Customer Relationship Management Industry: Evolving Landscape and Navigating the Path to Customer Centricity

  

 

Customer relationship management industry data book covers customer experience management, customer self-service software, digital experience platform, sales force automation software, sales training software, marketing automation market.

 

Global customer relationship management industry databook is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.

 

Access the Global Customer Relationship Management Industry Data Book from 2023 to 2030, compiled with details by Grand View Research

 

Customer Experience Management Market Insights

The global customer experience management market size was valued at USD 10.65 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 15.4% from 2023 to 2030. Customer experience management solutions are gaining widespread popularity in diverse industries. As businesses become more customer-centric, the customer experience management (CEM) market is expected to witness rapid growth in the forecast period. Ongoing trends such as hyper-personalization of customer service, the use of AI and automation, and various customer value models are the key attributes propelling the growth of the segment. Moreover, implementing robust social media customer service can help reduce costs, increase response times, improve customer satisfaction, and increase the adoption of customer experience management platforms across industries.

 

Customer Self-service Software Market Insights

The global customer self-service software market size was valued at USD 11.92 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 23.5% from 2023 to 2030. It is anticipated to register a compound annual growth rate (CAGR) of 22.1% from 2020 to 2027. Efforts to enhance the level of customer satisfaction and encourage customer loyalty are anticipated to propel the market growth over the forecast period. The continued rollout of a large number of customer service touchpoints is also expected to contribute to market growth.Enterprises have realized that understanding the changing consumer behavior can help them in enhancing their offerings. At the same time, both small and medium-sized enterprises and large enterprises have started adopting automated customer self-service software. 

 

Digital Experience Platform Market insights

The global digital experience platform market size was valued at USD 11.17 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 13.7% from 2023 to 2030. Incumbents of several industries and verticals have started using a customer-centric approach to deal with real-time customer data. Digital experience platforms (DXP) can help these industries in achieving a holistic view of activities, customer interactions, and data across multiple applications and touchpoints. Digital experiences offered by the companies also contain the potential to enhance customer engagement and increase operational productivity in the long run. As these, enterprises prioritize various components of digital experience to attract tech-savvy and self-educating customers. These factors would further supplement the growth of the digital experience platform industry.

 

Order your copy of the Free Sample of “Customer Relationship Management Industry Data Book - Customer Experience Management, Customer Self-service Software, Digital Experience Platform, Sales force Automation Software, Sales Training Software, Marketing Automation Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

 

Sales force Automation Software Market Insights

The global sales force automation software market size was valued at USD 9.82 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 14.6% from 2023 to 2030. The growing adoption of cloud technologies for sales force automation and rising demand for sales forecasting applications are the primary drivers of the sales force automation software market. Further, the adoption of Customer Relationship Management (CRM) software is gaining traction in various industries owing to the changing nature of the software in terms of functionalities and feature sets. Futuristic CRM suites also enable enterprises to gauge business performance and track sales trajectories. Moreover, the increasing adoption of digital transformation across several industry verticals is causing organizations to replace the previous array of solutions required to build, administer, and enhance their digital presence with a unified solution that can serve all functions. These factors would further drive the market during the forecast period. 

Sales Training Software Market Insights

 

The global sales training software market size was valued at USD 2.14 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 14.3% from 2023 to 2030. The industry growth can be attributed to the paradigm shift in the focus of the incumbents of various end-use industries to reduce the time employees spend on repetitive tasks and devote the time saved to other customer engagement and relationship management activities. The sales training software can particularly help end-use enterprises in improving employee productivity, boosting product sales, and utilizing resources efficiently. Benefits associated with the adoption of such software include easy sales content creation and streamlined sales enablement.

 

Go through the table of content of Customer Relationship Management Industry Data Book to get a better understanding of the Coverage & Scope of the study.

