The Social Media Management Market is forecasted to grow at a high rate owing to the shift of people towards virtual connecting platforms owing to COVID-19 outbreak
The Global Social Media Management Market was valued at USD 11.2 Bn in 2020 and is expected to reach USD 42.2 Bn by 2027, with a growing CAGR of 20.8% during the forecast period.
The social media management industry is majorly growing owing to the increasing need for market intelligence. Social media is emerging as a growing marketplace with a lot of potential customer bases. As social media users are observed to grow throughout the forecast period, more and more businesses are trying to make a good product and services presented on the social media platforms say, Facebook, Twitter, Instagram, WhatsApp, among others. According to HubSpot, an inbound marketing and sales software developer and marketer, marketers increased their social advertising budgets by 32% in 2018 and created more ads than ever before.
Moreover, with the adoption of various social media platforms using mobile phones, tablets and computers for all day-to-day activities, it is essential that all industries create their presence on all platforms for greater visibility and scope. Similarly, the tourism and travel industry has immense scope on social media platform for activities such as travel itineraries, travel planning, booking, online payments, mobile ticketing, brand awareness and much more thus propelling the social media management industry.
Global Social Media Management Market by Region Outlook (Revenue, USD Million, 2021-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
In terms of geography, the North American segment is accounted to dominate the regional market size for social media management sector. There are total 4.2 billion people who use social media across the globe. That counts for approximately 53.6% of the world’s total population, Out of which, the North America itself is 74% of users, according to Hootsuite reports. Therefore, the larger traction has been observed for social media management form this particular region. Moreover, the market is further propelling owing to upcoming social media platforms being introduced by the market players in this region. For instance, in July 2021, the Pictalk, a multi-feed, ad-free social network, announced a launch of its social media site in North America which offers secure, ad free, multi-feed experience.
The region is technologically advanced and provides a fully-fledged, well-established marketplace for social media management. There is ample of opportunities present in the market for vendors and service providers. The market offers an extensive social media consumer base and high eminence of social media management tools.
The Global Social Media Management Market Segmentation:
- Global Social Media Management Market by Component Outlook (Revenue, USD Million, 2021-2027)
- Social Media Marketing
- Social Media Asset and Content Management
- Social Media Listening, Monitoring and Analytics
- Social Media Risk and Compliance Management
- Professional Services
- Managed Services
- Global Social Media Management Market by Deployment Mode Outlook (Revenue, USD Million, 2021-2027)
- Global Social Media Management Market by Application Outlook (Revenue, USD Million, 2021-2027)
- Marketing and Sales Management
- Competitive Intelligence
- Customer Experience Management
- Fraud Detection and Risk Management
- Global Social Media Management Market by End User Industry Outlook (Revenue, USD Million, 2021-2027)
- Retail and Consumer Goods
- Healthcare and Life Sciences
- Government and Public Sector
- IT and Telecom
- Others (Manufacturing, Media and Entertainment, Travel and Hospitality)
- Based on the component, the social media marketing, solutions segment held the largest market share for the year 2020 and is anticipated to continue its dominance throughout the forecast period
- Based on the deployment, the cloud deployment segment held the largest market share in 2020
- Based on application, competitive intelligence accounted for a largest market share in 2020, followed by sales and marketing management
- Banking, Financial Services and Insurance (BFSI) segment is accounted to be the largest market in the year 2020, in terms of end user industry
- Based on regions, the North American region is anticipated to hold a largest market throughout the forecast period in the social media management market analysis
Company Profiles and Competitive Intelligence
The key players operating in the social media management market are:
- Adobe Inc.
- Sprout Social, Inc.
- Hootsuite Media, Inc.
- IBM Corporation
- Oracle Corporation
- Zoho Corporation
- Falcon.io ApS
- Lithium Technologies
- Facebook, Inc.
- Nextel Communications
- SAS Institute
- SAP SE
- Sina Weibo
- Crimson Hexagon
- Tableau Software
- Sprint Corporation
- Salesforce.com Inc.
- Twitter Inc.
- Netbase Solutions, Inc.
- In July 2020, IBM Corporation launched a new solution that controls Artificial Intelligence (AI) to benefit brands to identify the influencers that perfectly align with their brand values. The solution is named ‘Watson Advertising Social Targeting with Influential’, as the name suggests, the new solutions within the Watson Advertising suite of targeting products are in expanded collaboration Influential.
- In March 2019, Hootsuite, a major player in social media management, had announced a strategic collaboration with Adobe Experience platform to unify social data with omni-channel campaigns. The collaboration is first of its kind and is aimed to collect comprehensions from people’s activities to Adobe’s Real-Time Customer Profile, which is expected to allow Adobe consumers to perform omni-channel marketing initiatives informed by their customers’ social media behaviour.