The future of CRM stocks: what’s next for customer platforms, and how to choose the right CRM for your business

The future of CRM stocks: what’s next for customer platforms, and how to choose the right CRM for your business

Customer Relationship Management (CRM) sits at the heart of modern go-to-market operations—from pipeline generation to service automation and customer marketing. 

For investors, CRM vendors are riding three overlapping waves: 

1. AI agents and copilots moving from pilot to production,
2. consolidation of data into unified customer platforms (CDP + CRM), and '
3. a multi-year shift to value-based pricing and attach of premium AI features. 

That combination can extend durable growth for leaders, even as the category matures. At the same time, macro sensitivity in IT budgets, compliance obligations (especially around the EU AI Act), and intensifying competition create uneven outcomes across the space. 

Below, you’ll find (1) an investor-oriented outlook on key CRM names, (2) market-level trends and scenarios, and (3) a practical buyer’s guide with current pricing structures to help teams choose the right CRM.

The market: growth engine with new AI monetization levers

CRM remains a top enterprise-software priority. IDC’s enterprise applications view shows double-digit growth recently and continued expansion into the second half of the decade, supported by cloud migrations and AI-driven upgrades. Spending on AI specifically is ramping fast and expected to exceed $200B annually before the decade’s end, which acts as a tailwind for AI-infused CRM modules.

Vendor concentration is high—and leadership is consistent. IDC’s software trackers consistently place Salesforce as the #1 CRM provider by revenue share, with Microsoft, Oracle, Adobe and SAP in the next tier. That concentration matters for stock dynamics: leaders can bundle AI agents and data clouds across large installed bases, enhancing upsell.

Regulation is becoming a real product and sales variable. The EU AI Act entered into force on August 1, 2024, with staged obligations rolling in through 2026–2027. Vendors selling AI-enabled CRM across the EU will need to demonstrate risk management, transparency, and (for certain high-risk uses) conformity assessments—factors that favor well-capitalized incumbents with compliance tooling. 

Bottom line: CRM is still growing—with AI and data unification as the monetization engines—but growth is less uniform than in the last cycle.

Company snapshots: catalysts, watch-outs, and what the numbers are saying

Note: This section is informational and not investment advice.

Salesforce (NYSE: CRM)

• Thesis: At scale leadership with outsized cross-sell potential across Sales, Service, Marketing, and Data Cloud. The near-term question is how quickly “Agentforce” and AI add-ons convert into material ARR and rev-accelerate a maturing top line.

• Recent markers: Salesforce reported $900M in Data Cloud & AI ARR, up 120% YoY for FY2025; management highlighted thousands of early Agentforce deals and rising attach of Data + AI in large transactions. The company later raised its FY26 outlook amid resilient enterprise cloud spend.

• Debate: Growth deceleration to single digits has worried the market; investors are watching whether AI agents can re-accelerate revenue or primarily drive mix. Leadership transitions have also drawn attention. 

• What to watch: Rate of paid AI seat adoption across Sales/Service, Data Cloud consumption trends, and large-customer consolidation deals.

HubSpot (NYSE: HUBS)

• Thesis: The up-market SMB/mid-market leader evolving into a full “customer platform,” growing steadily and layering in AI. Historically premium valuation supported by consistent execution and land-and-expand motion.

• Recent markers: Q2 2025 revenue of $760.9M, up 19% YoY (18% cc). Operating metrics show multi-year revenue and customer growth with improving operating profit.

• Debate: Up-market competition from Microsoft/Salesforce and pricing complexity as AI features are packaged. Still, category growth and HubSpot’s ecosystem remain supportive.

Freshworks (NASDAQ: FRSH)

• Thesis: Value-oriented customer platform (Freshsales/Freshdesk) targeting SMB and mid-market with rapid product iteration and a growing AI surface area. Margin expansion and buybacks add levers.

• Recent markers: 2025 investor materials point to continued profitability progress; the company has been active with share repurchases. Watch the cadence of ARR growth and enterprise traction.

• Debate: Competitive intensity in SMB and the challenge of scaling up-market while maintaining velocity.

