The Social Customer Relationship Management Market is expected to jump from $1.91 billion in 2013 to $9.08 billion in 2018, according to a market research report. The projected increase is actually about 4.75 times more than the current rate.
The market research report is titled, “Customer Relationship Management (CRM) Market & Social CRM (Social Monitoring; Social Listening; Social Mapping; Social Measurements; Social Engagement; Social Middleware) – Global Advancements, Forecasts & Analysis (2013 – 2018)”.
According to the report, CRM has become a vital component for various functions across global enterprises, and advancements in Social CRM have made it faster, reachable, and have also brought in vital information on business analytics.
Enterprises are adopting Social CRM as an additional channel in the overall CRM software solutions. Social CRM, as defined in the report, refers to a social layer on top of traditional CRM software solutions. These solutions provide enterprises with several advantages including increased transparency, better communication of business ideas and information, flexibility, and performance. Social CRM helps companies to establish customer engagements and increase their brand presence among customers. The report also says that Social CRM focuses on capturing the customers need and creating value for them in a transparent business environment.
"The growth is driven by the enormous amount of consumer data available through social media," Matt Kates, VP Strategic Services, ePrize, told Loyalty 360. "In effect, social media is the largest, unfiltered focus group, rich in self-reported consumer data. Brands can get timely data from their consumers and brand sentiment."
The report forecasts the Social CRM Market to grow from $1.91 billion in 2013 to $9.08 billion in 2018. This represents a compound annual growth rate (CAGR) of 36.5% from 2013 to 2018. North America is expected to be the biggest market in 2013, while Asia-Pacific (APAC) is expected to experience increased market traction in the coming years.
Major forces driving this market, the report says, are the rising focus on customer engagement, emerging SMEs, social platforms, and the recognition of sharing ideas on a real-time basis. Enterprises are coming up with solutions for Social Monitoring, Social Listening, Social Middleware, Social Management, and Social Measurement for providing the best-in-class customer experience to the customers. Besides increasing sales and improving marketing activities, CRM attracts more customer engagement with the enterprises.
The report cites the major vendors in this space as: SAP, Oracle, Salesforce.com, Amdocs, and IBM. Companies such as Lithium and Jive Inc. are moving toward Social CRM market and many others have ventured into it as well.