According to the report, the global AI market for CRM accounted for USD 11.42 billion in 2017 and is expected to reach USD 123.28 billion globally by 2024, growing at a CAGR of 40.19% between 2018 and 2024.
New York, NY, Oct. 12, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Artificial Intelligence (AI) Market for CRM by Application (Customer Service and Support, Marketing, Sales, and Other Applications), by Technology (Machine Learning, Natural Language Processing, Context-Aware Computing, and Image Processing), by Organization Size (Small and Medium-Sized Enterprises, and Large Enterprises), and by End-users (BFSI, Healthcare, Manufacturing, Retail, IT and Telecommunication, Media & Entertainment, Energy and Utilities, and Others End-users): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, the global AI market for CRM accounted for USD 11.42 billion in 2017 and is expected to reach USD 123.28 billion globally by 2024, growing at a CAGR of 40.19% between 2018 and 2024.
CRM has turned into an essential aspect of organization globally owing to the mounting competition, now fiercer among giant brands to startups; customer care and satisfaction have become a priority. Artificial intelligence emerged as a key crisis solving solution to the daily challenges that, workforce meet. It is extremely useful in reforming labor rigorous activities and managing big data that most of the times are considered a waste asset. Artificial intelligence (AI) is expected to provide organizations with a huge volume of data which in time is anticipated to transform the traditional modes of operations for organizations in the coming years. Numerous companies are using AI applications that are significantly opening several opportunities for others. These organizations can analyze their customer interactions with depth and speed that has never been seen before. Artificial intelligence and machine learning are predicted to improve CRM activities and simultaneously support the growth for AI Market for CRM in the analysis period. Market participants such as SAP, Microsoft, Salesforce, and Oracle are estimated to invest heavily in artificial intelligence during the forecast period in order to stay competitive.
Browse through 55 Tables & 36 Figures spread over 129 Pages and in-depth TOC on “Global Artificial Intelligence (AI) Market for CRM: Industry Type, Size, Share, Applications, Growth Analysis and Forecast, 2017 – 2024”.
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The growth of the AI market in CRM is mainly attributed to the increasing competition amongst all industry vertical. In addition, increasing proliferation of data coupled with the rising focus on personalizing marketing operation and enhancing lead generation is predicted to contribute to the growth of AI market for CRM in the years to come. Furthermore, marketing and sales activities are benefiting from ongoing technological developments along with IT, customer services, as well as the finance department also gaining regular access to CRM documents. On a contrary, lack of technical expertise is expected to have an adverse impact on the AI market for CRM in the forecast period. Moreover, heavy investment by vendors and the availability of business-specific solutions are predicted to open up new alluring opportunities for the market participant in the near future.
The global artificial intelligence market for CRM is categorized on the basis of application, organization size, end-user, and region. Customer service and support, marketing, sales, and other CRM applications are the major applications of the global artificial intelligence market for CRM market. Sales application is predicted to be the fastest growing segment in the forecast period. Based on organization size, the AI market for CRM is segmented into small and medium-sized enterprises and large enterprises. BFSI, healthcare, manufacturing, retail, IT and telecommunication, media & entertainment, energy and utilities, and others are the end-user segment of the AI market for CRM. IT and Telecom and BFSI are expected to be the most attractive end-user segment in the analysis period.
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North America held the largest revenue share of the global AI market for CRM market. The key factors driving the growth of the market are high technology adoption rate paired with increasing demand from BFSI end-user sector. The U.S. and Canada emerged as lucrative markets for AI for CRM in the North America market. Presence of key technology innovators also predicts to support the growth of AI market in CRM in near future.
European AI market for CRM is mainly driven by government initiatives and fundings to promote AI is a major influencing factor for the growth of the market’s development in the coming years. Germany and the UK accounted for the major market share to AI market for CRM. The government of UK has offered a massive funding to develop machine learning at universities. Heavy investments by tech giants are also predicted to flourish the growth of market significantly in near future.
Browse the full “Artificial Intelligence (AI) Market for CRM by Application (Customer Service and Support, Marketing, Sales, and Other Applications), by Technology (Machine Learning, Natural Language Processing, Context-Aware Computing, and Image Processing), by Organization Size (Small and Medium-Sized Enterprises, and Large Enterprises), and by End-users (BFSI, Healthcare, Manufacturing, Retail, IT and Telecommunication, Media & Entertainment, Energy and Utilities, and Others End-users): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024” report at https://www.zionmarketresearch.com/report/artificial-intelligence-market-for-crm
Asia Pacific is predicted to grow at the highest CAGR from 2018 to 2024 for the AI market for CRM. Emerging economies such as China, South Korea, and India have a massive potential for AI market for CRM in near future. Increasing demand from small and medium size enterprises is estimated to propel the growth of the market massively. In 2017, China and Japan acquired the noticeable share of the Asia Pacific AI market for CRM owing to rising demand from IT as well as BFSI end-user sector coupled with sales and marketing application.
Latin America is also expected to witness high potential opportunities for AI market for CRM. Rising customer engagement activities paired with the demand for sales solution based application will shape the market in this region considerably. Brazil and Argentina are anticipated to be the major supporting countries for the market growth of the AI market for CRM. The Middle East is likely to be one of the fastest growing regional markets for AI market for CRM in the analysis period owing to significant growth opportunities in UAE and Saudi Arabia. Africa region also expects offering substantial growth for the AI market for CRM owing to the growing focus on customer engagement.
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Some of the prominent players operating in the global AI market for CRM is SAP, Microsoft, Adobe Systems, Salesforce, Kreato CRM, Spiro Technologies, Conversica, IBM, and Oracle among others.
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The report segments of the global of AI market for CRM are as follows:
Global AI Market for CRM: Technology Segment Analysis
- Machine Learning
- Natural Language Processing
- Context-Aware Computing
- Image Processing
Global AI Market for CRM: Application Segment Analysis
- Customer Service and Support
- Other Applications
Global AI Market for CRM: Organization Size Segment Analysis
- Small and Medium-Sized Enterprises(SMEs)
- Large Enterprises
Global AI Market for CRM: End-User Segment Analysis
- IT & Telecommunication
- Media & Entertainment
- Energy & Utilities
- Others End Users
Global AI Market for CRM: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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