Pegasystems (NASDAQ: PEGA)

• Thesis: Workflow, decisioning, and CRM for complex enterprises—particularly in regulated industries. PEGA’s AI-driven decisioning (Next-Best-Action) and case management align with the agent trend.

• Markers: (Use current investor updates and large-customer deployments as the clearest signals.) Focus areas include cloud migration progress, subscription mix, and large program renewals. (Public filings detail the transition to subscription and improving profitability trajectory.)

Sprinklr (NYSE: CXM)

• Thesis: Customer experience management across social, marketing, and service. A lever for CRM adjacency plays (voice of customer, contact center, social care) with AI use cases.

• Recent markers: Q1 FY2026 revenue $205.5M (+5% YoY); non-GAAP operating margin improved to 18%. Growth moderated vs. prior years, but profitability efficiency improved.

• Debate: Balancing growth and margin as customers rationalize CX stacks.

ZoomInfo (NASDAQ: ZI)

• Thesis: Sales intelligence and data enrichment increasingly embedded in CRM workflows. AI may enhance data quality and personalization; macro cycles in B2B demand can be a headwind.

• Markers: (Track guidance and customer retention trends in IR updates; adoption of generative AI features is a key theme.)

Takeaway across names: At the large-cap end (e.g., Salesforce), AI and data platforms can extend wallet share even if seat growth slows. In mid-caps (HubSpot, Sprinklr, Freshworks), product velocity and pricing/packaging are the swing factors. Across the board, “agentization” (AI agents that do work, not just assist) is the most important 12–24-month catalyst—yet monetization curves are still being proven in the field. 

Trendlines shaping the next 12–24 months

1. AI agents move from pilots to workflows
   The shift from copilots to autonomous or semi-autonomous “agents” (e.g., SDR outreach, case triage, renewals) is underway. Leaders are articulating multi-hundred-million ARR targets tied to AI suites, but the industry is still early in seeing broad, paid deployment at scale. Expect more outcome-priced SKUs and consumption-based add-ons (tokens, inference tiers, data events). 

2. Data cloud + CRM converge
   A unified profile that blends transactional CRM with behavioral and product telemetry is becoming table stakes, driving demand for CDP-like modules and connectors. Leaders that control the data plane (integration + governance) can push higher-margin analytics and AI bundles on top. 

3. Compliance as a competitive moat
   The EU AI Act’s phase-in, plus privacy regimes (GDPR/CCPA and sectoral rules), tilts the field toward vendors with robust compliance tooling and documentation. For buyers, this means extra diligence on model transparency, data lineage, and opt-out/consent mechanics when deploying AI features in CRM.

4. Ecosystems and marketplaces matter more
   As AI agents need domain skills, the breadth/quality of app ecosystems and data partnerships rises in importance. Expect more “agent templates” and packaged playbooks from vendors and SIs.

5. Pricing redesigns continue
   Expect freemium changes, rebundling of digital engagement channels, and premium AI tiers. This can mask underlying unit economics—watch net revenue retention (NRR) and gross margin for clues.

Scenarios for CRM stocks

• Bull case (12–24 months): Vendor AI agents show measurable ROI in sales productivity and service cost takeout; paid adoption scales; data platform consumption accelerates; macro holds. Leaders outgrow the market while expanding margins through AI attach and services leverage. (This aligns with analysts’ optimism that AI agents could become major drivers by 2026.) 

• Base case: AI monetization grows but in line with expectations; growth rates stabilize with modest acceleration in H2 2026; vendors continue to optimize costs and sustain operating leverage.

• Bear case: CIOs scrutinize AI ROI amid budget pressure; compliance frictions slow deployments in the EU; competitive discounting compresses ARPU; growth decelerates and premium multiples compress. (News flow around leadership changes or guide-downs can amplify volatility.) 

What to track each quarter: AI/agent ARR, Data Cloud/CDP event consumption, NRR, large-deal attach rates for AI, and commentary on EU AI compliance readiness.

