The Market Size of Customer Engagement Management
We are excited that luminaries such as Paul Greenberg, Ray Wang and Dion Hinchcliffe and big league investors such as David Skok are starting to define the market for Customer Engagement Management.
We would love to see more work done by analysts to size up this market.
If Paul is right and this market is going to be the natural evolution of Social CRM and Social Business, then the market will be very large indeed.
The total spend in 2010 on social software was according to Gartner, $770 million, a fraction of the CRM market which was around $15 billion in 2010, $16.5 billion in 2011 and projected to be more than $18 billion in 2012 by IDC.
According to ABI Research, the latest global enterprise social collaboration market forecasts show revenues will reach $3.5 billion by 2016 up from $898.6 million on 2010.
More market validation:
Key consulting firms like Accenture, Cognizant, Infosys, Booz-Allen, CAP Gemini, and CSC either created explicit Social CRM practices or began to compete on Social CRM and Social Business projects.
IBM’s Institute for Business Value, in its 2010 CEO study found that the most important imperative for the next five years for CEOs – 88% of them to be exact – is to be closer to their customers.
Early adopters for Customer Engagement Management solutions such as Totango are all businesses who acquire and service users online, including:
- SaaS and B2B Cloud Apps
- Consumer Web Apps
- Mobile Apps and Games
- E-commerce Sites
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