Social Media Management Market Size, Share & Industry | 2031

Report Description

The social media management market size was valued at USD 14.4 billion in 2021 and is projected to surpass USD 42 billion in 2028, at a CAGR of 23.6% during the forecast period, 2021-2028. Enhancement of customer experience social media management, increase in user engagement of social media using smartphones, increase in focus on the market and competitive intelligence, and increase in the need for research for social media strategy are driving the social media management market.

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The global competition continuously affecting the profit margins and companies are constantly focusing on technological solutions to maximize their productivity and reduced cost of operating in competition. Organizations are trying to focus on analyzing the sales and various markets to identify the gaps in market. Social media management helps analyze the un-structural data to respond market conditions and achieve high sales. Companies can make use of social media management solutions to improve their market presence and gain competitive advantages by analyzing the customer behavior and competition from social media platforms.

Market Dynamics:

• Growing use of social media management to boost sales is fuelling the market.
• Rising awareness regarding the immense opportunities for social media management vendors including the voluminous data generated through social media platforms, & cloud based services.
• Social media advocacy and brand development through third-party engagement is driving the market.
• Rising awareness regarding the immense opportunities for social media management vendors including the voluminous data generated through social media platforms, & cloud based services.
• Data privacy issues hamper the market.
• Government implementation of data protection and privacy laws and regulations such as general data protection regulation, payment card industry data security standard, Gramm Leach Bliley ac impede the market.
• Regulatory and compliance constants and lack of common standards and law restrain the market growth
• Social media management platforms are gaining attention to gain real-time insights, which in turn, is creating opportunities in the market.
• Organizations can make use of social media management platforms for marketing trends, brand management, tracking competitor, and measuring the success of their marketing campaign, thus creating opportunities in the market.
• Covid-19 has encouraged businesses to adopt virtual platform, which is creating opportunities for social media management market.

Scope of the Report:

The report on the social media management market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Social Media Management Segment Insights:

On the basis of component, the market is segmented into solutions and services. The solution segment is further divided into marketing, listening, monitoring & analytics, asset & content management, and risk & compliance management. The services segment is sub-segmented into professional services and managed services. The solutions segment is projected to hold a dominant share of the market during the forecast period. Social media marketing incorporates the use of tools and rich to target audience through various social media channels. Social media marketing uses social media platforms to connect with the audience to build brand image and increase sales.

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In terms of deployment modes, the social media management market is classified as cloud and on premises. The cloud segment is projected to constitute a key share of the market during the forecast period. Cloud deployment features such as cost-effectiveness, high efficiency, and scalability are key factors fueling the social media management market.

Based on organization size, the market is categorized as small enterprises, medium-sized enterprises, and large enterprises. The small enterprises segment is projected to expand at a significant pace due to the adoption of technologies for increasing profits and enhance customer relations.

On the basis of applications, the social media management market is segregated into sales and marketing management, customer experience management, competitive intelligence and risk management. The competitive intelligence segment holds key share of the market. It ensures the business can understand market trends and quickly adapt to the changing market environment. Competitive intelligence consists of various intrinsic evaluation service, pricing, perception and market reach.

In terms of verticals, the market is fragmented into BFSI, retail & consumer goods, government & public sector, healthcare & life sciences, IT & telecom, media & entertainment, manufacturing, and travel. The BFSI segment is estimated to hold a significant share of the market in the coming years. This sector has been employing digital transformation and many traditional banks in countries such as India have committed money and effort to provide a digital consumer experience and digital engagement with customer and workers.

Based on regions, the global social media management market is fragmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market in the coming years due to the rapid adoption of technological innovations, which creates opportunities for social media management vendors and service providers. The adoption of social media network in marketing and customer engagement tool for industry verticals drives the market in the region. The growing presence of tech population, high internet penetration, and superior connectivity has fueled the market in the region. A majority of customers in North America have been leveraging social media management for business activities, which includes campaign management, brand performance, branding, marketing, and advertising.

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Recent Developments:

• In June 2021, Adobe introduced an AI-powered live search for Adobe Commerce. Adobe Commerce merchants can provide shoppers with relevant and personalized search results as per their requirements.
• In June 2021, Google Marketing Platform introduced Ads creative studio, a unified solution to create an advertisement, which allows building compelling experiences for audio, display, and video ads. Ads Creative Studio allows customers to build advertisements with an interactive, easy-to-use user interface.