How to pick a CRM (for buyers): a quick decision framework

• Start with the workflow, not the logo. Map your revenue and service motions (field vs. inside sales, PLG self-serve funnels, omnichannel care). The best CRM is the one that matches your dominant motion with the least customization debt.

• Vet the data plane. Ask: how do we unify product, marketing, and support data; which connectors are turnkey; and how is identity resolved? A clean, governed profile is the foundation for useful AI.

• Cost realism. Model total cost: base seats + advanced analytics/AI + messaging/telephony + integration/MAP + services. The sticker price often understates the real run-rate.

• Compliance checklist. If you operate in the EU (or serve EU customers), ensure your vendor’s AI features align with the AI Act’s transparency and risk controls—especially for automated decisioning. 

CRM software options and current pricing structures

Prices and packaging can change frequently. The figures below reflect publicly posted pricing pages at the time of writing (August 2025). Where vendors use complex seat/add-on models, treat these as starting points and verify for your region and billing term.

• Salesforce Sales Cloud – Editions with per-user pricing; AI and Data Cloud sold as add-ons.
  Starting price: $25/user/month for Starter Suite (billed annually). Core Sales Cloud editions escalate from there (Professional/Enterprise/Unlimited), with AI and Agentforce as paid add-ons. Public “Small Business” pricing page shows the entry tier. Strengths: depth, ecosystem, enterprise scale, advanced analytics and Data Cloud. Weaknesses: complexity, services cost, potential over-buy risk for smaller teams. 

• Microsoft Dynamics 365 Sales – Professional, Enterprise, and Premium tiers; discounts for existing Dynamics customers.
  Starting price: $65/user/month (Sales Professional); $105 (Enterprise); $150 (Premium), billed per user/month. Copilot for Sales is integrated across Microsoft 365. Strengths: Microsoft stack integration (M365, Teams, Power Platform), strong admin controls. Weaknesses: customization complexity, partner dependence.

• HubSpot Sales Hub – Free tier available; paid tiers add automation, forecasting, and AI; priced by “seats” with capacity add-ons.
  Starting price: Published pricing pages vary by tier and bundles; see Sales Hub pricing for current seat-based structure (Starter/Professional/Enterprise). Strengths: usability, fast time-to-value for SMB/mid-market, unified marketing + sales + service story. Weaknesses: costs can climb with add-ons/contacts; advanced customization requires care.

• Zoho CRM – Multiple editions; transparent per-user pricing.
  Starting price: Public pricing shows tiered plans (Standard/Professional/Enterprise/Ultimate) with monthly per-user pricing; verify regional currency on the pricing page. Strengths: value, broad suite (Finance, Desk, Analytics). Weaknesses: UI/UX preferences vary; enterprise governance can require extra effort.

• Freshsales (Freshworks) – Freemium plus Growth/Pro/Enterprise tiers.
  Starting price: Tiered per-user plans; see Freshsales pricing page for current USD rates. Strengths: approachable, integrated with Freshdesk for support. Weaknesses: depth vs. top-tier enterprise features.

• Pipedrive – Essentials to Power/Enterprise tiers; sales-centric UI.
  Starting price: Published per-user/month tiers on the pricing page; often billed annually for best rate. Strengths: simplicity, pipeline visibility, SMB adoption. Weaknesses: lighter marketing/service depth without add-ons.

• monday sales CRM – Seat-based tiers; bundles with monday work management.
  Starting price: Transparent per-seat pricing across Basic/Standard/Pro/Enterprise. Strengths: flexible work OS model, visual workflows. Weaknesses: may require configuration to match classic CRM patterns.

• Copper – Designed for Google Workspace; simple seat tiers.
  Starting price: Posted per-user/month plans (Basic/Professional/Business). Strengths: Gmail/Google Drive native integration, ease of use. Weaknesses: narrower enterprise feature set. 

• Insightly – CRM + projects; tiered per-user pricing.
  Starting price: Published tiers (Plus/Professional/Enterprise) on pricing page. Strengths: project management tie-ins. Weaknesses: ecosystem smaller than top vendors.

