Overview and Scope
Social customer relationship management (CRM) refers to businesses’ strategies or processes to engage with and manage relationships with customers through social media platforms. It involves integrating social media data with traditional customer relationship management systems to provide insights into customer interactions, improve engagement quality, and foster communication with customers through social networking sites.
Sizing and Forecast
The social customer relationship management market size has grown exponentially in recent years. It will grow from $98.04 billion in 2023 to $150.17 billion in 2024 at a compound annual growth rate (CAGR) of 53.2%. The growth in the historic period can be attributed to emergence of social media platforms, increasing customer expectations, rise of influencer marketing.
The social customer relationship management market size is expected to see exponential growth in the next few years. It will grow to $836.40 billion in 2028 at a compound annual growth rate (CAGR) of 53.6%. The growth in the forecast period can be attributed to rise of conversational marketing, omnichannel integration, privacy and data security measures. Major trends in the forecast period include hyper-personalization, AI-driven social insights, mobile-centric solutions, integration with augmented reality (AR) and virtual reality (VR), social commerce integration.
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Segmentation & Regional Insights
The social customer relationship management market covered in this report is segmented –
1) By Deployment Model: Cloud, On-Premises
2) By Functionality: Built-In Social CRM, Standalone Social CRM
3) By Organization Size: Small And Medium Sized Businesses (SMBs), Large Enterprises
4) By Application: Sales Automation, Marketing, Customer Service And Support, Other Applications
5) By End Users: Information Technology And Telecom, Healthcare, Banking, Financial Services And Insurance (BFSI), Retail And E-Commerce, Education, Government, Hospitality, Transportation And Logistics, Manufacturing, Other End Users
North America was the largest region in the social customer relationship management market in 2023. The regions covered in the social customer relationship management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The rising adoption of social media is expected to propel the growth of the social customer relationship management market going forward. Social media refers to online platforms and websites that enable users to create, share, and exchange content and participate in social networking. The adoption arises because of its connectivity and communication, self-expression and creativity, mobile accessibility, rising entertainment, and business interactions. Social media leverages customer relationship management to help businesses connect better with customers, improve the brand image, and make customers happier and more loyal. For instance, in February 2022, according to reports published by Avacado Social, a UK-based social media firm, the total number of social media users in the UK increased by 424 million in 2021, an increase of 10% compared to 2021. Therefore, the rising adoption of social media is driving the growth of the social customer relationship management market.
Key Industry Players
Major companies operating in the social customer relationship management market are Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce Inc, Adobe Inc, SAS Institute, ReplyApp Inc., HubSpot Inc, Pegasystems Inc, Zendesk, Zoho Corporation, Verint Systems, RWS Holdings, monday.com, Freshworks Inc, Sprout Social Inc, Brandwatch, Jive Software Inc, Agora Media SAS, Bitrix Inc., Act-On Software Inc., VanillaSoft Inc., Insightly Inc., Clarabridge
The social customer relationship management market report table of contents includes:
- Executive Summary
- Social Customer Relationship Management Market Characteristics
- Social Customer Relationship Management Market Trends And Strategies
- Social Customer Relationship Management Market – Macro Economic Scenario
- Global Social Customer Relationship Management Market Size and Growth
- Social Customer Relationship Management Market Segmentation
- Social Customer Relationship Management Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Social Customer Relationship Management Market
- Social Customer Relationship Management Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Social Customer Relationship Management Market, Segmentation By Deployment Model, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Social Customer Relationship Management Market, Segmentation By Functionality, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Social Customer Relationship Management Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
……….
Table 76: Microsoft Corporation Financial Performance
Table 77: International Business Machines Corporation Financial Performance
Table 78: Oracle Corporation Financial Performance
Table 79: SAP SE Financial Performance
Table 80: Salesforce Inc Financial Performance
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