Global CRM software market to grow nearly 40%

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By: Wise Marketer Staff |

Posted on February 20, 2015

Many SMEs are focused on maximizing customer loyalty and satisfaction to maintain their existing customer list and garner more business, and Social CRM software solutions help to support both organisational growth and promote customer interactions via social media, according to the 'Social CRM Software Market Report' available from Reports & Reports.

Social CRM is an evolution of CRM, which uses social media services, techniques, and technology to enable organisations engage with their target customers. It is a business strategy, supported by technology platform, business processes, and social network, which helps to engage customers in a collaborative manner to provide mutual benefits to both parties. Social CRM has various applications including marketing, sales, customer services, social engagement with prospective customers, and social support to customers.

Effective social CRM software solutions help SMEs function as a team and manage activities, thus eliminating excessive processes with the help of accessible real-time information on leads, prospects, and customer data. Social CRM applications help customers engage in meaningful conversation, benefiting both the company and the customers. It also helps businesses satisfy their current customers and locate new customers, ultimately improving their annual recurring revenue (arr).

Analysts forecast the Global Social CRM Software market to grow at a CAGR of 38.1% over the period 2014-2019. The report examines the social CRM software market and the revenue generated from CRM software, social CRM software, solutions, tools, applications, services, support and maintenance.

The report recognises the following companies as the key players in the Social Customer Relationship Management (CRM) market:

  1. Jive Software
  2. Lithium Technologies
  3. Oracle

Other prominent vendors mentioned in the report include: Artesian Solutions, Attensity Group, Bazaarvoice, Demand Media, Kana Software and QuestBack and Visible Technologies.

The report is available for purchase from Reports & Reports for US$2,500 for a single-user PDF copy.