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Social CRM market to cross $1 Billion Revenues by end-2012 – Gartner |
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Research firm Gartner, Inc. has said that it anticipates the worldwide social customer relationship management (CRM) market to reach over $1 billion in revenue by year-end 2012, up from approximately $625 million in 2010. Gartner projects the worldwide social CRM to notch up $820 million in 2011. Analysts, however, said spending by buyers on social software for marketing, customer service and sales increased by 40 percent in 2010, but social CRM remained less than 5 percent of the total CRM application market. Over a 100 vendors have social CRM offerings, though most are not profitable, generate annual revenue of less than $1 million and will need to provide clear benefits for companies and communities, demonstrating multiple use cases for sales, marketing and customer service processes. Adam Sarner, research director at Gartner said the market will continue its rapid consolidation throughout 2011. “Previously, social vendors acquired each other. Now, business application vendors and outsourcers have started to add capabilities through acquisitions,” he said. He pointed out that use by consumers accounts for over 90 percent of spending on social CRM, but spending on business to business (B2B) use is growing faster and will account for 30 percent of total social CRM spending by 2015. Sarner said vendors today differentiate themselves on the basis of functions, process workflow, analytics and ease of use or superior experience delivered through professional services. As per Gartner, four other factors – seamless interoperation between public social networks and internal communities, integration of processes, application-specific analytics and partnerships with global system integrators, or digital or interactive agencies and consultants, will differentiate them. "The need for integration will favor more-traditional CRM vendors that add social capabilities. Integration did not matter much when enterprises were just experimenting with social CRM," Sarner said. "However, companies are asking for the integration of social data with other customer data within sales, marketing and customer service processes, which will require the integration of social CRM with applications such as a knowledgebase for customer service, multichannel campaign management, sales force automation or e-commerce, Web content and Web analytic applications, master data management, and even back-office applications." |
LISTS AND RESEARCH
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Global Software Top 100 - Edition 2011
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