The market is anticipated to reach $1.91bn in 2013.
Social customer relationship management (CRM) market is expected to grow at a compound annual growth rate (CAGR) of 36.5% to $9.08bn in 2018, according to a report from RnR Market Research.
According to the report, the market is anticipated to reach $1.91bn in 2013, driven by the increasing focus on customer engagement, emerging SMEs, social platforms and the recognition of sharing ideas on a real time basis.
The growth is also driven by companies introducing new applications for social monitoring, social listening, social middleware, social management and social measurement to offer better customer experience to the customers.
In 2013, North America is expected to be the biggest market, while the Asia-Pacific (APAC) region is expected to record increased market traction in the coming years.
The report revealed that the Social CRM will become faster and reachable with new advancement, while more information on business analytics will be brought in.
According to the report, enterprises are adopting social CRM as an additional channel in the overall CRM software applications that is a social layer on top of traditional CRM software application.
The social CRM application offers advantages including increased transparency, better communication of business ideas and information, flexibility and performance and focuses on capturing the customers need as well as creating value for them in a transparent business environment.