Social Media Management Market size is estimated to grow at a CAGR of above 24% over the forecast timeframe and reach a market value of around USD 63,837million by 2028.
LONDON, Jan. 06, 2022 (GLOBE NEWSWIRE) — Social media management is the process of managing, publishing, creating and analyzing content by posting it on social media platforms such as pinterest, twitter, Instagram, Facebook and others as well as getting customer attention. For instance, Facebook has virtually 2.7 billion monthly active users who come from various backgrounds. Additionally, social media management can help companies to manage and measure data collected from all types of social platforms to analyze how many people, companies, or users is reaching and whether the target audience is engaging with the content.
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Global Social Media Management Market Dynamics:
Increasing number of tweets every day certifies the increased penetration of social media networks across global level. Moreover, growing users of social media day by day coupled with the surge in advertisement campaigns on social media platforms is propelling the demand for social media management market. Also, introduction of various advanced social media management software leading by market player fueling the growth of the market. For instance, in September 2021, Kiopi has launched social media management software primarily for individual user, companies, agencies and virtually someone who is looking to save their own time and money. Furthermore, in recent years significant growth in social media channels has increased the popularity of live video streaming and audio-based social networking, which in turn is expected to foster the demand for social media management services. For instance, in 2021 according to the latest research, live streaming video was the second-largest trend on social media marketing.
|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.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
IMPACT OF COVID-19 ON SOCIAL MEDIA MANAGEMENT MARKET:
The COVID-19 pandemic has positively impacted the market growth of the social media management. The pandemic has resulted in the augmented use of various social media platforms by users and businesses to advertise as well as purchase products and services. In addition, people spent more time on social media platforms, which has increased the amount of data generated by user activities. All these factors are driving the social media management market growth. Also, the companies are influencing users by lucrative offers and campaigns to gather large number of online audiences, and promote their brands and products, which in turn, has surged the demand for social media management services.
Cloud-based deployment segment is expected to expand over the forecast period
The deployment segment is segregated into Cloud-based and On-premises. The Cloud-based deployment segment is expected to expand during the forecast period owing to the increasing popularity of key players providing content management solutions over the cloud. Additionally, cloud-based deployment mode provides a solution for remotely accessing data from number of data centers or servers. These include networks, storage, servers, databases, analytical tools and software platforms for delivering and accessing data or services on the Internet. Moreover, the low cost of operating expenditures helps users to invest more time and energy in paying per usage and focusing on core business objectives. Thus, such factors are collectively resulting in expanding the growth of cloud-based deployment segment in social media management market.
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Competitive intelligence is the key application area for social media management
The competitive intelligence segment accounted for the significant market share in global social media management market in 2020The competitive intelligence application in social media management market includes all the activities to gain insights into what the competitor company is doing, to track the activities of their competitors and any conversations that take place on social media networks among company and its competitors. In addition, social media networks can provide information about users and their experiences as well as needs and perceptions. Also, the companies can track these conversations focused on itself and its competitors by using the right social media management solution. Moreover, this information can be used to enhance the company’s market intelligence and create a competitive edge. Therefore, such factors are expected to provide high segmental growth rate during forecast period.
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Social Media Management Market Regional Overview:
Among all regions, North America market is projected to lead the market over forecast period. North America is comparatively a well-established and mature market for much technological advancement in social media platforms; thus, social media users are relatively high in this particular region. According to a leading media firm, in January 2019, North America had around 70% global social network penetration rate. Moreover, United States is the second largest market for Facebook, in terms of the number of users. As Facebook stated, there were around 192 million active users of Facebook in the United States in April 2019.
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Some of the prominent market players covered in the report 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.
In September 2020: Oracle, a US-based multinational computer technology company, stated cooperation between Oracle Fusion Cloud Customer Experience (CX) and a Sprinklr, a Customer Experience Management (CXM) platform for modern enterprises. The new partnership is projected to enable marketers to reach audiences on social media and other messaging platforms with help of user service professionals resolve service requests effectively.
In August 2019, Salesforce, a major player in CRM across the world, declared its successful achievement over Tableau Software, a key player in an analytics platform. The acquisition is anticipated to help Salesforce to provide a complete AI-powered analytics platform for their users. This is also projected to produce lucrative opportunity for Salesforce.
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