hybrid), by Enterprise Size (Large Scale, Small & Medium Scale), by Applications (Customer Service, Customer Experience Management, CRM Analytics, Marketing Automation, Salesforce Automation, Other Applications), by Industry Verticals (Banking Financial Services & Insurance (BFSI), Healthcare, Energy & Utility, IT & Telecommunications, Retail & E-Commerce, Manufacturing, Government & Defense, Media & Entertainment, Other Verticals), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)“.

Recent Developments:

December 2021, Fresh works Inc. launched Freshdesk Contact Center to a 7-Eleven location, a worldwide retail chain. The system will swiftly answer problems and provide the same in-store advantages to both online and regular customer buyers.

June 2021,, Inc. announced new digital 360 capabilities to assist organizations in increasing their digital operations and delivering the next generation of commerce, marketing, and digital experiences.

Key Questions Answered in The Report:

  • Which region will show the fastest and highest growth in the near future?
  • Which are the top five players and their weakness and strength of the Market?
  • What will be the future innovation in the upcoming six years?
  • Which application and product will lead the largest share of the Market?
  • What are the growth drivers, restraints and challenges of the industry?
  • What will be the CAGR and size of the Customer Relationship Management Market for the base year and forecast period?     

This market titled “Customer Relationship Management Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

Parameter Details
Market Size Provided for Years 2016-2028
Base Year 2021
Historic Years 2016-2020
Forecast Years 2022-2028
Segments Covered
  • Components
    • Software
    • Services
  • Deployment Model
    • On-Premise
    • Cloud
    • Hybrid
  • Enterprise Size
    • Large Scale
    • Small & Medium Scale
  • Applications
    • Customer Service
    • Customer Experience Management
    • CRM Analytics
    • Marketing Automation
    • Salesforce Automation
    • Other Applications
  • Industry Verticals
    • Banking Financial Services & Insurance (BFSI)
    • Healthcare
    • Energy & Utility
    • IT & Telecommunications
    • Retail & E-Commerce
    • Manufacturing
    • Government & Defense
    • Media & Entertainment
    • Other Verticals
  • Region
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa
Region & Counties Covered
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • U.K
    • France
    • Germany
    • Italy
    • Spain
    • Rest Of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South East Asia
    • Rest Of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest Of Latin America
  • Middle East & Africa
    • GCC countries
    • South Africa
    • Rest Of Middle East & Africa
Companies Covered
  • Aurea Software Inc.
  • Insightly Inc.
  • Microsoft Corporation
  • Oracle Corporation
  • Pegasystems
  • Sage Group
  • INC
  • SAP SE
  • Sugar CRM
  • ZOHO Corporation PVT. Ltd.
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Customization of the Report:

The report can be customized as per client needs or requirements. For any queries, you can contact us on [email protected] or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.

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About Vantage Market Research:

We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies. The company provides high quality data and market research reports. The company serves various enterprises and clients in a wide variety of industries. The company offers detailed reports on multiple industries including Chemical Materials and Energy, Food and Beverages, Healthcare Technology, etc. The company’s experienced team of Analysts, Researchers, and Consultants use proprietary data sources and numerous statistical tools and techniques to gather and analyse information.   

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AutoCanada Inc. (“AutoCanada” or the “Company”) (TSX: ACQ), a multi-location North American automobile dealership group, announced key promotions and additions to its leadership team.

Jeff Thorpe, who joined the Company as President, Canadian Operations in April 2022, will have responsibility for all operations in North America as President, North American Operations.  Brian Feldman, who joined as Senior Vice President, Canadian Operations and Disruptive Technologies in April 2022, has been appointed as Chief Operating Officer of the Company.

“Jeff and Brian have proven themselves over the last year and have been instrumental in driving our strong performance through their focus on operational initiatives in Canada.  We are very pleased to provide Jeff with the increased responsibility of oversight over our U.S. operations, in addition to Canadian operations, and to appoint Brian as the Chief Operating Officer of the Company,” said Paul Antony, Executive Chairman of the Company.

In addition, Drew Forret will be appointed as Chief Administrative and Transformation Officer and Michael Fera will join as Vice President, Financial Planning and Analysis, each effective in the fourth quarter of 2023.  These new roles will support the Company’s renewed focus on fiscal discipline.

“We are very excited to welcome Drew and Michael to the AutoCanada team.  Drew and Michael’s significant and proven experience in driving high-performance business cultures with scalable best practices and fiscal discipline will be invaluable for AutoCanada as we continue on the next leg of our journey,” said Mr. Antony.

