Global Social Media Management Market Size (By Component: Solutions, Services; By Deployment Mode: Cloud-Based, and On-Premises; and By Application: Sales and Marketing Management, Customer Experience Management, Competitive Intelligence, Risk Management, and Fraud Detection) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2021 – 2028
From 2021 to 2028, the global Social Media Management market is predicted to grow at a CAGR of 24%, from US$ 11,650 million in 2020 to US$ 63,837million in 2028.
The process of generating, posting, marketing, and managing content across social media channels such as Facebook, Instagram, Twitter, LinkedIn, YouTube, and Pinterest is known as social media management. Social media management entails more than merely updating a company's social media accounts. It also entails interacting with their audience and looking for new ways to expand their reach and visibility.
Moreover, it is a process to building a community of customers and influencers, and reporting and analyzing the results of their efforts. This method can comprise just one or more than a dozen channels, ranging from Facebook to YouTube, depending on the company's aims. Social media management, regardless of how many social channels a firm utilizes, is an important aspect of any marketing strategy and can yield a meaningful return on investment (ROI).
Users can acquire important information from social media management systems in order to better their business or marketing strategy. This, in turn, is likely to fuel global market expansion over the forecast period. Another factor driving global market expansion is the growing adoption of social media monitoring and visualization solutions that display user-generated material from all social media platforms.Businesses can analyze unstructured social data with the help of a social media management solution in order to respond to changing market conditions and boost sales and operational profitability. Using huge amounts of data on customer views of their brands, businesses may strategize their marketing and sales operations.
Business intelligence (BI) for advertising and reports on the success or failure of online marketing initiatives are provided by social media management software. For example, Big Propeller, LLC's (Gain) social media management software allows businesses to connect to all social media sites and give employees access to a real-time visual calendar of all their advertising content.However, market growth is constrained by regulatory and compliance constraints, a lack of uniform standards, difficulties in management workflow, and legislation.Furthermore, as more people use social media platforms, the social media management market is becoming an important rising sector for increasing product awareness. As a result, the majority of organizations are attempting to leverage social media to reach out to customers by adopting social media management solutions to acquire real-time data and drive corporate results in terms of ROI.
The global social media management market is classified into four segments – component, deployment mode, application, and regions. Based on component the market categorizes into solutions (social media listening, monitoring and analytics, social media marketing, social media asset and content management, and social media risk and compliance management), and services (professional service, and managed service). Among solutions, social media marketing accounted for the majority of the share in 2020 and is likely to continue its dominance throughout the forecast period. This is attributed to the social media marketing entails the use of tools and approaches (engagement, advocacy, and selling) to effectively reach and engage target audiences via various social media channels. Cloud-based and on-premises are covered under the deployment mode segment. Based on the deployment mode segment, the cloud-based held the maximum share in 2020. However, the on-premise segment is expected to attain a stable CAGR during the forecast period 2021 – 2028. Furthermore, the application segment is divided into sales and marketing management, customer experience management, competitive intelligence, risk management, and fraud detection
Social Media Management Market Regional Overview
North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa are the categorization of the global social media management market. Among them, North America generated the largest market share in 2020. This is due to the region's abundance of innovative technology solutions. Various industry initiatives for the development of smart social media management tools are also underway eventually boosting the North America regional share.In addition, the majority of customers in North America use social media management for commercial purposes such as campaign management, branding, marketing and advertising, and customer perception analysis, among others.All this factors are contributing for a superior market share in the global industry. The Asia Pacific market is likely to grow with the fastest CAGR during the forecast period. Increased penetration of SMEs in developing nations like China and India, as well as a growing desire to expand prospective consumer bases in this region, are predicted to fuel the expansion of social media management software, tools, services, and solutions in Asia Pacific.
Global Social Media Management Segment Analysis
Market by Component
o Social Media Marketing
o Social Media Asset and Content Management
o Social Media Listening, Monitoring and Analytics
o Social Media Risk and Compliance Management
o Professional Service
o Managed Service
Market By Deployment Mode
Market By Application
· Customer Experience Management
· Sales and Marketing Management
· Competitive Intelligence
· Risk Management
· Fraud Detection
Social Media Management Market Competitive Landscape
This section of the report identifies the market's major players. Clarabridge, Cognizant, Digimind, Falcon.io, Google Inc., Hootsuite Inc., IBM Corporation, Lithium Technologies, Oracle Corporation, Sprinklr Salesforce.com, Inc., Sprout Social, and Zohoare the key companies mentioned in the research.
Social Media Management Market Regional Overview
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
Middle East & Africa
· South Africa
· Rest of Middle East & Africa