According to a new market research report, "Social Customer Relationship Management (CRM) Market by Solution (Social Monitoring, Social Listening, Social Mapping, Social Measurements, Social Engagement, Social Middleware), by Deployment (Hosted, On Premise) - Global Forecasts to 2019", published by MarketsandMarkets, The overall global Social CRM Market is expected be $2.22 Billion in 2014 and forecasted to be $17.92 Billion by 2019 with a compound annual growth rate (CAGR) of 51.9% for 2014 to 2019.
Social CRM focuses on leveraging social tools and sites, to generate opportunities for enterprises in creating effective brand presence among its customers. It integrates traditional CRM solutions with social media for improving the overall customer engagement for enterprises.
Major forces driving this market 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. Today, Social CRM is not limited only for increasing sales and improving marketing activities, but to bring in more customer engagement with the enterprises.
MarketsandMarkets has segmented the global Social CRM market by type of deployment models: On-premise, and Hosted; By type of Applications: Marketing, Sales, Support and Service, Collaborations, Innovations and Customer Experience; By type of solutions: Social Monitoring, Social Listening, Social Mapping, Social Management, Social Middleware and Social Measurement; By type of end users: Small and Medium Businesses (SMB), Enterprises; By type of verticals: Banking, Financial Service and Insurance (BFSI), Academia and Government, Healthcare, Consumer Goods and Retail, Telecom and IT, 'Oil and Gas' and 'Energy, Power and Utilities'; By Regions: North America (NA), Asia-Pacific (APAC), Europe, Middle East and Africa (MEA) and Latin America (LA). The report also provides insights on the demand analysis of specific Social CRM features and evaluates the usage percentage of Social CRM solutions, across all departments such as IT, R&D, Marketing, Sales, HR, and Operations.
