[143 Pages Report] 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.

Advancements in Social Customer Relationship Management (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. Social CRM helps companies to establish customer engagements and increase their brand presence among customers. Social Customer Relationship Management Market focuses on capturing the customer�s need and creating value for them in a transparent business environment.

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. Today, Social Customer Relationship Management Market is not limited to increasing sales and improving marketing activities, but to bring in better customer engagement with the enterprises.

Cloud adoption among enterprises is also forcing Social CRM Market 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 Social CRM is directly credited to the increase in its value proposition.

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.

Some of the major vendors are Microsoft, Oracle, Salesforce.com, Amdocs and IBM. Companies such as Lithium and Jive Inc. are moving towards social customer relationship management market and many others have ventured into it as well. MarketsandMarkets believes that the need for increasing enterprise CRM needs, along with social media boom is playing a pivotal role in shaping the future of emerging social CRM software. Social CRM solutions are bringing enterprises closer to their customers by utilizing the prevailing social platforms.

This research report categorizes the Social Customer Relationship Management Market for forecasting the revenues and analyzing the trends in each of the following sub-markets:

On the basis of Applications:

Marketing

Sales

Customer support & service

Others (Innovations, Collaboration, Customer Experience)

On the basis of Deployment Type:

On Demand (SaaS and PaaS)

On Premise

On the basis of Solutions:

Social Monitoring

Social Mapping

Social Middleware

Social Management

Social Measurement

On the basis of Users:

Small & Medium Businesses (SMB)

Enterprises

On the basis of Verticals:

Academia & Government

Automotive, Transportation and Logistics

BFSI

Consumer Goods and Retail

Energy, Power and Utilities

Healthcare

Oil and Gas

Telecom and IT

On the basis of Geography:

North America (NA)

Europe (EU)

Middle-East Africa (MEA)

Asia-Pacific and Japan (APAC)

Latin America (LA)

Social Customer Relationship Management (CRM) solutions are gaining pace in the current enterprise ecosystem. With the boom of social media, enterprises are adopting social integration with CRM software as well, thus making way for social CRM as a new channel now days. Social Customer Relationship Management Market solutions combine traditional CRM solutions with social media for improving the customer engagement for enterprises. The solution provides a social platform for evolving businesses CRM needs, while also offering flexibility, in terms of reach, deployment, and administration. Social CRM incorporates the customer decisions into the planning mix and the feedback loop so as to engage customers with the enterprises.

Increase in the use of smart phones and tablets in enterprises have influenced the way sales and marketing departments work. It has led 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 Customer Relationship Management Market solutions.

Investments in Social CRM Market 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 2014, while Asia-Pacific (APAC) is expected to experience increased market growth in the coming years. The 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.

MarketsandMarkets expects the Social Customer Relationship Management market to grow from $2.22 billion in 2014 to $17.92 billion in 2019, at a CAGR of 51.9% from 2014 to 2019.

Overall Social Customer Relationship Management: Market Size ($Billion)

Source: MarketsandMarkets Analysis