The worldwide Social Customer Relationship Management (SCRM) market is forecast to achieve $1 billion in revenues by end 2012, up from approximately $625 million in 2010, according to IT research and advisory firm Gartner.
Global SCRM is projected to total, $820 million in 2011. However, analysts said spending by buyers on social software for marketing, customer service and sales increased by 40 per cent in 2010 whereas SCRM had a share of less than 5 per cent of the total CRM application market.
More than 100 vendors have SCRM offerings though most are not profitable and generate annual revenues of less than $1 million. Most vendors remain relatively miniscule and unprofitable, though many grew by 50 to 100 per cent in 2010.
