The AI in Customer Relationship Management Market Size is valued at USD 14.8 billion in 2023 and is predicted to reach USD 138.6 billion by the year 2031 at a 32.5% CAGR during the forecast period for 2024-2031.
AI in Customer Relationship Management (CRM) enhances how businesses manage customer interactions by automating tasks, personalizing experiences, and providing insights into customer behavior. AI-powered tools like chatbots, virtual assistants, and predictive analytics improve customer service, sales forecasting, and lead scoring. AI also helps with personalized marketing, churn prediction, and sentiment analysis, enabling companies to optimize customer engagement and satisfaction. By automating routine tasks & offering real-time insights, AI makes CRM more efficient, customer-focused, and data-driven
The ability of AI to perform predictive analytics is a key benefit for CRM. AI systems can predict consumer behaviour, which enables companies to take proactive measures to resolve problems and grab opportunities. This predictive power helps to lower churn, find possible high-value clients, and increase customer lifetime value.
The AI in customer relationship management is being driven by several factors including demand for personalized customer experience, rising investment in AI, growing volume of customer data, need for improved customer support and many others. However, the market growth of this market is restricted by some variables like a shortage of skilled workforce, data privacy and security concerns, technical limitations and others.
Furthermore, integration with other technologies such as IoT and big data analytics are some of the major potential opportunities for market growth during the projected period.
Competitive Landscape
Some Major Key Players In The AI in Customer Relationship Management Market:
- Salesforce
- Microsoft Corporation
- IBM Corporation
- Oracle Corporation
- SAP SE
- Adobe Inc.
- Pegasystems Inc.
- HubSpot Inc.
- Zendesk Inc.
- Freshworks Inc.
- Genesys Telecommunications Laboratories, Inc.
- Zoho Corporation
- SugarCRM Inc.
- Insightly Inc.
- Infusionsoft by Keap
- Nimble LLC
- Act-On Software Inc.
- Copper Inc.
- Agile CRM Inc.
- Apptivo Inc.
- EngageBay Inc.
- Ontraport Inc.
- Really Simple Systems Ltd.
- Soffront Software Inc.
- Maximizer Services Inc.
- Other Market Players
Market Segmentation:
The AI in the customer relationship management market is segmented as type, application, end-use industry and deployment model. Based on type, the market is segmented into machine learning, natural language processing (NLP), image and speech recognition, predictive analytics, chatbots, and virtual assistants. By application, the market is further segmented into sales automation, customer service and support, marketing personalization, customer data analysis and lead scoring and qualification. Based on industry the industry is bifurcated into retail and e-commerce, banking and finance, healthcare, telecommunications, travel, and hospitality. Based on the deployment model, the global AI in customer relationship management market is divided into Cloud-based AI-CRM, On-premises AI-CRM and Hybrid AI-CRM.
Based On Type, The Chatbots And Virtual Assistants Segment Accounts For A Major Contributor To AI In The Customer Relationship Management Market.
The chatbots and virtual assistants category is expected to hold a major share of the global AI in the CRM market. Routine interactions with customers are automated by chatbots as well as virtual assistants, which eliminates the need for human agents. Businesses save an enormous amount of money as a result, freeing up resources for more difficult jobs. Providing 24/7 help improves client retention and happiness. Companies don't need to hire more workers to service clients in multiple time zones. Furthermore, through conversations, chatbots and virtual assistants collect useful customer data that can be examined to learn more about the preferences, behaviour, and problems of the user. This data-driven methodology aids in the improvement of sales and marketing plans. Thus, during the forecast period, this is anticipated to fuel market expansion.
The Customer Service And Support Segment Witnessed Rapid Growth.
The customer service and support segment is projected to grow at a rapid rate in the global AI in customer relationship management market. By automating interactions, delivering tailored experiences, and improving operational efficiency, artificial intelligence (AI) is completely changing customer service and support in the CRM market. Although there are certain difficulties with AI-driven customer care solutions, such as data protection, integration complexity, and client acceptability, they are greatly outweighed by the advantages. The use of AI in CRM will increase as technology develops, leading to notable gains in consumer satisfaction and organizational effectiveness.
In The Region, North American AI In The Customer Relationship Management Market Holds A Significant Revenue Share.
The North American AI in customer relationship management market is expected to report the largest market share in the near future. AI & machine learning (ML) are among the cutting-edge technologies that North American businesses are quick to embrace. Enhancing customer service and engagement has expedited the incorporation of AI into CRM systems. Additionally, the area is home to top IT firms that are pioneering the development and application of AI-driven CRM solutions, such as Salesforce, Microsoft, Oracle, and Adobe. The creation of creative AI solutions in CRM is further supported by large R&D expenditures made by the public and commercial sectors, which promote ongoing advancement and the development of fresh abilities. In addition, Europe is likely to grow rapidly in the global AI in customer relationship management market due to rapid digital transformation and increasing government initiatives and investments.
Recent Developments:
- In March 2024, At Adobe Summit, the premier Digital Experience Conference, Adobe unveiled significant enhancements in Adobe Experience Cloud that enable organizations to improve consumer engagement through the orchestration of engaging cross-channel journeys. A novel integrated experimentation capability allows marketers to enhance the number of tests to identify customer pathways that optimize conversion and promote the reuse of offers across channels. Adobe Journey Optimizer's functionalities will empower both B2C and B2B brands to improve journey orchestration through timely, personalized experiences.
AI in Customer Relationship Management Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 14.8 Bn |
|
Revenue Forecast In 2031 |
USD 138.6 Bn |
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Growth Rate CAGR |
CAGR of 32.5% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, Application, End-Use Industry and Deployment Model |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Salesforce Inc., Microsoft Corporation, Oracle Corporation, IBM Corporation, SAP SE, Zendesk Inc., Adobe Inc., C3.ai Inc., Zoho Corporation, Genesys, Freshworks Inc., Pegasystems Inc. and other market plyers. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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