 

Marketing Automation Market Insights

 

The global marketing automation market size was valued at USD 5.72 billion in 2022 and is expected to witness a CAGR of 13.2% from 2023 to 2030. Owing to the rising significance of automation solutions in marketing and sales to increase revenue and average deal size, target customers across multiple channels, and retain customers, the market will witness healthy growth. Moreover, the marketing automation solutions help automate repetitive, monotonous tasks such as emails, social media, and other website functions. Technological advancements, such as Artificial Intelligence (AI) and data science, the use of analytics in marketing and sales is also likely to boost the growth prospects of the market over the forecast period. A recent survey suggests that there were around 3.9 billion email users and about 3.5 billion social media users in 2019. Email marketing is still one of the primary channels of marketing, wherein the scope of automation in the segment will remain highly effective. Generally, email marketing involves sending newsletters, solicit sales, request donations, advertisements, and request businesses via emails. 

 

Key players operating in the Customer Relationship Management industry are –

• Adobe Inc.
• IBM Corporation
• Salesforce.com, Inc.
• Sitecore

 

E-Commerce Industry To Grow Due To Latest Technologies And Best Practices For Keeping Customers Happy

 

 

E-commerce industry data book covers B2B E-commerce and B2C E-commerce market. The global E-commerce market was valued at USD 13,497.0 billion in 2022 and is projected to grow at a CAGR of 15.0% from 2023 to 2030.

Grand View Research’s E-commerce industry databook is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.

Access the Global E-commerce Industry Data Book from 2023 to 2030, compiled with details by Grand View Research

 

B2B E-commerce Market Growth & Trends

 

The global B2B e-commerce market was valued at USD 7,904.0 billion in 2022 and is projected to grow at a CAGR of 22.8% from 2023 to 2030, according to a new study by Grand View Research Inc. Technologies enabling the adoption of B2B e-commerce platforms are favoring the market growth. For instance, the proliferation of 5G and smartphones worldwide is expected to be a key growth driver for the market. Moreover, the COVID-19 pandemic has resulted in an increased acceptance of B2B e-commerce among end-users. Companies across the globe are focused on adopting a mixed-channel strategy with an emphasis on online channels to drive revenue.

In addition to the demand generated for online e-commerce amidst the pandemic, proactive government support, such as tax waiver, improved transport infrastructure, and reforms supporting excise/customs duty, is also expected to support business to business e-commerce market growth. Moreover, various laws have been reinforced to protect data privacy for both consumers and businesses, such as the law drafted in California, U.S. Such initiatives are likely to improve online trade penetration.

The market is also expected to experience numerous growth opportunities due to the increasing benefits of technologies such as AR, VR, and AI in influencing consumer purchase decisions. The deployment of such technologies helps vendors to enhance the user experience while offering detailed product information in an interactive format. While chatbots have already made their way into the e-commerce market, technologies such as voice commerce are expected to further boost business to business e-commerce market growth.

The COVID-19 outbreak has created unique challenges in most sectors, including business-to-business e-commerce. Businesses changed their business models as supply chains faced a bipolar effect of either excess inventory or shortage of inventory. Moreover, the aftereffects of the pandemic, such as salary cuts, minimized disposable incomes, and loss of jobs, have resulted in reduced spending by promising customers. To overcome these challenges, B2B businesses have shifted their focus to new online strategies, thus contributing to the transformation of the B2B e-commerce industry.

 

Order your copy of Free Sample of “E-commerce Industry Data Book –Market Size, Share, Trends Analysis And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

 

B2C E-commerce Market Growth & Trends

The B2C service segment of the e-commerce market by model type was estimated to be USD 4,398.9 billion in 2022 and is expected to have a CAGR of 9.7% during the forecast period 2023-2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.7% over the forecast period. The increasing disposable income level, escalating usage of internet and smartphones, and an increasing number of online shoppers are expected to drive the market growth. Online goods and service providers offer various options to their customers, such as vast product portfolio, discounted price rates, convenient payment methods, same-day delivery, and easy return policies while purchasing any goods or services, resulting in growing customer preference toward e-commerce platforms.

