The global social media management market accounted for US $11,650 Mn in 2020 with a considerable CAGR of 24% during the forecast period of 2021 to 2028.
Social media is the concept through which individuals connect in crucial communities and networks by sharing, creating, and exchanging information, data and ideas. It is the process of creating, publishing, analyzing, listening, and engaging with the content posted on social media platforms. The platforms such as LinkedIn, Instagram, Facebook, Twitter, YouTube and others are the most popular social media platforms. The social media management tools and services are useful for the user to automate these processes, which can save their time, improve productivity and tap into the potential of target audience. Social media management provides a way for companies to engage with existing customers and reach new customers by allowing companies to promote their desired culture, goals or tones. In addition, it has a purpose-built data analytics tool that allows vendors to track the success of their endeavors.
|Market||Social Media Management Market|
|Market Size 2021||US $11,650 Mn|
|Market Forecast 2028||US $ 63,837 Mn|
|CAGR||24 % During 2021 - 2028|
|Analysis Period||2017 - 2028|
|Forecast Data||2021 - 2028|
|Segments Covered||By Component, By Deployment, By Application And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Digimind, Hootsuite Inc., Google Inc., IBM Corporation, Oracle Corporation, Sprinklr Salesforce.com, Inc., Cognizant, Sprout Social, Clarabridge, Lithium Technologies, Falcon.io, Zoho and among others.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Data privacy issues across the globe
The introduction of IoT technology has enhanced the efficiency
Gaining public attention, and businesses are trying to make the most by advancing their connections with customers
Rising focus on the market and competitive intelligence
The worldwide competition continues to influence profit margins, and industries are continuously on the lookout for technological solutions to exploit their efficiency and reduction in cost as sustaining a frame in the competition, and it is a necessity to combine the competitive, demographic, and business information, along with the user’s data, to find out the details to surpass their competitors. However, companies are trying to focus on examining the sales and a variety of markets to recognize the gaps. Currently, users have become brand conscious and demand better quality, lower prices, and rapid delivery of the products and services. Moreover, the advancement of analytics is being included to help achieve market goals. The social media management solution assists to analyze unstructured social data to respond to vibrant market conditions and achieve extensive sales and operational productivity. While an organization can save huge amounts of data or information regarding the customer responses about their brands, and then they can plan their marketing and sales tricks. Furthermore, industries can make use of social media management solutions to escalate their market presence and gain a competitive edge by efficiently analyzing the competition and customer activities from social media platforms. Social media management has numerous applications, such as CRM, publishing, advertisement, engagement, monitoring, and real-time analytics, these are the factors that will fuel the market growth.
Based on components the social media management market is segmented into solutions and services. The solutions segment is further divided into social media marketing; social media listening, monitoring, and analytics; social media asset and content management; and social media risk and compliance management. In the solution segment, the social media marketing sub-segment is expected to expand its market share over the forecast period. This is mainly due to many organizational activities such as usage of tools, tactics (interaction, advocacy, and selling), and approaches to reach out to target audiences by various social media channels. Social media marketing uses social media platforms to engage with target audience to improve brand awareness, increase sales and increase website and traffic.
Market By Component
Market By Deployment
Market By Application
Sales and Marketing Management
Customer Experience Management
Market By Geography
Middle East & Africa
North America is anticipated to account for the largest market share with a significant CAGR during the forecast period
North America is anticipated to account for the largest market share with a significant CAGR among other regions in the social media management market and continue its dominance until the forthcoming years owing to the rising tech-savvy population, superior internet penetration, and better internet connectivity. Additionally, rapid adaption and rising usage of social media platforms by end users is expected to result in rise in advertising costs on digital and social media platforms by 30% to 35% by 2020. Facebook and YouTube are the most dynamic user platforms across the globe, with the expected development of more than 1.5 billion and 1 billion respectively. Moreover, large-scale data generation, by social media platforms, have created an opportunity for enterprises to gather consequential insights regarding product influence, product innovation, brand performance, and campaign performance. The majority of customers in North America have been controlling social media management for business activities that include, campaign management, branding, marketing, and advertising, and customer perception analysis. Furthermore, the growing demand and higher reach of social media applications are further allowing SMEs and startups in the region to adapt digital media platforms for building and promoting business, growing consumer base, and reaching out to a wider audience without significant investment into sales and marketing channels. Such factors are expected to fuel the growth of social media management in North America region during the forecast period 2021-2028.
This report includes various key players operating in the market. Some of the prominent players in social media management market include Digimind, Hootsuite Inc., Google Inc., IBM Corporation, Oracle Corporation, Sprinklr Salesforce.com, Inc., Cognizant, Sprout Social, Clarabridge, Lithium Technologies, Falcon.io, Zoho and among others.
The estimated value of global Social Media Management market in 2020 was accounted to be USD 11,650 Mn.
The projected CAGR of Social Media Management during the analysis period of 2021 to 2028 is 24%.
This report includes various key players of the market. Some of the prominent players in social media management market are include Digi mind, Hootsuite Inc., Google Inc., IBM Corporation, Oracle Corporation, Sprinklr Salesforce.com, Inc., Cognizant, Sprout Social, Clara bridge, Lithium Technologies, Falcon.io, Zoho and among others.
North America held the dominating share for Social Media Management during the analysis period of 2021 to 2028
Asia pacific region exhibited fastest growing CAGR for Social Media Management during the analysis period of 2021 to 2028
Extensive spread penetration of social media, augmentation in customer experience by social media management, rise in customer engagement of social media by using smartphones and rising focus on the market and competitive intelligence.
Based on component, solutions segment held the maximum share for Social Media Management market in 2020