Customer Relationship Management (CRM) is a well-known software across various industries. CRM software is widely used for sales lead, customer contact, marketing analysis, and others. Currently, the Artificial Intelligence (AI) technology is playing a significant role in CRM by providing more intelligent services for the enterprises. The need for increasing sales and marketing, need to improve customer experience, productivity & profit, and rising investments have led the demand for AI-based CRM.
According to Infoholic Research, the global AI-enabled CRM market is expected to grow at a CAGR of 42.92% during the forecast period 2017–2023. The market is analyzed based on applications, enterprise types, business types, verticals, and regions. Currently, the AI-enabled CRM market is at the initial stage, but is receiving a wider audience and investments form various enterprises. In addition, most of the consumers believe that AI integration on CRM tool improves their customer experience and business decisions as well. But, the lack of skilled resource is one of the major drawbacks impacting the market growth.
The application segment covers sales, marketing, customer service & support, billing management, contact center, collaborative & channel management, workflow management, and others. The sales, marketing, customer service & support applications together contribute to more than 35% of the market share followed by contact center and workflow management. A majority of the larger enterprises, such as BFSI, retail, and consumer electronics among others, have already deployed AI-based CRM, but still, a vast number of businesses are yet to implement this software. Thus, the larger enterprises segment spending contribution rate is going to increase rapidly in a couple of years. On the other hand, the SMEs segment is also showing interest in AI-enabled CRM, but the shortage of skilled resource, IT infrastructure, and budget constraints are hampering its market growth.
The major verticals covered in the report are BFSI, retail & consumer electronics, IT & telecom, manufacturing, healthcare, government, energy & utility, education, media & entertainment, and others. BFSI, IT & telecom, and retail & consumer electronics are considered to be highly capable industries for the adoption of AI-based CRM. Globally, most of the leading bankers, retailers, and telecom industry players have already adopted AI-based CRM in their business units to improve the customer experience and personalized services. Healthcare, education, government, and energy & utility industries are set to be the emerging markets for key stakeholders to capture the revenue opportunities in the next 6–7 years.
The regions covered are the Americas, Europe, Asia Pacific, and Middle East & Africa along with the coverage of leading countries in the region. Currently, the Americas is the leading market followed by Europe as few countries in this region have already implemented AI technology in CRM. In these regions, end-users are ready to invest in advanced technology, have skilled resources, and IT infrastructure is available to support intelligent technologies; these factors are boosting the deployment rate of AI-based CRM tools. Asia Pacific remains as the most attractive destination for key stakeholders as a majority of the enterprises are planning to deploy AI-based CRM tool in the upcoming years. The increasing investment and need for automated technology & improving customer experience are fostering the AI-based CRM market growth in Asia Pacific.
Key Vendors & Competitive Analysis:
The market is witnessing an increasing competition level, especially among giant players, due to growing demand from the enterprises. Microsoft, SAP, Salesforce, and others are spending heavily on AI-enabled CRM, and there is an increasing count of start-ups and SMEs with innovative solutions. Further, partnerships, collaborations, and merger & acquisitions strategy is expected to increase among the value chain players. The major vendors covered in this report include Salesforce, Microsoft Corp., IBM, Oracle, SAP, Conversica Aviso and Others
The report provides an in-depth analysis of the current and future adoption rate of AI-enabled CRM. The report aims to provide an opportunity for key players to understand the latest trends, demands, players initiatives, and technologies related to the market. This report gives the complete details about the regions, country-wise information with respect to consumer behavior, investments, revenue, and key trends. In addition, it helps the venture capitalists in understanding the companies better.