Social Customer Relationship Management Market to Reach $18 Billion by 2019

The overall global social CRM market is expected be $2.2 billion in 2014, and forecasted to be $17.9 billion by 2019, with a compound annual growth rate (CAGR) of 51.9 percent for 2014 to 2019, according to a new research report from MarketsandMarkets.

Social CRM focuses on leveraging social tools and sites, to generate opportunities for enterprises in creating effective brand presence among its customers. It integrates traditional CRM solutions with social media for improving the overall customer engagement for enterprises.

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. Today, social CRM is not limited only for increasing sales and improving marketing activities, but to bring in more customer engagement with the enterprises.