An analysis of the AI-powered CRM Platform Market by Sales Automation, Marketing Automation, Customer Service and Support and Other Solutions from 2024 to 2034
AI-Powered CRM Platform Market Outlook from 2024 to 2034
The global AI-powered CRM platform market is expected to leap impressively at a CAGR of 11.50% between 2024 and 2034 to reach USD 340.6 million. The said market is supposed to achieve a USD 114.7 million market valuation by 2024. Several market forces will influence the market.
Attributes
Key Insights
Estimated Market Size in 2024
USD 114.7 million
Projected Market Value in 2034
USD 340.6 million
Value-based CAGR from 2024 to 2034
11.50%
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Key Market Trends and Highlights
Customer behavior is forecasted using predictive analysis. This has been the foremost market trend that enables the business to meet customer expectations even before the customer requisition.
Emphasis on sales and marketing activities using AI-powered CRM platforms has been another key trend driving the market.
Increasing the speed of customer services by using embedded software and tools like machine learning, NLP, and AI has been another trend, acting as a crucial driving force for the market.
Collection, management, and data reproduction for generating sales leads are key trends in the market.
Demand Analysis of AI-Powered CRM Platform Market from 2019 to 2023 vs. Outlook from 2024 to 2034
Historical CAGR from 2019 to 2023
10.70%
Forecast CAGR from 2024 to 2034
11.50%
The historical CAGR of 10.70% helps the AI-powered CRM platform market jump from USD 68.8 million to USD 103.5 million from 2019 to 2023, respectively. This market advancement was subjected to the rising demand for e-commerce platforms.
The pandemic surged the demand for various e-commerce platforms, which required the assistance of artificial intelligence to resolve customers' queries. Hence, this was the fundamental surging factor.
Apart from this, the data management of numerous patients was essential as there was a significant surge in the number of patients being affected due to various diseases having similar symptoms. Integrating AI in CRM allowed medical institutions to classify and segregate patients under different categories to make their treatment easier.
However, the forecasted period relies more on the customer relationship of large-scale businesses. The remote operation of businesses emphasizes better customer interaction, encouraging enterprises to enhance customer comfort. Hence, integrating cutting-edge technology to improve response time drives the demand for AI-powered CRM platforms.
Apart from this, E-commerce platforms' constant growth is another market driver that generates demand for platforms, similar to the historical period.
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Market Drivers
The rising demand for enhanced customer support and service propels the global AI-powered CRM platform market. Integrating AI and other cutting-edge technological tools enhances the serviceability of traditional CRM systems. Due to this, the system's overall efficiency increases, which is a key market driver for the subject market.
More emphasis is being placed on personalizing the customer service. It is another key market driver, as personalization delivers tailored solutions to customers based on their issues and problems.
Increasing data can prove to be a serious issue in the future. Moreover, data could be considered a weapon in Industry 4.0. So, its management is essential, where AI-powered CRM platforms play an active role. Hence, it is another market driver.
Generating sales and marketing leads is another crucial platform application. Businesses extensively use this to enhance their overall performance, a key driving force for the subject market.
Market Challenges
The cost of technology acquisition might be the biggest concern for the global AI-powered CRM platform market. Due to the higher pricing of tools and software like AI, NLP, and machine learning, its accessibility decreases, which might create a challenge for the market.
Lack of literacy regarding using tools and software mentioned above drags the market. Consequently, this can be another key market challenge. Also, the maintenance and servicing of the platforms might be a concern due to the unavailability of skilled labor. Hence, this is another challenge.
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Country-wise Analysis
Technological advancements have helped different countries contribute heavily to the global AI-powered CRM platform market. The Asian and Pacific countries are leading the market as the end-user industry in these countries is growing. In addition, Australia and New Zealand lead all the countries by registering the highest growth rate in the forecasted period.
North America is another market that provides a wider landscape to the subject market. The developed technological infrastructure creates lucrative growth opportunities for the market.
Europe is another significant contributor, creating strong opportunities for many organizations to expand. Due to this, the growth rate of the market is increasing rapidly.
Forecast CAGRs from 2024 to 2034
Countries
Forecast CAGR until 2034
The United States of America
8.40%
Germany
5.00%
Japan
4.30%
China
12.00%
Australia and New Zealand
15.00%
Increasing Industry-Specific Solutions’ Demand Drive the United States Market
The United States of America is the market leader, with the highest CAGR of 8.40% for the forecasted period.
This market growth is attributed to the increasing demand for tailored solutions for different industries.