The General Agreement on Trade in Services (GATS) provides the rules and regulations governing international trade in services, with significant implications for e-commerce. The anti-Spam Law is placed to protect consumers from receiving unsolicited marketing material. Although online businesses collect information from consumers, they are legally prohibited to spam people's inboxes without their consent. Technological advancement supported by increasing usage of Artificial Intelligence (AI) is providing customers with a real-time shopping experience. For instance, Augmented Reality (AR) technology offers customers ‘virtual changing rooms’ wherein customers can try a product virtually.

The rapid evolution of e-commerce has brought numerous opportunities to both nascent as well as established players in the market. However, online payment processes have witnessed few challenges in the recent past. The interconnected and instantaneous nature of online payment channels has increased vulnerability towards cybercrime, digital frauds, and other malpractices. To overcome these cybersecurity concerns, it is essential to emphasize service security and the protection of consumer’s data.

 

Go through the table of content of E-commerce Industry Data Book to get a better understanding of the Coverage & Scope of the study.

 

Competitive Landscape

Key players operating in the E-commerce Industry are –
• Alibaba Group Holding Limited
• Amazon.com, Inc.
• Apple Inc.
• Best Buy
• eBay Inc.
• Shopify Inc.

The Digital Health Industry: Innovating Healthcare With Digital Solutions

 

 

Digital health industry data book covers tele-healthcare, mhealth, healthcare analytics and digital health system markets. The global market size was valued at USD 211.0 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 18.6% from 2022 to 2030.

Access the Global Digital Health Industry Data Book from 2023 to 2030, compiled with details by Grand View Research

Tele-Healthcare Market Growth & Trends

The global telehealth market size was valued at USD 87.6 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 23.5% from 2023 to 2030. The rising penetration of the internet and the evolution & development of smartphones are factors that contribute to the growth of the industry. Advancements in digital infrastructure allow users to monitor their health and fitness, avail of medical assistance, and book appointments. For instance, several applications and platforms, such as Doctor on Demand, Lemonaid, and MDLive, allow their users to book appointments, monitor personal health, track consultations, and store healthcare information.

Moreover, the COVID-19 pandemic accelerated the adoption of telemedicine and teleconsultation. The pandemic exposed the shortcomings in the healthcare systems while also burdening the healthcare resources and facilities, which accelerated the adoption of the solutions. The government-imposed travel restrictions and lockdowns to curb the spread of the virus, which led to patients and healthcare institutions shifting toward teleconsultations and telemedicine. In addition, insurance companies and healthcare payers are collaborating with key industry players to provide free consultation services to patients. For instance, AIG and Cigna announced a partnership with Doctor Anywhere in Singapore.

Under this partnership, the companies will provide free consultation services to patients across Thailand, Singapore, and Vietnam. Moreover, the rising number of public-private partnerships, advancements in digital infrastructure, rise in government initiatives, and growing advancements in digital health technologies are anticipated to boost the demand for virtual care applications and services. Several key players, such as GlobalMed, Siemens Healthineers, and Doctor Anywhere, reported a significant rise in revenues and active users during the pandemic. The services segment held the largest share of the global revenue in 2022 due to the rising preference for telemedicine and teleconsultation to reduce healthcare costs and physical visits to hospitals.

 

mHealth Market Growth & Trends

The global mHealth market size was valued at USD 56.8 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 10.8% from 2023 to 2030. Increasing adoption of mHealth apps and technologies by physicians and patients and rise in penetration of internet and smartphone connectivity are among the major factors expected to drive the growth of the market. Besides, increasing government initiatives towards the digitalization of healthcare services are also anticipated to boost the adoption of mobile health platforms.

Based on component, mHealth apps dominated the market and accounted for revenue share of 75.4% in 2021. This high share is attributable to constantly developing startup ecosystems across the globe and increasing investments by key players to develop new health-based apps. In addition, benefits provided by these apps in maintaining health and lifestyle and managing health condition are some of the other factors boosting the growth of the segment.

