NEW YORK, Jan. 9, 2023 /PRNewswire/ -- According to Technavio, the global SaaS customer relationship management (CRM) market size is estimated to grow by USD 59,426.56 million from 2022 to 2027. The market is expected to grow at a CAGR of 13.43% during the forecast period. Moreover, the growth momentum will progress. North America will account for 52% of the market's growth during the forecast period.
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Global SaaS customer relationship management (CRM) market - Five forces
The global SaaS customer relationship management (CRM) market is fragmented, and the five forces analysis covers–
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Bargaining power of buyers
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The threat of new entrants
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Threat of rivalry
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Bargaining power of suppliers
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Threat of substitutes
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Global SaaS customer relationship management (CRM) market - Parent market analysis
Technavio categorizes the global software as a service (SaaS) customer relationship management (CRM) market as a part of the global application software market within the global IT software market, which covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software.
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Global SaaS customer relationship management (CRM) market – Customer landscape
The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global SaaS customer relationship management (CRM) market - Segmentation assessment
Segment overview
Technavio has segmented the market based on end-user (retail, BFSI, manufacturing, telecom and IT, and others) and application (service and support, sales, marketing, and e-commerce).
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The retail segment will contribute significantly to the market's growth during the forecast period. The adoption of SaaS CRM is increasing in the retail sector owing to the development and expansion of retail and e-commerce companies worldwide. SaaS CRM helps in creating stronger customer relations, improving productivity, and driving revenue to remain competitive in the market. These factors will drive the growth of the retail segment during the forecast period.
Geography overview
Based on geography, the global SaaS customer relationship management (CRM) market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the market's growth.
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North America is estimated to account for 52% of the growth of the global market during the forecast period. The demand for SaaS CRM in the region is increasing owing to factors such as the use of public cloud services by enterprises and the need to analyze customers' information. SaaS solutions are flexible, which makes them suitable for temporary or experimental workloads. In addition, the number of enterprises from industries such as BFSI, telecom and IT, healthcare, and retail is increasing, which will drive the market's growth in the region during the forecast period.
Global SaaS customer relationship management (CRM) market – Market dynamics
Key factor driving market growth
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The focus on customer engagement is driving the SaaS customer relationship management market growth.
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Companies are increasingly focusing on engaging customers and creating long-term associations with customers.
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CRM helps in improving communication with customers and resolving day-to-day customer issues, thus saving enterprises' costs and time. This, in turn, improves sales and helps in brand building.
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Thus, the increasing focus on customer engagement will drive the demand for SaaS CRM, which is expected to fuel the growth of the global SaaS CRM market during the forecast period.
Leading trends influencing the market
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The advent of big data and analytics services is a key trend in the SaaS customer relationship management market.
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Firms are adopting analytics services to transform unstructured data into structured data to gain meaningful insights. Analytical tools help numerous industries, such as BFSI, retail, telecommunications, and healthcare, to make critical decisions at organizational levels for improving customer service.
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Advanced analytical tools such as predictive analytics are used to understand the patterns related to business and consumer behavior.
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Hence, the above-mentioned factors are expected to support the growth of the global SaaS CRM market during the forecast period.
Major challenges hindering the market growth
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The availability of free and open-source CRM software is challenging the SaaS customer relationship management market growth.
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The adoption of free and open-source CRM software has increased, especially among enterprises with a low IT budget.
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Open-source CRM has the same functionalities as that of commercial SaaS CRM but comes for free or at a very low cost.
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This enables SMEs to adapt and customize software licenses and subscriptions based on their business model.
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Hence, the above-mentioned factors may impede the growth of the global SaaS CRM market during the forecast period.
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What are the key data covered in this SaaS customer relationship management (CRM) market report?
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CAGR of the market during the forecast period
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Detailed information on factors that will drive the growth of the SaaS customer relationship management (CRM) market between 2023 and 2027
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Precise estimation of the size of the SaaS customer relationship management (CRM) market and its contribution to the parent market
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Accurate predictions about upcoming trends and changes in consumer behavior
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Growth of the SaaS customer relationship management (CRM) market across North America, Europe, APAC, South America, and Middle East and Africa
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A thorough analysis of the market's competitive landscape and detailed information about vendors
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Comprehensive analysis of factors that will challenge the growth of SaaS customer relationship management (CRM) market vendors
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SaaS Customer Relationship Management (CRM) Market Scope |
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Report Coverage |
Details |
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Page number |
183 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 13.43% |
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Market growth 2023-2027 |
USD 59,426.56 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
12.6 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 52% |
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Key countries |
US, Canada, Japan, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Capillary Technologies, Cendyn Group LLC, DataAegis Software Pvt Ltd., Doxim Inc, HCL Technologies Ltd., HubSpot Inc., Infor Inc., International Business Machines Corp., NICE Ltd., Oracle Corp., Pegasystems Inc., Sage Group Plc, Salesforce.com Inc., SAP SE, SugarCRM Inc., Veeva Systems Inc., Verint Systems Inc, Vtiger Systems India Pvt. Ltd., Zendesk Inc., and Zoho Corp. Pvt. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Table of contents
1 Executive Summary
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1.1 Market overview
2 Market Landscape
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2.1 Market ecosystem
3 Market Sizing
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3.1 Market definition
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3.3 Market size 2022
4 Historic Market Size
5 Five Forces Analysis
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5.1 Five forces summary
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5.6 Threat of rivalry
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5.7 Market condition
6 Market Segmentation by End-user
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6.1 Market segments
7 Market Segmentation by Application
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7.1 Market segments
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
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10.1 Market drivers
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10.2 Market challenges
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10.4 Market trends
11 Vendor Landscape
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11.1 Overview
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11.2 Vendor landscape
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11.4 Industry risks
12 Vendor Analysis
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12.1 Vendors covered
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12.4 Cendyn Group LLC
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12.5 Doxim Inc
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12.6 Infor Inc.
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12.8 NICE Ltd.
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12.9 Oracle Corp.
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12.10 Pegasystems Inc.
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12.11 Sage Group Plc
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12.12 SAP SE
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12.13 SugarCRM Inc.
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12.14 Veeva Systems Inc.
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12.15 Verint Systems Inc
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12.16 Zendesk Inc.
13 Appendix
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13.1 Scope of the report
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