Written in Destination CRM May 2023
Research firm Global Industry Analysts valued the worldwide market for CRM software at $72.7 billion last year and projects it to reach $181.9 billion by 2030, growing at a compound annual rate 12.1 percent.
GIA valued the U.S. CRM software market at $35.8 billion, and China’s market at $18.8 billion. The Chinese market is expected to grow the most during the forecast period, with a CAGR of 17.2 percent. Among the other noteworthy geographic markets are Japan and Canada, forecast to grow at 9.9 percent and 10.9 percent respectively, and Germany, which is forecasted to grow at approximately 10.6 percent CAGR.
The report also notes that small and midsized businesses are expected to outpace larger enterprises in their adoption of CRM software. The SME segment is projected to record 15.3 percent CAGR and reach $92.9 billion by 2030, while larger enterprise adoption is expected to grow by 9.5 percent per year over that time.
The report maintains that economic uncertainty, higher interest rates, and job insecurity will impact economic activity and growth, with lower capital expenditure in the offing. But, it adds, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.
The report identifies 428 software vendors that offer CRM capabilities but singles out Acoustic, Adobe, Concentrix, HubSpot, Infor, Microsoft, NICE, Oracle, Pegasystems, Salesforce, SAP, SAS, SugarCRM, the Sage Group, Verint, Zendesk, and Zoho as industry leaders.
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