Based on services, the monitoring services segment dominated the market with a revenue share of 61.5% in 2022. Monitoring services mainly involve the observation of health conditions, diseases, and other complicated medical parameters for a defined time. The rising prevalence of chronic diseases and increasing preference for remote monitoring services in post-acute care are some of the factors contributing to the growth of this segment. In addition, increasing investments by the key players in mobile health apps for patient monitoring is also expected to propel the segment growth over the years.

 

Order your copy of Free Sample of “Digital Health Industry Data Book –Market Size, Share, Trends Analysis And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

Healthcare Analytics Market Growth & Trends

The global healthcare analytics market is currently valued at USD 35.3 billion as of 2022 and is expected to expand at a CAGR of 21.4% for the forecast period 2023-2030. The increase in capital investments by the healthcare industry in the IT sector for better management and cost-effective patient care are key growth factors for the healthcare analytics market.

Descriptive analytics holds the biggest revenue share, its use in studying historical data has been successfully and widely adopted during the pandemic for studies on patient populations, the current method of analysis has been studying historical data to devise actionable insights for professionals to act on. Predictive analytics accounted for the fastest growth owing to the ability to provide future prospects for growth and for delivering better results.
By component, the services component had the largest revenue share in 2022, owing to the majority of healthcare institutes outsourcing their data analytics to third-party vendors. A large number of data analytics companies have been collaborating with the institutions to deliver meaningful insights for better patient care and for maximizing their profits by cost-cutting. Better patient monitoring, and care are key factors for the growth of this component.

The on-premises delivery model holds the largest revenue share in the delivery mode segment. This has been due to the ease of access of data being on the site, i.e., at hospitals, etc. this has resulted in better patient monitoring, better management of records, etc., small institutions are manageable for on-premises delivery mode, another option for data storage is cloud-based. Cloud-based deployment has been the emerging delivery mode due to the fact that it provides a larger space virtually to store data for a multitude of patients. This is cost-effective and is a commercially more viable option for industries.

 

Digital Health System Market Growth & Trends

The global digital health systems market size was valued at USD 31.4 billion in 2022 is projected to grow at a compound annual growth rate (CAGR) of 6.1% from 2023 to 2030. Growing penetration rate of smartphones, improvement in internet connectivity, introducing advance healthcare IT infrastructure, rising healthcare expenditure, diseases, rising adoption rate of remote patient monitoring services, and increasing accessibility of virtual care are driving market growth. Growing prevalence of chronic diseases such CVD, diabetes, cancer and others are further driving the market growth as digital health systems help in monitoring condition from any place and at any time.

Smartphones have widened their application scope from devices just for communication & entertainment to devices monitoring health & fitness. As per the statistics of Pew Research Center about 97.0% of U.S. citizens own smartphones in the year 2021. Moreover, key players are also focusing on developing and introducing innovative mobile applications for tracking daily activities, providing information about medical queries, tracking & ordering medical prescriptions, scheduling appointments, and storing healthcare information. The ongoing COVID-19 pandemic exposed the flaws in the current overburdened healthcare systems and highlighted the potential of digital health solutions, which in turn encouraged the use of these solutions and resulted in a sharp increase in their rate of adoption.

 

Go through the table of content of digital health industry data book to get a better understanding of the Coverage & Scope of the study.

 

Competitive Landscape

Key players operating in the Digital Health Industry are –

• Apple Inc.
• AT&T
• AirStrip Technologies
• Allscripts
• Google Inc.
• Orange
• Qualcomm Technologies, Inc.
• Softserve
• MQure
• Samsung Electronics Co., Ltd.
• Telefónica S.A.
• Vodafone Group
• Cerner Corporation
• McKesson Corporation
• Epic Systems Corporation
• NextGen Healthcare, Inc. (QSI Management, LLC)
• Greenway health, LLC
• CureMD Healthcare
• HiMS
• Computer Programs and Systems, Inc.
• Vocera Communications
• IBM Corporation (IBM Watson Health)
• Siemens Healthcare GmbH
• CISCO Systems, Inc.

 

The digital health industry data book, compiled by Grand View Research, is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports and summary presentations on individual areas of research along with a digital healthcare statistics e-book.