Social CRM Market share,trends,analysis & forecast 2024
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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.
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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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