Social CRM Market: Introduction
The social CRM market focuses on capturing the needs of consumers and generates value for them. Social customer relationship management (CRM) provides critical analysis about the market. It enables businesses to build customer relationships and improve their brand presence. The solution helps companies to monitor and analyze their reputation in the market with various keywords such as brand name and company name. This method is used to find new leads, research trends in the market, and never miss a mention of a company’s product. In a nutshell, social CRM is a distinctive strategy that companies can use on social network sites to create consumer relationships by using different methods. The use of social CRM improves the experience of consumers and adds value to a brand
- The outbreak of COVID-19 (Coronavirus), has pushed organizations to take all possible steps to ensure the protection of their workers and the environment. Despite the crisis, businesses seek prospects, close sales, and address consumer complaints remotely. Social customer relationship management tools are rapidly being implemented and used across industries to fulfill the desire of customers efficiently. Businesses are able to address much of the functionality of social customer relationship management such as supporting clients and resolving customer queries. This in turn allows companies to sustain their position in the market.
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Global Social CRM Market: Market Dynamics
- Increasing adoption of digitalization in the e-commerce sector is expected to boost the social CRM market.
- Increasing demand for convenience and fast real-time service is expected to propel the demand for social CRM in the near future.
- However, lack of awareness about data security solutions is one of the factors restraining the growth of the market. Many organizations such as small businesses are reducing their IT budget. This, in turn, increases the occurrence of data theft, leading to organizations facing the loss of confidential data.
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North America to Account for Major Share of the Global Social CRM Market
- In terms of region, the global social CRM market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America is expected to account for a prominent share of the global market, due to a rise in number of retail and e-commerce sectors across the region. In North America, the U.S. dominates the market as it is a highly digitalized country. For instance, in the U.S., retail revenues are estimated to be USD 5.94 trillion in 2024, up from around USD 5.47 trillion in 2019. As a result of the coronavirus pandemic, retail revenues are projected to fall to USD 4.89 trillion in 2020. Other factors that drive the market are growing concerns related to customer retention, lead management, and improvement in customer engagement activities etc.
- The market in Asia Pacific is expected to expand at the highest CAGR during the forecast period due to the growing expansion of the telecom sector, which has raised demand for CRM solutions. Telecom CRM provides distribution networks, brand loyalty, consumer exclusivity, post-purchase service, and support that pushes companies in the highly concentrated telecom industry to remain ahead of their competitors.
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Global Social CRM Market: Competitive Landscape
Key Players Operating in the Global Social CRM Market
Companies operating in the social CRM market are increasingly investing in research and development to introduce new and innovative techniques to provide social CRM solutions. The social CRM market is highly fragmented with the presence of numerous manufacturers in both developed and developing regions. Key players operating in the global social CRM market include:
- IBM Corporation
- Oracle Corporation
- Lithium Technologies
- SAP SE
- Zoho Corporation Pvt. Ltd.
- Netsuite, Inc.
- Freshworks Inc.
- Microsoft Corporation
Global Social CRM Market Segmentation, by End-User
- Energy, Power, and Utilities
- IT & Telecommunication
- Retail & E-commerce
- Automotive ,Logistics,
- Banking , Financial Services and Insurance (BFSI)
- Educational Sector
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
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