The global artificial intelligence (AI)-enabled CRM market revenue to reach $72.9 billion by 2023
Increasing need to improve customer experience, personalized services, and the adoption of advanced technologies have led the demand for the growth of the AI-enabled CRM market
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “AI-enabled CRM Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023”
According to Infoholic Research, the AI technology is becoming popular and gaining a wider audience in various industries globally. Currently, AI-driven intelligent CRM software is booming and creating tremendous business opportunities for the key stakeholders. Over the years, customer demands are drastically increasing along with which supply chain players are launching AI-based CRM software in the market to reach ongoing demands.
Rising investments from enterprises and vendors, footprints of AI technology in the industrial sector, and need for intelligent features on CRM software are the primary factors supporting the market growth. Currently, the market is at a nascent stage but is promised to grow drastically in the coming years as most of the enterprises in both developed and developing countries are planning to deploy AI-enabled CRM software. Furthermore, the count of AI-based CRM vendors, especially SMEs and start-ups, is also increasing gradually. This further leads to the increase in the competition level among the value chain players.
The global AI-enabled CRM market is expected to grow at a CAGR of 43.06% during the forecast period 2017–2023.
The market is segmented into enterprise types, regions, applications, and verticals. The AI technology is set to play a vital role in CRM applications. The primary applications covered in the report are sales, marketing, customer services & support, billing management, contact center automation, workflow management, and others. In the digital world, all kinds of organizations’ revenue growth rate is completely dependent on the sales and marketing activities. In this space, AI is set to serve the industries by providing sophisticated intelligent-based services. In the coming years, intelligent agents/chatbots are predicted to be used on a wider scale to conduct sales activities such as information gathering, segmentation analysis, proactive planning, real-time response handling, and initial qualifications.
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In terms of enterprise types, the larger enterprises segment is contributing more than 65% of the market share followed by SMEs. Currently, larger enterprises are investing heavily in AI to increase their productivity, reduce the risk, and improve decision making strategy by analyzing their customers in a better way.
In terms of regional analysis, the Americas and Europe are considered to be the leading markets for key stakeholders. The US, the UK, Canada, France, and Germany, among other countries are expected to outperform the market. Asia Pacific is considered to be the fastest growing market as consumers are showing interest to deploy AI-driven CRM software, and few of the organizations have already implemented the software. India, Japan, and China are set to be the most promising markets for the key stakeholders due to rising implementation strategy of AI technology in their business units.
In the verticals segment, retail, BFSI, and IT & telecom industry players have already deployed AI-enabled CRM software and are gaining benefits in terms of offering better services to their customers, improving the productivity, reducing human errors, serving the customers according to their requirements, and offering personalized services online. Further, retail & consumer electronics segment is considered to be the leading market for key stakeholders as retailers are focusing on improving connected customer experiences, marketing, and sales activities. Energy & utility, education, and government industries are considered to be the emerging markets in the next 6–7 years.
“The global market is expected to witness a huge growth as enterprises are focusing on adopting AI-enabled CRM to fulfill the customer needs and increase the revenue percentage.” Bhavya.H, Senior Research Analyst at Infoholic Research
Buy complete report on AI-enabled CRM Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023
The report covers the present scenario and the growth prospects of the global AI-enabled CRM market during the forecast period 2017–2023.
The report provides an in-depth analysis and forecast of the industry covering the following key features:
- The report is analyzed based on enterprise types, business type applications, verticals, and, regions.
- The report covers a detailed analysis of regions along with the country-wise analysis.
- The report also covers drivers, restraints, and opportunities (DRO) affecting the market growth during the forecast period (2017–2023).
- It also contains an analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies, and views.
- The report covers competitive landscape, which includes mergers & acquisitions, joint ventures & collaborations, and competitor comparison analysis.