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 Global Social Media Management Market Definition:
Social media management can be defined as a process of analyzing social media audiences and involves creating, publishing, and analyzing content on social media platforms according to the audience's preferences. The social media manager can be a consultant, in-house employee, or professional at a social media agency who helps to achieve targets for social media such as increasing followers on social media or growing social media revenues.
The Global Social Media Management Market Snapshot:
The Global Social Media Management Market Dynamics:
The market is accounted to boost at a significant pace in the forecast period. The market is majorly experiencing traction owing to the increasing usage of smartphones and tablets with internet access to it coupled with increasing users on social media platforms in recent years. For instance, as of 1st quarter of 2019, Facebook stated that it had 1,562 million active users daily. In addition to this, Twitter stated it is experiencing 9% more people using Twitter on daily basis, and more than 500 million tweets are sent each day, confirming the increased penetration of social media networks at a global level.
Moreover, as the social media platforms are attracting more users, thus making social media management market an excellent emerging market to gain product popularity, majority of businesses are trying to make social media penetration to reach out to customers by advancing their connections with customers using social media management solutions to gain real-time insights and drive corporate results in terms of ROI. Organizations can use social media management platforms to anticipate changing marketing trends, brand management, audience listening, track the performance of their competitors' promotions, and easily measure the success of their marketing campaigns. The company can then easily collect, convert, upsell and cross-sell products and services using social media management tools, and thus propelling the global market. Furthermore, companies can also run a reward loyalty program based on their target customer base.
The Global Social Media Management Market Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the social media management market are:
The unique insights provided by this report also include the following:
Based on component, the social media marketing solution segment is expanding at the fastest growth rate during the period for global social media management market owing to increasing usage of social media platforms by influencers and various brands
Social media marketing solution, based on the component is anticipated to earn the fastest growth rate in the forecast period for the market. Social media marketing involves more managerial activities such as the use of tools and approaches to reach out to target audiences and engage them efficiently through various social media channels. Several businesses use social media marketing to gain website traction, increase sales online and build a good product presence. This process involves publishing good and relatable content, engaging the customer, listening to the feedbacks, analyzing the traffic, and running social media advertisements/campaigns.
Based on the applications, the competitive intelligence segment accounted for largest market share in the overall social media management market size owing to intensified competition in several sectors and growing competition amongst brands.
The competitive intelligence segment was accounted for the largest market share for global market in the year 2020. It consists of a variety of unique assessments based on pricing, service, attention indicators, perception, and reach. This allows companies to understand market trends and quickly adapt to changing market conditions. One can use this data to visualize customer sentiment towards competitors' products and relevant trends unique to any industry. The use of social media analytics to build competitive intelligence is under-utilized, but intensifying competition is expected to drive its use over the next few years. Numerous industries have started analysing social media data to gain cutting edge over their competitors. For instance, Samsung Electronics has taken the lead in selling the new Galaxy S3, overtaking its rival Apple at the time of the iPhone 5's launch, based on competitive information gathered through SNS reactions.
Based on regions, the market for social media management in North America accounted for the largest share in 2020 owing to extensive technological advancements in the social media management market, followed by Asia Pacific and Europe
Geographically, the North American market is estimated to dominate the market in forecast period. As the North American region is well-established and mature market for every technological advancement and social media platform, the users for social media are comparatively more in this particular region. For instance, as of April 2019, according to Facebook data and We Are Social, a UK-based media firm, there were about 190 million active users of Facebook in the United States itself. According to We Are Social, in January 2019, North America had the highest global social network penetration rate at 70% along with East Asia. Owing to such huge participation on social media, other social media companies such as Oracle, IBM and Amazon have been employing social media analytics to generate insights and learn more about consumer behavior to plot a strategic business decision making.
The report also provides an in-depth analysis of social media management market dynamics such as drivers, restraints opportunities and challenges
Note: Challenges along with in-depth market dynamics analysis is mentioned in the report.
COVID-19 Impact On The Social Media Management Market Analysis
The outbreak of novel coronavirus has majorly affected the market. As the COVID-19 outbreak has forced people to shift form actual interactions to connect over virtual platforms and social media platforms, there has been a growth in social media users in recent years, and thus experienced a raise in the market. The decline in the traditional way of advertising campaigns coupled with an increase in social media usage has triggered the market to adopt a more data-oriented approach for their marketing strategies, thus benefiting the social media management market. For instance, according to BARK’s report 2021, the online advertising and marketing expenses increased by 48.8% from 11.6 million in 2021 to 17.2 million in the year 2022.
The report also provides an in-depth analysis of key trends in the social media management market:
|The introduction of IoT technology has helped to redefine social media marketing strategy, leading it is more focused on individual's preferences and inclinations. This has boosted social media management marketing efficiency to achieve higher sales
|The increasing focus on the market and competitive intelligence is attracting more traction in the forecast period. There are various AI /advanced Machine Learning algorithms enabled competitive intelligence software and tools are present that can create fast analytical insights with high accuracy
The report also provides an in-depth analysis of recent news developments and investments
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