Artificial Intelligence (AI) In Customer Relationship Management (CRM) Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033

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How Has the AI in CRM Market Grown and What Is Its Future Projection?

The artificial intelligence AI in Customer Relationship Management CRM market has experienced notable growth in recent years. The market size shows a promising trajectory, projected to rise from $5.94 billion in 2023 to $8.09 billion in 2024, reflecting an impressive compound annual growth rate CAGR of 36.2%. This surge in growth during the historic period is due largely to increased customer expectations, cost efficiency, data explosion, competitive pressure, and a plethora of data availability.

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What Growth Trajectory Is the AI in CRM Market Expected to Follow?

Augmenting its growth pattern, the AI in CRM market promises an exponential upward trend in the coming years. The market size is slated to reach $27.93 billion in 2028, with a compound annual growth rate CAGR of 36.3%. This progressive growth during the forecast period stems from cloud-based solutions expansion, a rising demand for omnichannel engagement, heightened investments in AI research and development, burgeoning data source expansion, and a sharpening emphasis on customer experience.

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What’s Driving the AI in CRM Market Growth?

A significant driver of the AI in CRM market is the growing adoption of automation in marketing and sales. This adoption refers to the utilization of technology and software to automate repetitive tasks, streamline workflows and enhance efficiency in marketing campaigns and sales processes. This drive towards automation frees up critical time for strategic activities, it offers real-time data and analytics, empowering businesses to make informed decisions and adapt their strategies swiftly. A study conducted by the University of Hamburg in September 2023 found that 44% of companies were strategically adopting marketing automation. This acceptance of automation is bound to propel the AI in CRM market growth significantly.

Who Are The Key Players in the AI in CRM Market?

The AI in CRM market is home to several major companies. They include Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce Inc., Adobe Inc., Genesys Telecommunications Laboratories Inc., HubSpot Inc., Zendesk Inc., Zoho Corporation Pvt. Ltd., Pegasystems Inc., Freshworks Inc., C3.ai Inc., SugarCRM Inc., Intercom Inc., Pipedrive Inc., Copper Inc., Insightly Inc., Conversica Inc., Streak Inc., Kreato CRM, Spiro Technologies Inc., Nimble Inc., Vtiger Systems, and Salesflare Inc.

What Emerging Trends Are Impacting the AI in CRM Market?

Major players are currently focusing on advancements in customer experience like generative AI technology to heighten personalized interactions and automate content creation. As an example, Salesforce Inc., launched Einstein GPT in March 2023, a pioneering generative AI CRM technology that offers AI-generated content across a variety of sectors. Einstein GPT transforms customer experiences and adapts to their evolving needs in real-time.

How Is the AI in CRM Market Segmented?

Examining the AI in CRM market segments yields:

1 By Type: Machine Learning, Natural Language Processing, Image and Speech Recognition, Predictive Analytics, Chatbots And Virtual Assistants
2 By Component: Software, Services
3 By Application: Sales Automation, Customer Service And Support, Marketing Personalization, Customer Data Analysis, Lead Scoring And Qualification
4 By End-Use Industry: Banking, Financial Services And Insurance BFSI, Retail And E-commerce, Information Technology IT And Telecommunications, Healthcare, Manufacturing, Other End-Use Industries

Which Regions Are Driving the AI in CRM Market?

In 2023, North America was the largest contributor to the artificial intelligence AI in customer relationship management CRM market. The regions included in the AI in CRM market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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