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Social CRM Market .pdf



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Social CRM Market trends research and projections for 20172024: Global Market Insights Inc.

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.

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

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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.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market
research and consulting service provider; offering syndicated and custom research
reports along with growth consulting services. Our business intelligence and industry
research reports offer clients with penetrative insights and actionable market data
specially designed and presented to aid strategic decision making. These exhaustive
reports are designed via a proprietary research methodology and are available for key
industries such as chemicals, advanced materials, technology, renewable energy and
biotechnology.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free 1-888-689-0688
Email: sales@gminsights.com
Website: https://www.gminsights.com

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