Revenue generated by social CRM software will undergo substantial growth, according to new forecasts.
Sep 7 2011, 14:16 PM
Address correction, verification and other communications with business customers are increasingly taking place using social media, which is driving growth in the customer relationship management (CRM) market.
The global social CRM market is forecast to achieve $1 billion in revenue by the end of 2012, nearly double the $625 million achieved in 2010, according to Gartner.
Consumers remain the primary target for social CRM spending, although use in a business to business capacity is also growing rapidly, according to the technology research firm's research director, Adam Sarner.
"The market will continue its rapid consolidation throughout 2011. Previously, social vendors acquired each other," he said. "Now, business application vendors and outsourcers have started to add capabilities through acquisitions."
However, there is evidence that many firms are unsatisfied with their CRM software.
A survey by the National Computing Centre earlier this week suggested that one in three companies believe their CRM has been only partially successful.
Posted by Rachel Wheeler