Customer relationship management (CRM) software is an evolution of CRM software and is used to manage organizational interaction with existing and prospective customers. CRM is defined as a management philosophy with the objective to create, develop, and increase customer relationship in order to maximize customer value and market profitability, and ultimately the shareholder“s value. CRM software supports organizations in maintaining contact details of their existing or prospective customers, including details such as names, addresses, phone numbers, call records, and purchase history.

Social CRM software helps customers to engage in meaningful conversations, thereby benefiting both, the company and the customer. It also helps businesses ensure that existing customer“s needs and efficiently catered to, and also enables locating of new customers. Effective social CRM software solutions help SMEs function as a team and manage activities, thus eliminating the need for excessive or time-consuming processes with the help of accessible real-time information on leads, prospects, and customer data.
Integrating social media with CRM software offers benefits such as real-time access to customers, increases reach to customers, enhances operational efficiency through greater insight to customer base, and costs considerably less than other modes of customer interaction and reach.

Major factors driving adoption of social CRM software include advantages of quick deployment and simplicity of configuration for sales administrators make it an attractive substitute for on-premise solutions. Other features are that on-demand solutions make it easier for firms to obtain new modules, sites, and functionalities, as they simply need to activate new logins or features.

In addition, benefits such as capability to increase focus on customer consultation, emerging SMEs, and social media monitoring are driving adoption and traction of social CRM software. Various firms are developing solutions for social monitoring, social listening, social middleware, social management, and social measurement in order to provide best-in-class customer experience. Furthermore, social CRM software is not limited only to the purpose of increasing sales and improving market activity, but also to enable and enhance customer engagement with the enterprise.

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Some factors restraining adoption of the software and impacting growth of the market are that fragmented implementations of CRM system results in financial losses to an organization that implements it. In addition, poor usability of the system could lead to fragmented implementation, which could affect processes.

The global social CRM software market has been segmented on the basis of deployment type, application type, solution type, end user, and region. On the basis of region, the global social CRM software market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East
& Africa.

The Asia Pacific market is estimated to register comparatively faster revenue growth over the forecast period owing to growing demand for social CRM software in developing countries such as China and India.
Key players in the global social CRM software include Jive Software, Lithium technology, Oracle, Salesforce.com and other prominent venders are Artesian solutions, and Attensity Group.

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