Drew has over 20 years of experience focusing on the leadership and scaling of growth-based organizations.  He most recently held the position of Chief Operating Officer and Chief Financial Officer of Voices, a platform that connects businesses with professional voice talent.  Prior to Voices, Drew was the Chief Operating Officer and Chief Financial Officer of CarProof, a provider of vehicle history reports, and President of Activplant, an originator of manufacturing intelligence software.  Michael has over a decade of experience in financial planning and analysis.  He joins us from Tim HortonsCanada’s leading quick-service restaurant chain, where he served as Head of Finance for the Canadian business.  In addition, Michael held several operational roles spanning development, franchising, non-traditional business and real estate during his tenure with Tim Hortons.

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Huawei’s Brand-New Digital and Intelligent Foundation Upgrades Aviation and Rail Industries




SHANGHAI, Sept. 25, 2023 /PRNewswire/ — In parallel with HUAWEI CONNECT 2023, Huawei’s Aviation & Rail BU held three global summits specifically oriented to the BU’s niche.

Using an upgraded digital and intelligent foundation, Huawei dives deep into a wide variety of industry scenarios and expedites the intelligent development of aviation and rail through multi-dimensional awareness, ubiquitous connectivity, and open platforms.
China West Airport Group (CWAG) chose Huawei to jointly develop a comprehensive intelligent transformation strategy.
According to Lin Bin, CWAG’s Deputy General Manager, his company has created 35 intelligent solutions for security, operations, services, and other scenarios using Huawei’s high-performance computing power and open intelligent platforms, as well as advanced algorithms for the industry.
For airport operations, digital and intelligent ground handling solutions forecast the real-time status of flights, passengers, and resources, as well as promptly generating warnings. They also intelligently dispatch ground handlers as needed. The solutions increase ground support efficiency by 20% and shorten the time support takes by 17%. In addition, smart airport operation solutions have introduced the optimal flight plan result model to achieve best supply-demand matching and AI-assisted operation command.
Ever-evolving technologies have brought both challenges and opportunities to enterprise digital transformation and intelligent upgrade. Li Junfeng, Vice President of Huawei and CEO of Huawei’s Aviation & Rail BU, delivered an opening speech at the global railway summit. He explained that as GSM-R gradually exits the market, the railway industry requires a next-generation mobile communications system to ensure efficiency and benefits, as well as maintain high-quality development. In response, Huawei is thinking about how it can leverage AI to better serve the railway industry, and have built practices and made remarkable achievements during its journey.
Huawei teamed up with Huitie Technology to develop the Smart Railway TFDS Solution, which uses the Pangu Railway Model with 3 billion parameters. The solution covers all TFDS scenarios and effectively identifies over 430 types of faults on 67 vehicle models with a comprehensive fault identification rate exceeding 99.3%. It ensures near-zero missed inspections for critical faults and triples the operational efficiency.”
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Hexagon’s Sixth Sense Announces Nine Startups to Transform Manufacturing Sustainability and Digital Reality




Selected innovators leading the charge in reshaping manufacturing for a sustainable future
COBHAM, England, Sept. 25, 2023 /PRNewswire/ — Today, Hexagon’s Manufacturing Intelligence division announced the nine manufacturing startups chosen for its third Sixth Sense cohort. The selected companies were chosen from a highly competitive pool of hundreds of applicants, distinguishing themselves with groundbreaking solutions addressing critical manufacturing challenges, with a focus on sustainability and digital reality.

