The Customer Relationship Management solutions market provide enterprises with several advantages including increased transparency, better communication of business ideas and information, flexibility and performance.
Customer Relationship Management (CRM) solutions are gaining attractiveness in the current enterprise ecosystem. Enterprises are integrating social media with the traditional CRM software, thus paving the way for the social CRM market. These solutions offer a social platform for a business’ CRM needs by bringing in flexibility, in terms of customer engagement. Social CRM helps in engaging customers with the enterprises by including customer’s ideas into the strategies and planning mix of enterprises. Traditional CRM is being collaborated across various social platforms such as Facebook, LinkedIn, Twitter, YouTube and others. This helps enterprises establish their brand presence and increase loyalty amongst customers.
Solutions such as Social Monitoring, Social Listening, Social Middleware, Social Management and Social Measurement are evolving, enabling enterprises to offer best in class experience to the customers. Social Monitoring solutions are expected to grow at a highest rate from 2013 to 2018. Today, Customer Relationship Management Market is not limited to increasing sales and improving marketing activities, but to bring in better customer engagement with the enterprises.
SMEs across regions are emerging at a very rapid rate, mostly in developing economies such as APAC and MEA. The Asia Pacific region is all set to become the largest SME region globally in the coming years. There is a global trend that larger companies are downsizing and outsourcing functions to SMEs for getting cost effective and efficient solutions. At the same time, there has been an increase in marketing, sales, and support applications across SMEs as well. Due to CRM adoption across SMBs, the CRM industry is poised to grow at a healthy 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. Enterprises that aren’t sure of shifting fully to hosted type might opt for hybrid CRM solutions.
Increase in the use of smart phones and tablets in enterprises have influenced the way sales and marketing departments work. It has lead to the promotion of Bring Your Own Device (BYOD) culture among enterprises. This trend is also responsible for bringing in social feature in CRM software, thus making way for social CRM solutions.
Investments in social CRM will increase across geographies and verticals, with the need of more business specific solutions for enterprises. In terms of regions, North America is expected to be the biggest market in terms of revenue contribution in 2013, while Asia-Pacific (APAC) is expected to experience increased market growth in the coming years. Social CRM market has shown a positive outlook in terms of venture capital funding. Companies such as Lithium, Acquia and SugarCRM have received encouraging venture capital funding. It is expected that, these solutions will move beyond marketing and sales functions into customer facing departments, improving brand value through better communications and seamless connectivity across all departments.
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