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

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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:

Drivers:

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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Benefits of Purchasing Customer Relationship Management Market Reports:                                  

  • Customer Satisfaction: Our sales team of experts will available for you 24/7.
  • Analyst Support: Speak to our analyst about your questions before or after purchasing the report.
  • Assured Quality: Focuses on perfection and quality of reports.
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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

Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/customer-relationship-management-market-1818

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
  • Salesforce.com 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, Salesforce.com, 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
  • Salesforce.com 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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Artificial Intelligence

Brainomix Achieves Breakthrough with FDA Clearance of e-Lung AI Software

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Established market leader in stroke AI imaging receives its first FDA clearance in the lung imaging space.With this expanded foundation of AI-driven healthcare solutions, the Oxford-based company remains committed to driving innovation and delivering impactful advancements in imaging biomarkers.OXFORD, England, and CHICAGO, May 17, 2024 /PRNewswire/ — Brainomix, a pioneer in artificial intelligence (AI) imaging solutions to enable precision medicine, is proud to announce the FDA clearance of its latest product, Brainomix 360 e-Lung. Brainomix’s entry into the lung imaging space follows a series of successful clearances and widespread clinical adoption of its Brainomix 360 Stroke platform in both the US and Europe.

The clearance of e-Lung marks a significant milestone in Brainomix’s journey to expand its footprint in medical imaging beyond stroke-related applications and represents a notable step forward in the quest for advanced lung imaging solutions. The company, with its rich academic heritage and record of scientific excellence, will expand its research collaborations in the pulmonology space to yield new insights to inform future iterations of e-Lung and chart a path towards continual improvements for the lung imaging technology.
Dr Deji Adegunsoye, Assistant Professor of Medicine and Scientific Director of the Interstitial Lung Disease Program at University of Chicago Medicine, said: “This is an exciting step for Brainomix, who have a demonstrated track record of developing novel AI-based solutions in stroke and are now applying that expertise to develop innovative tools in the lung space. The preliminary data for e-Lung is impressive and would indicate that we have a promising tool that could help to expedite healthcare delivery and improve clinically meaningful outcomes for patients with lung disease.”
Brainomix recently announced the publication of a new study1 in the prestigious peer-reviewed journal American Journal of Respiratory and Critical Care Medicine (AJRCCM), resulting from a research collaboration with AstraZeneca. The results showed that Brainomix’s proprietary lung imaging biomarkers, which include the weighted reticulovascular score (WRVS), stratified patients at risk of Idiopathic Pulmonary Fibrosis (IPF) progression, outperforming standard measures.
Dr Michalis Papadakis, CEO and Co-Founder of Brainomix, said: “We are harnessing our expertise in AI-powered imaging to develop novel biomarkers in other disease indications where AI can support imaging-based diagnostic and treatment decisions.
“This e-Lung FDA clearance reflects our focus on developing innovative solutions that empower healthcare professionals with cutting-edge tools for sophisticated disease evaluation, enhancing access to treatments that can ultimately work to improve patient outcomes.”
Brainomix will be presenting its latest e-Lung data at the American Thoracic Society (ATS) annual conference in San Diego May 17th – 22nd, including results from research collaborations with Heidelberg University and with Seattle-based Avalyn Pharma.
Am. J. Respir. Crit. Care Med.: 2024 Feb 16 – e-Lung CT Biomarker Stratifies Patients at Risk of IPF Progression in a 52-Week Clinical Trialhttps://www.atsjournals.org/doi/abs/10.1164/rccm.202312-2274LEAbout Brainomix
Brainomix specializes in the creation of AI-powered software solutions to enable precision medicine for better treatment decisions in stroke and lung fibrosis. With origins as a spin-out from the University of Oxford, Brainomix is an expanding commercial-stage company with offices in the UK, Ireland and the USA, and operations in more than 30 countries. A private company, backed by leading healthtech investors, Brainomix has innovated award-winning imaging biomarkers and software solutions that have been clinically adopted in hundreds of hospitals worldwide. Its first product, the Brainomix 360 stroke platform, provides clinicians with the most comprehensive stroke imaging solution, driving increased treatment rates and improving functional independence for patients.
To learn more about Brainomix and its technology visit www.brainomix.com, and follow us on Twitter, LinkedIn and Facebook.
Contacts
Jeff Wyrtzen, Chief Marketing & Business Development [email protected] +44 (0)7927 164210T +44 (0)1865 582730
Media enquiries
Charles ConsultantsSue [email protected] M +44 (0)7968 726585
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CUBE acquires global regulatory intelligence businesses from Thomson Reuters

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LONDON, May 17, 2024 /PRNewswire/ — CUBE, a global leader in Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM), announces today its acquisition of the Thomson Reuters Regulatory Intelligence and Oden products and businesses.

