Social CRM Market to grow at a CAGR of 49.2%

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.

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What is Driving Demand for Social CRM?

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.

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US Social CRM Market Outlook

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.

Who are the Key Social CRM Providers?

Some of the leading providers of Social CRM include

• IBM Corporation
• Jive Software Inc.
• Lithium Technologies LLC
• Microsoft Corporation
• NetSuite Inc.
• Oracle Corporation
• Pegasystems Inc.
• Salesforce.com Inc.
• SAP SE
• SugarCRM Inc.
• Fxiaoke
• Xiaoshouyi
• Yonyou CRM
• Waiqin 365
• Acquia Inc.
• SugarCRM Inc.
• Nimble
• Zoho Corporation Pvt. Ltd.
• GreenRope
• Netsuite Inc.
• Freshworks Inc.
• Others

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.

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Report Highlights

• Detailed overview of parent market
• Changing market dynamics in the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of value
• Recent industry trends and developments
• Competitive landscape
• Strategies of key players and products offered
• Potential and niche segments, geographical regions exhibiting promising growth

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