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 refers to a social layer on top of tradition CRM software solutions; these solutions provide enterprises with several advantages including increased transparency, better communication of business ideas and information, flexibility and performance. 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, CRM is not limited only for increasing sales and improving marketing activities, but to bring in more customer engagement with the enterprises.
There is a surging need for enterprises to opt for solutions such as Social Monitoring, Social Listening, Social Middleware, Social Management and Social Measurement for increasing customer engagements. The North American market is expected to lead the market share for social CRM. In the longer term, the Asia Pacific market is expected to have increased social CRM adoption. This is largely due to the fact that SMEs in the region are growing at a rapid rate.
Cloud adoption among enterprises is also forcing CRM solution providers to opt for hosted deployments for software across various verticals. While the recent rush was along verticals such as financial services, insurance, telecom and retail, the future is going to be positive for other verticals as well. The increase in market share of hosted CRM is directly credited to the increase in its value proposition.
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.