The report provides company market share analysis in order to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launch, agreements, partnerships, collaborations & joint ventures, research & development, product and regional expansion of major participants involved in the market on a regional basis.
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.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.
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.
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.
In 2017, North America was the leading regional market for AI for CRM, followed by Europe. The U.S. is projected to lead the AI market for CRM during the analysis period. The growth of the U.S. AI market for CRM can be attributed to growing demand from the BFSI industry paired with high technology adoption rate. Europe is estimated to be another opportunist market for AI in CRM in the forecast period. In the Asia Pacific, Japan is expected to be the most attractive region for AI market for CRM owing to the rising demand from small and medium-sized enterprises. India and China are also estimated to be key contributing countries for the growth of Asia Pacific region owing to the increasing demand for customer service and support applications. Latin America along with the Middle East and Africa are also predicted to show noticeable growth in the near future owing to the developing customer-centric approach amongst the organization.
The report segments of the global of AI market for CRM are as follows:
Global AI Market for CRM: Technology Segment Analysis
Natural Language Processing
Global AI Market for CRM: Application Segment Analysis
Customer Service and Support