As different industries post different requirements, solutions for these demands differ, surging the subject market.
Furthermore, the scope of innovation has increased, giving room to expanding the market verticals.
Apart from this, the usability of technology in multiple industries and industry verticals has helped the American market to flourish. Automation also favors this market growth.
Digital Transformation Transforms the AI-Powered CRM Platform Market in Germany
Among all the European countries, Germany registers the highest CAGR of 5.00%, helping it to lead the region.
Manufacturing and engineering are two key sectors undergoing digital transformation during Industry 4.0. Technology can be integrated into many departments to enhance organizational efficiency, surging the need for relevant technology.
Hence, this surges the demand for advanced technological assistance, which can develop all integral processing of these industries.
Therefore, the demand for AI-powered CRM platforms is increasing, helping the subject market grow moderately.
Omni-Channel Customer Engagement Fuel the Japanese Market
Customers prefer personalized interaction with businesses. Due to this, they seek organizations that provide them with constant assistance.
Consequently, organizations are keen to interact with customers, solving their queries across different touchpoints.
This can be achieved with the help of tailored solutions provided by the AI-powered CRM platform, which propels the AI-powered CRM platform market in the country.
However, the advancement of the market is at a sluggish CAGR of 4.30%.
Technological Infrastructure Propels the AI-Powered CRM Platform Market in China
Rapidly developing technological infrastructure in China accelerates market advancement.
Due to the government's investment and different key marketers, technological infrastructure is developing, reducing the overall cost of components and enhancing manufacturing.
This fuels the subject market in terms of its advancements and results in its impressive CAGR of 12.00%.
Technological evolution enhances the CRM platforms' accuracy, quality, and durability.
Rising E-Commerce Platforms Surge the Demand for the AI-Powered CRM Platform Market in Australia and New Zealand
Australia and New Zealand lead the global AI-powered CRM platform market by registering the highest CAGR of 15.00%.
This staggering CAGR results from the growing E-commerce platforms, attributed to the rising demand for customer support.
Constant evolution of processes based on customer feedback is an integral part of E-commerce functioning, achieved by AI-powered CRM platforms.
Category-wise Insights
Category
Solution- Customer Service and Support
Market Share in 2024
36.90%
Market Segment Drivers
Due to increased customer connectivity with the business, their approachability increases, which drives the market.
The accuracy, speed, and consumer-tailored response enhance serviceability, driving the market segment.
Uninterrupted customer service and support increase popularity, making it a critical market driver.
Category
Industry- Services
Market Share in 2024
28%
Market Segment Drivers
Customer interaction is enhanced with the help of CRM. This is the most vital market driver.
Customer feedback is processed rapidly, and the output is tailored to the input, enhancing the process. This drives consumer demand.
Competitive Landscape
Different businesses play an active role in governing the competitive landscape. They clutter the market with their presence through various offerings, including products and services.
However, it is vital to differentiate the product portfolio for a new entrant to embark on its position. Also, market penetration must be focused so that a strong brand position can be established.
In the case of the existing key competitors, mergers and acquisitions, product development, innovation, and partnerships are key market expansion modes that yield a competitive niche. Further, diversifying the technology used in the product is another key approach to bolster the market position.
Key Market Developments
In March 2020, Oracle acquired LiveData Utilities. The organization's strategic move helped the business expand its market presence. It also enabled the enterprise to develop a platform with Live Energy Connect (LEC), an operational technology (OT), as its two major components. This will enhance the scalability and integrity of the software.
In November 2023, Zoho invested £15 million to expand the business. The organization aimed to revolutionize the finance platform for accountants. The organization explores a new market niche through this strategic initiative.
In March 2024, Salesforce has launched its new software- Pro Suite. It is comprised of all-in-one CRM solutions. The business claims the software to be useful for emerging and growing businesses. With the help of this strategic move, the organization is tapping new clientele.
Key Coverage of AI-Powered CRM Platform Market Report
Coverage of market dynamics and lucrative market openings.
Analysis of the competitive space and possible niche in the market.
Developed and developed regions, creating possible market openings.
Categorical market analysis, emphasis placed on key segments.
Report Scope
Attributes
Details
Estimated Market Size in 2024
USD 114.7 million
Projected Market Valuation in 2034
USD 340.6 million
Value-based CAGR 2024 to 2034
11.50%
Forecast Period
2024 to 2034
Historical Data Available for
2019 to 2023
Market Analysis
Value in USD million/billion
Key Regions Covered
North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa
Key Market Segments Covered
Solution, Industry, Region
Key Countries Profiled
The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel
