What is Social CRM Software Market?
Social CRM is customer relationship management software that is integrated with social media channels for leveraging social information to understand and engage customers, gain market insights, and provide better customer service. Social CRM is highly utilized to create or build brand awareness, increase sales, and build competitive business strategies. Social CRM enables companies to track a customer's social influence and source data from conversations occurring outside of formal, direct communication and allows companies to keep a full audit history of all customer interactions.
The market study is being classified, by Application (Marketing, Customer Service and Sales) and major geographies with country level break-up.
Zoho Corporation (India), Salesforce.com, Inc. (United States), Sprout Social (United States), Falcon.io (Denmark), Agile CRM (United States), Zendesk (Denmark), Mitchell 1 (United States), EngageBay (United States), CRMNext (India) and Insightly (United States) are some of the key players profiled in the study.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Social CRM Software market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Social CRM Software market by Type, Application and Region.
On the basis of geography, the market of Social CRM Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rise in Demand for Advanced Solutions to Generate Potential Leads, Customer Retention & Service, and Formulate Marketing Strategies
- Integration of Cutting-edge Technologies like AI and Process Automation Advances
- Challenges Associated With Mining Social Data for Information Due to Lack of Data Mining Algorithms
- Growing Retail & E-commerce Industry will Create Huge Demand for Social CRM to Engage with Their Customers
- Availability of Multiple Social CRM Solution Providers at Global Level
Market Leaders and some development strategies
In November 2020, Facebook acquired a customer relationship management start-up Kustomer. This acquisition will allow Facebook to serve SMEs with a CRM platform that enables them to advertise and sell goods more features to close sales through the social network’s services. Further, the platform will also help businesses to manage their communications with customers via phone, email, text, or direct messages in specific apps, such as WhatsApp or Messenger.
In May 2020, Zoho Corporation launched pipeline-centric CRM software to help small businesses achieve maximum growth with a minimal learning curve. The new CRM tool will offer a simple solution for millions of small businesses to keep track of their customers and improve customer relationships without having to worry about high costs or complicated features.
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, Social CRM software providers, SaaS Vendors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-use Industries and Others
Frequently Asked Questions (FAQ):
1. Which factors would majorly drive the Social CRM Software Market?
"Rise in Demand for Advanced Solutions to Generate Potential Leads, Customer Retention & Service, and Formulate Marketing Strategies" is seen as one of major growth factors of Social CRM Software Market in years to come.
2. Can we have customized study for Social CRM Software Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.
3. Which region will lead the Global Social CRM Software Market?
will lead the Social CRM Software Market.