Tuesday, May 22, 2012
With the ever-growing popularity of social networking, the social CRM market is expected to grow drastically in the coming years.
According to a Gartner study, the worldwide market for social CRM is expected to double in 2012 to $2.1 billion, from $850 million in 2011, and Research and Markets expects the market to grow at a CAGR of 28.4 percent from 2011 to 2015.
The growth can be credited to different aspects of business adopting the use of social CRM. The main presence used to lay in marketing, but it is becoming valuable in sales and customer service and support as well.
Business-to-business applications for sales will account for a good portion of the growth, as Gartner predicts 30 percent of social CRM spending by 2015 will be allocated toward such applications, up from 5 percent in 2011.
Social CRM is becoming increasingly popular among small and medium-sized enterprises, giving them the ability to cut costs and optimize sales. The software provides a platform for businesses to reach their customer base more easily and in a cost-effective nature.