The selected startups, which hail from seven countries, bring unique approaches to some of today’s most critical manufacturing challenges, such as improving product sustainability, eliminating waste, capturing real-time data, automating design, and incorporating cobots into production lines. As part of the Sixth Sense program, they will gain access to Hexagon’s invaluable market insights, accumulated over decades of collaboration with industry-leading technology giants, which will accelerate their journey to commercial success.
Hexagon, the industrial software leader that plays a pivotal role in manufacturing 90% of aircraft, 75% of smartphones, and 95% of all automobiles worldwide, launched Sixth Sense in January 2022. This initiative is designed to nurture startups within the manufacturing industry by supporting them with Hexagon’s extensive resources.
The nine startups are:
Acerta Analytics, Canada: Acerta Analytics provides advanced analytics solutions that leverage machine learning and artificial intelligence (ML/AI) to turn complex product data into actionable insights. The solution enables automakers and suppliers of complex vehicle parts to improve quality in manufacturing processes and supports early defect detection.Circularise, Netherlands: Circularise offers digital product passports for end-to-end traceability and secure data exchange in industrial supply chains. Its technology helps companies achieve transparency and sustainability by tracking the lifecycle of products and materials.Dessia, France: Dessia offers a platform featuring virtual “bots” that serve as companions to assist engineers in designing mechanical systems. These virtual assistants provide support and insights throughout the design process.Flexxbotics, Boston, US: Flexxbotics specialises in enabling high-mix automation-intensive manufacturers to create flexible next-generation machining environments. It utilises breakthrough FlexxCORE™ technology to seamlessly connect and coordinate collaborative robots with existing automation equipment, IT systems, and personnel to deliver autonomous process control.Launchpad, Los Angeles, US: Launchpad utilises AI and advanced simulation technologies to automate aspects of the design, procurement, and manufacturing process. Its focus is on concepts like mass customization, micro-factories, and software-defined robotics to create shorter supply chains, reduce waste, and deliver new features faster in the manufacturing industry.Rafinex, Luxembourg: Rafinex’s stochastic AI topology optimization for safe, lightweight designs. This technology actively manages uncertainty and risks of real-life variability to create uniquely robust designs that remain safe even in off-design load conditions for application in safety-critical performance sectors such as aerospace, automotive, and tooling.RV Magnetics, Slovakia: RV Magnetics has developed the world’s smallest passive sensor based on MicroWire technology. This sensor combines unique capabilities from electromechanics, electronics, chemistry, physics, applied magnetism, and industrial design, offering diverse applications.ToffeeAM, London, UK: ToffeeAM provides state-of-the-art multi-physics generative design software for engineering. Its mission is to empower engineers to optimise engineering components and systems efficiently, enabling them to go further and faster in design processes.Zaptic, Manchester, UK: Zaptic provides job instruction and collaboration tools for frontline teams, along with a no-code toolkit designed to accelerate the digital transformation of daily operations. The solutions help organizations streamline processes and improve communication among frontline workers.These startups will embark on an intensive 16-week journey as part of the Sixth Sense program, collaborating closely with Hexagon to refine their offerings. Ultimately, up to three winners will be selected from the cohort, granting them access to Hexagon’s extensive resources for global expansion, including potential funding, worldwide office space, and Hexagon’s comprehensive suite of products and services. Additionally, they will be showcased on Hexagon’s open digital reality platform for manufacturing, Nexus, providing them access to world-class companies.
“For this third cohort, we’ve been on the hunt for new innovations that enable manufacturing leaders to lead the net-zero transition – especially with sustainable product design – and we’re thrilled with the caliber of the startups we’ve found to participate,” said Josh Weiss, president of Hexagon’s Manufacturing Intelligence division. “Sixth Sense is designed to pinpoint emerging opportunities for greater innovation, and we’re thrilled to give these companies that are poised for high-growth access to resources and customers that they typically wouldn’t have at this stage in their lifecycle.”
“Hexagon’s commitment to nurturing innovation and driving sustainable manufacturing practices continues to shine through,” said Milan Kocić, head of Sixth Sense, Hexagon. “Each of these startups has demonstrated their capacity to address pressing manufacturing challenges with creativity and determination. Much like our previous cohorts have addressed critical industry challenges, we believe these innovators will play a crucial role in shaping a sustainable future for the manufacturing industry.”
About Sixth SenseHexagon technologies are used to manufacture 90% of aircraft, 75% of smartphones, and 95% of every automobile produced worldwide. It has the scale, the network, and the ambition to make a difference. As we enter the era of Industry 4.0, Sixth Sense was launched to discover smart and efficient solutions that will boost performance and benefit people and the planet. By inviting the next generation of innovators to the table, Hexagon aims to share its resources and make connections that accelerate progress – pushing the boundaries of design, manufacturing, and engineering and starting to imagine a better future for the benefit of everyone. To follow Sixth Sense, and learn about the ecosystem and opportunities for participation, visit
About HexagonHexagon is the global leader in digital reality solutions, combining sensor, software and autonomous technologies. We are putting data to work to boost efficiency, productivity, quality and safety across industrial, manufacturing, infrastructure, public sector, and mobility applications.
Our technologies are shaping production and people related ecosystems to become increasingly connected and autonomous – ensuring a scalable, sustainable future. Hexagon’s Manufacturing Intelligence division provides solutions that use data from design and engineering, production and metrology to make manufacturing smarter. For more information, visit
Hexagon (Nasdaq Stockholm: HEXA B) has approximately 24,000 employees in 50 countries and net sales of approximately 5.2bn EUR. Learn more at and follow us @HexagonAB.

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