The acquisition of these global businesses represents a major step forward in CUBE’s growth plans. It will deliver significant scale across many of the world’s leading and systemically important financial institutions. CUBE’s existing global customer base will be expanded to total approximately 1,000 customers in banking, insurance, asset and investment management, payments and adjacent regulated industries.
CUBE’s global employees will expand to 600, of which close to 250 are highly qualified regulatory subject matter experts, legal and compliance professionals.
Ben Richmond, founder and CEO of CUBE said: “Thomson Reuters is known to be the biggest and best in the industry for providing regulatory expert analysis and subject matter expertise, alongside world-leading journalism and news. The combination of CUBE’s purpose-built AI, with the years of content curated by Thomson Reuters Regulatory Intelligence and Oden expert analysts, will accelerate innovation. Together, we will deliver regulatory transformation capabilities for our global customers that could only have been imagined before.”
Richmond continues: “This combination will provide tremendous scale and depth across CUBE’s regulatory content and technology. It is a significant step toward creating an industry-defining regulatory compliance and risk platform that will benefit all customers and elevate the industry as a whole.”
Through this acquisition, CUBE will provide an expanded and comprehensive selection of specialized regulatory intelligence and regulatory change services, committed to excellence, quality, and highly contextualised and meaningful regulatory content for customers. By combining cutting-edge technology and subject matter expertise at scale CUBE will set a new bar for the industry in regulatory automation and content.
Chris Maguire, General Manager, Risk and Fraud, Corporates, Thomson Reuters said: “It was clear to us that CUBE had established itself as a leading regulatory intelligence provider for global enterprise clients in the financial services and insurance sectors. We wanted to ensure our customers and employees could work with an organisation that would continue to innovate and significantly invest in solutions like Thomson Reuters Regulatory Intelligence and Oden. We are working tirelessly to ensure a seamless and value-enhancing transition for customers and employees, and we are looking forward to working with the CUBE team during this transition.” 
Christopher Fielding, Hg, said: “We’re delighted to further extend our market reach, bringing in two high quality and complementary global businesses to the CUBE platform.”
Thomas Martin, Hg, added: “We see these acquisitions as enabling further innovation in the regulatory intelligence and change management sector, leading to strengthened demand for these quality solutions across the globe.”
The terms of the transaction will not be disclosed.
About CUBE
CUBE provides a highly comprehensive and robust source of classified, and meaningful AI-driven regulatory data to power its Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM) solutions. CUBE’s purpose-built regulatory technology including its AI engine (RegBrain) and software platform (RegPlatform) tracks, analyses, and monitors laws, rules, and regulations in every country and in every published language to create an always up-to-date regulatory footprint that transforms visibility and compliance capability for customers across the globe.
With operations across Europe, North America, Canada, Asia, and Australia, CUBE serves a diverse and global base of customers and partners including the largest financial institutions in the world who leverage CUBE’s platform to streamline their complex regulatory intelligence and change management processes.
Following the strategic partnership with Hg in March 2024, CUBE announced the acquisition of US-based Reg-Room in May 2024.
About Hg
Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers.
This industry is characterised by digitisation trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.
With a vast European network and strong presence across North America, Hg’s 400 employees and around $70 billion in funds under management support a portfolio of around 50 businesses, worth over $140 billion aggregate enterprise value, with over 110,000 employees, consistently growing revenues at more than 20%.
About Regulatory Intelligence
Regulatory Intelligence is a proactive, connected, and comprehensive solution that tracks and analyses regulatory changes within ~2,000 regulatory bodies and rulebooks for more than 20 countries. It enables banking, financial services, and insurance (BFSI) sectors to manage exposure to operational, regulatory, and compliance risk.
About Oden
Oden State Rules and Regulations (SR&R), Oden Policy Terminator/Sentry PT, and OdenTrack provide repositories and automated solutions for complying with state rules and regulations on the provisioning of Personal and Business Insurance in the US.

