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Social CRM Market Segmented By On Demand (SaaS and PaaS) and On Premise Deployment Type in Marketing, Sales, Customer support & service Applications
Social CRM market was valued US$ 17.4 Bn in 2021, and is expected to grow at a CAGR of 49.2% during the forecast period 2021-2031. Social (Customer Relationship Management) CRM software is nothing but engaging the customers, gain market insights, increase brand presence among customers and provide better customer service with the help of solutions such as social monitoring, social listening, social middleware, social management and social measurement.
These software solutions helps SMEs and enterprises to expand their reach with social media strategy, increase brand exposure, bring in prospects, and engage existing customers with quality content, increased transparency, better communication of business ideas and information, flexibility and performance.
Adoption of digitalization in the e-commerce sector and adoption of cloud based services expected to propel the growth of the Social CRM Market. Moreover the threats like lack of awareness about data security solutions, data theft, loss of confidential data, and need for high investment in data security is expected to restrains the growth of the Social CRM market.
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Increase in demand for focus on customer engagement, emerging SMEs, social platforms and the recognition of sharing ideas on a real time basis, convenience and fast real-time service fuels the growth of the Social CRM market. Most of the SMEs and enterprises uses distinctive strategy to create consumer relationships by using different methods.
The use of social CRM helps to improve the experience of consumers and adds brand value of the company/enterprise/SMEs in the market. Social CRM provides advantages to firms like increase the web traffic and conversions and higher search rankings, high-quality inbound leads that turn into revenue faster, and more efficient marketing budgets with higher returns, faster marketing campaigns with better targeting.
Thus increase in adoption of digitalization in the e-commerce sector propels the growth of the Social CRM market.
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Get a Customized VersionThe Social Monitoring segment is anticipated to hold the largest share and record approximately 50% CAGR and reach US$ 72.6 Billion by the end of the analysis period. The growth of the Social Monitoring is primarily attributed to the increasing adoption of cloud based technology by various SMEs and enterprisers in order to enhance the customer experience.
By considering the pandemic and its induced economic crisis, the social listening segment is expected to grow at 46% CAGR for the next 7-9 year period.
The growth in U.S. is attributed to the presence of established players such as IBM Corporation, Jive Software, Inc., Lithium Technologies, LLC, Microsoft Corporation, NetSuite, Inc., Oracle Corporation, Pegasystems, Inc., Salesforce.com, Inc. and others, offering wide range of Social CRM solutions to diverse set of industries.
Moreover, growing no of retail and e-commerce sectors across the region is further fueling the growth of Social CRM services, in the region. Also other factors like customer retention, lead management, and improvement in customer engagement activities drives the demand for Social CRM Market in U.S. region.
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The APAC Social CRM industry is clearly dominated by the China and Japan and expected to at the highest CAGR during the forecast period. The expansion of sectors like telecom sector and social monitoring has raised demand for CRM solutions in APAC region.
The world’s second largest economy China, has more than 60000 key vendors like Fxiaoke, Xiaoshouyi, Yonyou CRM, Waiqin 365, and many others which offers social CRM solutions. Social CRM Market is expected to grow approximately at 49.8% in forecasted period.
The Social Monitoring segment in Japan expected to reach market size of US$3.2 Billion in forecasted period. The increasing use of smart phones and tablets in enterprises helps to grow telecom CRM in APAC region.
Some of the leading providers of Social CRM include
Key vendors in the social CRM market are focusing on technology integration and strategic partnerships with the regional vendors to collaborate for offering advanced customer experience solutions to effectively manage their business operations across the globe.
Furthermore, many companies are focusing on partnership with leading tech-1 tech-2 players present in this market. For instance, Escherman announced solution partnership with Nimble. This partnerships helps to combine relationship management and social engagement into an affordable web-based solution of companies.
It integrates LinkedIn, Facebook, Twitter, Google, email contacts and conversations into one seamless, intuitive environment, empowering small businesses. This offers a competitive advantage to the telecom CRM companies in the Social CRM market.
By Deployment Type
By Applications
By Solutions
By End Users
By Industry
By Region
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
