AI in CRM Market Growth: Key Drivers, Challenges, and Projections for 2031

(I-SoftwareNews.Com, September 27, 2024 ) According to the latest research by InsightAce Analytic, the Global AI in Customer Relationship Management Market is valued at US$ 14.8 Bn in 2023, and it is expected to reach US$ 138.6 Bn by 2031, with a CAGR of 32.5% during the forecast period of 2024-2031.

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To improve customer service, automate and streamline customer interactions, and streamline company operations, artificial intelligence (AI) in CRM refers to the integration of AI technology into CRM systems. To evaluate vast amounts of customer data, forecast consumer behaviour, and deliver individualized customer experiences, artificial intelligence (AI) in CRM makes use of machine learning, natural language processing, and data analytics. CRM systems' predictive powers and task automation are improved by ongoing advancements in artificial intelligence (AI) algorithms, machine learning models, and natural language processing (NLP) technology. Furthermore, one of the key drivers of market expansion during the anticipated time is the automation of everyday tasks.

List of Prominent Players in the AI in Customer Relationship Management Market:
• Salesforce
• Microsoft Corporation
• IBM Corporation
• Oracle Corporation
• SAP SE
• Adobe Inc.
• Pegasystems Inc.
• HubSpot Inc.
• Zendesk Inc.
• Freshworks Inc.
• Genesys Telecommunications Laboratories, Inc.
• Zoho Corporation
• SugarCRM Inc.
• Insightly Inc.
• Infusionsoft by Keap
• Nimble LLC
• Act-On Software Inc.
• Copper Inc.
• Agile CRM Inc.
• Apptivo Inc.
• EngageBay Inc.
• Ontraport Inc.
• Really Simple Systems Ltd.
• Soffront Software Inc.
• Maximizer Services Inc.
• Other Market Players

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Market Dynamics:

Drivers-
The growing demand for personalized experience is expected to propel the market growth during the forecast period. Consumers increasingly anticipate individualized service from companies. By evaluating client data and forecasting needs, AI helps CRM systems provide customized experiences that increase customer pleasure and loyalty. Furthermore, sophisticated methods for data analysis are required due to the exponential growth of client data from several sources (social media, emails, purchase history, etc.). AI facilitates the effective management and extraction of useful insights from massive datasets.

Challenges:
It can be difficult to scale AI solutions across big businesses or several regions. It takes a lot of resources and experience to ensure constant, reliable operation in various contexts. Moreover, CRM systems may soon become antiquated due to the swift speed at which AI technology is developing. Staying current with emerging trends necessitates ongoing investment and adjustment. Furthermore, it can be difficult and expensive to comply with different regulatory requirements and compliance standards. Regulations vary by location, which makes it difficult for multinational corporations to negotiate the regulatory environment.
Regional Trends:
The North American AI in customer relationship management market is expected to register a major market share in terms of revenue and is projected to grow at a high CAGR in the near future. The growth of the AI in Customer Relationship Management industry in the region is attributed to the presence of major players, technological advancements, innovative product launches, regulatory support and others. Besides, Europe had a substantial share in the market due to its developed economy and growing adoption of intelligence products. Moreover, Artificial intelligence (AI) advancements in machine learning, natural language processing (NLP), and predictive analytics allow for more complex CRM solutions, which is why industries are adopting them.

Recent Developments:
• In March 2024, At Adobe Summit, the premier Digital Experience Conference, Adobe unveiled significant enhancements in Adobe Experience Cloud that enable organizations to improve consumer engagement through the orchestration of engaging cross-channel journeys. A novel integrated experimentation capability allows marketers to enhance the number of tests to identify customer pathways that optimize conversion and promote the reuse of offers across channels. Adobe Journey Optimizer's functionalities will empower both B2C and B2B brands to improve journey orchestration through timely, personalized experiences.

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Segmentation of AI in Customer Relationship Management Market-
By Type-
• Machine Learning
• Natural Language Processing (NLP)
• Image and Speech Recognition
• Predictive Analytics
• Chatbots and Virtual Assistants
By Application-
• Sales Automation
• Customer Service and Support
• Marketing Personalization
• Customer Data Analysis
• Lead Scoring and Qualification
By Industry-
• Retail and E-commerce
• Banking and Finance
• Healthcare
• Telecommunications
• Travel and Hospitality
By Deployment Model-
• Cloud-based AI-CRM
• On-premises AI-CRM
• Hybrid AI-CRM
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

Insight Ace Analytics

Diana D’souza

+917972967118

diana.dsouza@insightaceanalytics.com

Source: EmailWire.Com

Source: EmailWire.com

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AI in CRM Market Growth: Key Drivers, Challenges, and Projections for 2031