CRM market to hit $217Bn by 2033, driven by AI: Research and Markets
DUBLIN, IRELAND — The global customer relationship management (CRM) market is projected to hit US$217.41 billion by 2033, from US$71.8 billion in 2024, reflecting a compound annual growth rate (CAGR) of 13.10%, according to a new study by Research and Markets.
The study reported that the growing demand for personalized customer experiences, cloud-based solutions, and technological innovations is a key driver of this robust expansion.
AI, analytics, and cloud tech fueling CRM growth
The study indicates that CRM is being transformed by the adoption of modern technologies such as artificial intelligence (AI), machine learning (ML), and big data analytics.
The study emphasizes the use of AI- and ML-based predictive analytics to strengthen CRM by forecasting customer behavior, optimizing marketing strategy, and improving sales estimates.
These technologies also provide businesses with new ways to improve operational effectiveness by freeing up employee time and enhancing customer support efficiency through faster response times.
The tech sector’s strategic partnerships or collaborations are indications of the same. The report points out the May 2024 merger of IBM and Salesforce, where the Salesforce Einstein Platform is integrated with IBM Watson AI and Data Platform.
Cloud adoption and customer-centric strategies
The introduction of cloud-based CRM solutions is yet another significant factor for growth. The report clarifies that remote access to CRM applications and user data via cloud-based CRM solutions enables both remote work and real-time collaboration.
Cloud CRM has created a scenario particularly suitable for small and medium-sized businesses by reducing their dependence on upfront IT costs and offering a wide range of options for quality and quantity.
The report highlights events such as the September 2023 partnership between Genesys and Salesforce, which merged AI-powered CX Cloud with Salesforce Service Cloud to improve engagement efficiency and customer satisfaction.
The growth of CRM will have a considerable impact on the outsourcing industry. Companies using high-end CRM solutions will bring more business to outsourcing partners, especially in customer support, data management, and analytics, as these areas require specialized services.
