Social CRM Market to Rear Excessive Growth During 2020-2030

Social CRM Market: Introduction

The social CRM market focuses on capturing the needs of consumers and generates value for them. Social customer relationship management (CRM) provides critical analysis about the market. It enables businesses to build customer relationships and improve their brand presence. The solution helps companies to monitor and analyze their reputation in the market with various keywords such as brand name and company name.

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This method is used to find new leads, research trends in the market, and never miss a mention of a company’s product. In a nutshell, social CRM is a distinctive strategy that companies can use on social network sites to create consumer relationships by using different methods. The use of social CRM improves the experience of consumers and adds value to a brand

The outbreak of COVID-19 (Coronavirus), has pushed organizations to take all possible steps to ensure the protection of their workers and the environment. Despite the crisis, businesses seek prospects, close sales, and address consumer complaints remotely. Social customer relationship management tools are rapidly being implemented and used across industries to fulfill the desire of customers efficiently. Businesses are able to address much of the functionality of social customer relationship management such as supporting clients and resolving customer queries. This in turn allows companies to sustain their position in the market.

Increasing demand for convenience and fast real-time service is expected to propel the demand for social CRM in the near future.

However, lack of awareness about data security solutions is one of the factors restraining the growth of the market. Many organizations such as small businesses are reducing their IT budget. This, in turn, increases the occurrence of data theft, leading to organizations facing the loss of confidential data.

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North America to Account for Major Share of the Global Social CRM Market

In terms of region, the global social CRM market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
North America is expected to account for a prominent share of the global market, due to a rise in number of retail and e-commerce sectors across the region. In North America, the U.S. dominates the market as it is a highly digitalized country. For instance, in the U.S., retail revenues are estimated to be USD 5.94 trillion in 2024, up from around USD 5.47 trillion in 2019. As a result of the coronavirus pandemic, retail revenues are projected to fall to USD 4.89 trillion in 2020. Other factors that drive the market are growing concerns related to customer retention, lead management, and improvement in customer engagement activities etc.

The market in Asia Pacific is expected to expand at the highest CAGR during the forecast period due to the growing expansion of the telecom sector, which has raised demand for CRM solutions. Telecom CRM provides distribution networks, brand loyalty, consumer exclusivity, post-purchase service, and support that pushes companies in the highly concentrated telecom industry to remain ahead of their competitors.

Global Social CRM Market: Competitive Landscape
Key Players Operating in the Global Social CRM Market

Companies operating in the social CRM market are increasingly investing in research and development to introduce new and innovative techniques to provide social CRM solutions. The social CRM market is highly fragmented with the presence of numerous manufacturers in both developed and developing regions. Key players operating in the global social CRM market include:

IBM Corporation
Oracle Corporation
Lithium Technologies
Nimble
SAP SE
Zoho Corporation Pvt. Ltd.
GreenRope
Netsuite, Inc.
Freshworks Inc.
SalesForce
Microsoft Corporation

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This release was published on openPR.