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Cayman Enterprise City Publishes Socio-Economic Impact Assessment by Economist and Leading Advisor on the Caribbean, Marla Dukharan

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The Impact of Cayman Enterprise City’s Socio-Economic Development Project Nears USD $1 Billion
GRAND CAYMAN, Cayman Islands, May 16, 2024 /PRNewswire/ — Cayman Enterprise City (CEC) has released a Socio-Economic Impact Assessment by Marla Dukharan. The report illustrates that CEC is increasing its impact by supporting higher earnings for Caymanians and is driving a shift towards a knowledge-based economy by focusing on high productivity sectors. The release by Dukharan reads, “Caymanian resourcefulness and private sector-led innovation have been the driving force behind the islands’ outstanding socio-economic success. Cayman Enterprise City underpins the next generation of Cayman innovation and dynamism.”

With an economic impact of USD $130 million in 2023, contributing just under USD $1 billion to the local economic activity in 12 years since inception, “CEC is helping the nation to diversify economically, in terms of sectors and jobs, ensuring locals have economic and employment opportunities that match the nation’s progress,” the report reads.
The CEC socio-economic development project is now home to 352 Special Economic Zones Companies (SEZCos), many of which are globally recognised institutions led by top executives and industry experts. “CEC member companies are providing high-value employment with salaries exceeding those typically found outside of the special economic zone,” said Charlie Kirkconnell, Chief Executive Officer at CEC. “The CEC community is fully invested in Cayman and the report illustrates that the CEC socio-economic development project is making a very significant impact on Cayman’s economy and community.”
“As CEC continues to grow, it continues to create significant employment and entrepreneurial opportunities for Caymanians and we encourage anyone that might be interested in finding out how they might get involved, whether as a member of the community and/or as a volunteer in our Enterprise Cayman non-profit organisation (NPO).”
77% of Caymanian-held jobs at CEC member companies, are in sectors with high social returns and increasing global demand. “By putting skills first and prioritizing learning, CEC is enabling new industries to take root,” the release by Dukharan reads.
CEC, through its Enterprise Cayman NPO, is a first-mover in private sector-facilitated education and training in the Caribbean, making it a leading force to boost youth participation in the economy. By offering training in specialised skills, Enterprise Cayman is helping to close the gap in higher education and earnings for Caymanians. “Through Enterprise Cayman we’ve set out to strategically support meaningful employment and entrepreneurial opportunities for Caymanians, by providing internship and mentorship opportunities, by hosting skill-building and career focused training, and by providing invaluable networking and community engagement opportunities,” said Kirkconnell.
In 2023 individuals took advantage of 4,226 opportunities to participate in education, training, and career development events and, since launching entrepreneurial programming in 2021, Enterprise Cayman has worked with 41 new Cayman-born business ventures. “We’re helping to develop a local talent pool that meets the demand of Cayman’s growing digital innovation and technology sectors while, in parallel, offering exciting opportunities for individuals to launch new business ventures within an innovative business environment,” said Kirkconnell.  
With CEC’s new campus and state-of-the-art facilities, Signal House, the project “holds the promise of deep, continued economic impact,” the report concludes.
To access CEC’s economic impact assessments and Enterprise Cayman’s annual reports please visit https://www.enterprisecayman.ky/reports. For more information on how to get involved and for upcoming programmes and events visit www.enterprisecayman.ky. 
Website: www.caymanenterprisecity.com LinkedIn: @CaymanEnterpriseCityTwitter:  @CEC_CaymanInstagram: @CaymanEnterpriseCityFacebook: @CaymanEnterpriseCityYouTube: @ceccayman
About Cayman Enterprise City 
Cayman Enterprise City (CEC) is an award-winning development project which consists of three special economic zones (SEZs) focused on attracting knowledge-based and specialised-services businesses to set up a genuine physical presence in the Cayman Islands. The zones included within CEC are Cayman Tech City, Cayman Commodities & Derivatives Centre, and Cayman Maritime & Aviation City. With a dedicated Government Authority, licensing fee concessions and guaranteed fast-track processes, CEC enables international companies to quickly and efficiently establish a Cayman Islands office, which in turn enables them to generate active business income within a tax neutral environment.
About Enterprise Cayman 
Enterprise Cayman is a non-profit organisation (NPO) powered by Cayman Enterprise City in partnership with Cayman Islands’ special economic zone companies (SEZCos). The organisation, which applies the Theory of Change (TOC) methodology, provides Caymanians and residents with access to high-quality learning experiences and opportunities to develop and launch new business ventures, to pursue careers within the technology and innovation sectors, and to join a dynamic network of industry professionals. Let’s grow the next generation of Caymanian innovators and entrepreneurs with Enterprise Cayman!
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FOR MORE INFORMATION:Contact: Kaitlyn Elphinstone  Email: [email protected]  

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