• SugarCRM – Modules for sales, marketing, service; seat-based pricing.
  Starting price: Public pricing available for Sugar Sell/Serve/Market with per-user or per-account tiers. Strengths: flexibility and on-prem options in some scenarios. Weaknesses: requires admin skills; ecosystem smaller.

Why not Zendesk Sell? Zendesk sunset its standalone Sell product; the company focuses on CX/service. For sales CRM, consider the options above.

How to evaluate pricing apples-to-apples

• Scope the features behind each tier. “Professional” doesn’t mean the same thing across vendors—features like forecasting, territory management, sandboxes, data model extensibility, and AI quotas vary.

• Map add-ons: AI assistants/agents, data cloud/CDP events, marketing automation contacts, dialer/telephony minutes, messaging channels (WhatsApp/SMS), and integrations (ERP, billing) can meaningfully change TCO.

• Annual vs. monthly: Most vendors show annual per-user pricing; monthly contracts carry premiums.

• Data caps: Marketing email sends, contact tiers, and API call limits are easy to overlook.

Strengths and weaknesses by archetype

• Platform leaders (Salesforce, Microsoft):
  Strengths: breadth, deep analytics/AI, partner ecosystems, enterprise-grade governance.
  Weaknesses: higher services/implementation costs; complexity may exceed needs for smaller teams.

• Modern growth platforms (HubSpot, Freshworks, monday):
  Strengths: speed to value, unified UX, strong automation for SMB/mid-market.
  Weaknesses: costs can scale with contacts and add-ons; advanced enterprise features may require workarounds.

• Sales-centric specialists (Pipedrive, Copper):
  Strengths: simplicity, pipeline-first workflows.
  Weaknesses: limited native marketing/service depth vs. platforms; check integrations.

• Complex enterprise & vertical workflows (Pegasystems, Dynamics):
  Strengths: deep process automation, strong compliance/governance.
  Weaknesses: longer deployments; reliance on SI partners.

Expert and third-party perspectives

• Analyst trackers repeatedly show Salesforce’s CRM revenue leadership worldwide, reflecting strong multi-cloud attach and installation base leverage.

• Macro spending on cloud and software remains resilient, even as buyers emphasize measurable efficiency gains—favorable conditions for AI add-ons that reduce sales/admin time and deflect service volume.

• Independent market maps (e.g., CX Today) highlight a broad competitive set—from enterprise suites to specialist vendors—underscoring that “best” depends on organizational size, stack, and go-to-market motion.

Practical checklist for the next quarter

1. Ask vendors for AI ROI baselines. What are the time-to-value and measurable KPIs (pipeline per rep, handle time reduction) from live customers—not pilots?

2. Request AI compliance documentation. Model transparency, training data governance, and EU AI Act readiness if you operate in Europe.

3. Run a TCO scenario. Include seats + AI + data events + messaging + integrations + services.

4. Plan change management. Agents/coplots change workflows—budget time for enablement.

References

• Salesforce FY25 results (Data Cloud & AI ARR; Agentforce traction). 

• Reuters: Salesforce raises FY26 outlook; AI/Data Cloud context.

• MarketWatch: Growth deceleration and investor concerns.

• HubSpot Q2 2025 results and investor materials.

• Freshworks Q2 2025 materials and IR page.

• Sprinklr Q1 FY2026 results and IR references.

• IDC and enterprise apps/AI spending outlook.

• EU AI Act adoption and entry into force.

• Salesforce ranked #1 CRM (IDC tracker).

• Pricing and packaging pages: Salesforce Sales Cloud (Small Business), Microsoft Dynamics 365 Sales, HubSpot Sales Hub, Zoho CRM, Freshsales, Pipedrive, monday sales CRM, Copper, Insightly, SugarCRM.

Final word

For investors, the next phase in CRM will be decided by execution on AI monetization and data-platform consumption—and the leaders with compliance headroom and robust ecosystems should have an edge. 

For operators selecting a CRM, anchor on fit to your workflows and data prerequisites first, then test AI features in controlled rollouts. 

The right choice—stock or software—turns on the same principle: measurable outcomes over slides.

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