The global Social CRM Software Market is estimated to grow from USD 2220 million in 2020 to USD 17920 million by 2027, at a CAGR of 15%. CRM software is used to manage an organization's interactions with current and prospective customers. CRM is defined as a management concept aimed at creating, developing, and expanding customer relationships in order to optimize customer value, market profitability, and, eventually, shareholder value. The important part on consumer engagement, developing SMEs, social platforms, and the realization of the need of exchanging ideas in real time Enterprises are developing solutions for Social Monitoring, Social Listening, Social Middleware, Social Management, and Social Measurement in order to provide customers with the best in class customer experience.
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Market Segmentation Analysis
Based on the Deployment type, the market is segmented into On-premise, Hosted. On-premise segment has largest market share during the forecast period.
Based on the Deployment type, the market is segmented into Small and Medium businesses, Enterprises. Enterprises segment has largest market share during the forecast period
COVID-19 Impact on the Social CRM Software Market
Due to the global spread of COVID-19, businesses have either shut down or suffered considerable losses. The companies' only alternative is to keep their clients, which may aid them throughout the shutdown. Furthermore, CRM software provides benefits such as customer mapping from initial contact discovery to post-purchase engagements, which are commonly overlooked by businesses. Furthermore, CRM software aids businesses by generating reports and providing useful information on previous consumer behavior data.
Regional Analysis
Based on Region, the market was studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. Asia-Pacific is expected to have the largest revenue share. The rising demand for social CRM software in emerging economies such as China and India In order to provide best-in-class customer experience, various companies are developing solutions for social monitoring, social listening, social middleware, social management, and social assessment.
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Key Players
The key players profiled in Social CRM Software market analysis Microsoft, Oracle, Salesforce.com, Amdocs and IBM, Pegasystems, Inc., Salesforce.com, Inc., SAP SE, SugarCRM, Inc
Market Segmentation
- By Deployment type
- On-premise
- Hosted
- By end user
- Small and Medium businesses
- Enterprises
- By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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