III. Industry Analysis

• Due to a surge in the use of CRM software by businesses seeking to acquire a strategic as well as a competitive advantage and strong customer retention over their rivals, the software segment is predicted to dominate the entire CRM market share. In addition, it helps the industrial vertical to engage new customers easily and sustain them for a long time, which drives the growth of the market. However, the service segment is expected to witness the highest growth, as the service segment of the customer relationship management market ensures effective coordination between software provider companies and users of CRM software by providing services such as implementation, training, consulting services, and managed services.


• The global Software as a Service (SaaS) market size is projected to reach $307.3 Billion by 2026, from $158.2 Billion in 2020, at a CAGR of 11.7% during 2020-2026.


• Revenue in the US SaaS market is expected to experience the largest increase, from $103.90 billion to $215 billion in 2025.

• The outbreak of the COVID-19 pandemic has brought stay-at-home measures, minimalist business scenarios, and limited mobility. Thus, companies are accelerating their digital transformation strategies and adding more customer relationship management use cases in their daily activities to keep the customer satisfied. Moreover, CRM market players are helping enterprises in different industries to help them in digital transformation and improve their customer relationship management capabilities.


• The global CRM market size was valued at $41.93 billion in 2019 and is projected to reach $96.39 billion by 2027, growing at a CAGR of 11.1% from 2020 to 2027.


• The US CRM market size was estimated at $25.9 billion in 2019 and is projected to reach $64.2 billion by 2025, growing at a CAGR of 14% from 2019 to 2025.