The Social CRM Market trends are analyzed from recent past with an eye on
coming years in this report that also offers projections for Social CRM industry
targeted at helping in business decisions.
Social CRM Market size is
anticipated to grow at a significant rate from 2017 to 2024. Increasing focus
of organizations toward customer engagement and emerging social platforms &
SMEs are driving the social CRM market. Rising expenditure of enterprises on
this software for targeting customers for marketing purposes will further fuel
the industry growth. Enterprises and businesses are developing innovative
solutions for social management and enhanced customer experience.
Acknowledgment of idea sharing on a real-time basis and ease-of-use are some of
the benefits of this software. Enhanced communication of business information,
increased transparency, better performance, and flexibility will escalate the
social CRM market growth.
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There is a difficulty in achieving a clear perception
of this software. The requirement of high patience to understand the benefits
of this software is anticipated to pose as a challenge to social CRM market.
This software provides an overload of information at once. This, at times,
creates security and privacy concerns in the minds of the customers, which may
act as an industry restraint. For complete deployment of this software, organizations
need to be customer-centric. This may hamper the industry growth over the
forecast time frame.
Innovations in this software have enhanced its speed
and reachability. Businesses and enterprises are implementing this software as
an addition to their overall CRM software channels. Players in the social CRM
market are investing heavily owing to the rising demand for more
business-specific solutions. Addition of mobility to the organization’s CRM
strategy can help in enhancing the consumer interaction. Increasing usage of
Bring Your Own Device (BYOD) has gained prominence in the industry. It is
driving both consumers and employees to access websites through their mobile
devices that has resulted in increased employee productivity by almost 26%. Incorporation
of social media and availability of all relevant applications for easy
execution of daily tasks are the key
capabilities of BYOD implementation.
Various companies are increasingly shifting their
focus toward this software for enhanced interaction with their consumers. For
instance, in June 2015, Pizza Hut implemented social CRM by adopting Azure as
its infrastructure platform for faster interaction with customers. It moved the
web system’s entire databases and back-end servers to Azure for enabling the
development of mobile application.
Based on solution, the industry is segmented into
social monitoring, mapping, listening, middleware, management, engagement, and
measurement. Social monitoring is expected to grow at a significant rate owing
to an increasing use of social media and provision of features such as tracking
and identifying information and news about an individual, product, company, or
a brand.
The social CRM market based on users is divided into
enterprises and Small & Medium-sized Businesses (SMBs). Enterprises are
anticipated to dominate the market over the forecast timeline owing to easy
interaction with customers. SMBs are expected to grow at a high rate owing to
an increasing number of customer-oriented SMBs and their need to increase their
brand presence among consumers.
By application, social CRM market is divided into
marketing, sales, customer service & support, and others. Marketing and
sales are expected to showcase dominance in this segment. It is attributed to
the rising need of organizations to increase sales and improve marketing
activities. Customer service and support is also anticipated to grow
significantly over the forecast time frame. These solutions have enhanced the
interaction between enterprises and their customers by utilizing prevailing
social platforms.
The U.S. dominated the social CRM market and is
projected to continue the same over the forecast time span. Increasing
investments from organizations for promoting customer retention and enhancing
customer experience have led to the industry growth in the region. Moreover,
the rising demand for these solutions from SMBs will further fuel the regional
growth.
Asia Pacific is predicted to grow at
a significant rate over the forecast timeline owing to increasing number of
SMEs in the emerging economies including China and India. Moreover, venture
capital funding has propelled the regional growth. Europe is expected to
showcase an exponential growth rate owing to the demand from various sectors
such as finance, retail, travel, and utility in the UK. Moreover, the rising
need for developing effective marketing campaigns will further fuel the growth
of social CRM market in the region.
Oracle, Lithium, Salesforce, SAP
CRM, IBM Corp., Microsoft, Jive Software, NetSuite, Pegasystems, SugarCRM,
RightNow CRM, and Buzzient are a few industry players. Most of the industry
players are adopting strategies, such as acquisitions, alliances, and product
innovations, for setting foothold in the market. For instance, in June 2017,
Microsoft’s subsidiary LinkedIn announced the acquisition of Heighten for sales
productivity software. This strategy will help the company extract more value
from the social network and connect it to CRM and external sales processes.
This latest Social
CRM Market research
report offers in-depth analysis, key industry insights, market sizing &
forecast on a granular level for key products, applications across number of
regional markets. The report also analyzes the Social
CRM industry
from business strategy perspective, describing in detail growth drivers,
pitfalls &challenges for participants, accompanied by a detailed
competitive benchmarking including company market share analysis and detailed
business profiles.
Reasons to Buy This Report
•
Global Social CRM Market size & forecast by product & application.
•
Growth drivers, pitfalls & industry challenges.
•
Key Social CRM Market growth opportunities & emerging business models.
•
Competitive benchmarking with market share analysis and company
profiles.
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Insights
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