Social Media Management Market: Industry Analysis and Forecast (2022-2029)

Social Media Management Market size was valued at US$ 14.42 Bn. in 2021 and the total revenue is expected to grow at a CAGR of 23.8% through 2022 to 2029, reaching nearly US$ 79.58 Bn.
Social Media Management Market Overview:
Social media is the concept by which individuals connect in virtual communities and networks by creating, sharing, and exchanging information and ideas. The major Facebook, Twitter, Instagram, LinkedIn, and YouTube profiles are handled by the Office of Communications and Marketing. While social media management tools can allow a company raises the quantity of content they produce, the quality of that content is just as crucial for engaging their target audience.To know about the Research Methodology :- Request Free Sample Report

Though market forecasting through 2029 is based on real output, demand and supply of 2021, 2021 numbers are also estimated on real numbers published by key players as well all important players across the world. Market forecasting till 2029 is done based on past data from 2017 to 2021 with the impact of global lock down on the market in 2021 and 2022.

COVID-19 Influence on the Global Market:

The increase in COVID-19 cases has resulted in a significant increase in the market for social media management. The huge amounts of data created by social media platforms, the rise in cloud usage patterns, and the high acceptance rate of social media management solutions among small and medium-sized businesses all present enormous prospects for social media management suppliers. However, market growth is constrained by regulatory and compliance constraints, a lack of uniform standards, difficulties in management workflow, and legislation. The lack of standard measures for social media management platforms, as well as the lack of a single solution to manage the growing unstructured data concerns, may hinder the market's growth.
Social Media Management Market Dynamics:
Global competition continues to reduce profit margins, and organizations are constantly seeking technology solutions to improve efficiency and minimise costs while keeping a competitive advantage. To exceed their competitors, companies must combine demographic, competitive, and business information with consumer data to uncover the complexities. Organizations are reviewing sales and various markets in an attempt to uncover openings. Customers have been more brands aware in recent years.

The use of a social media management solution allows businesses to evaluate unstructured social data in order to respond to changing market conditions and increase sales and operational profitability. Organizations may gather massive volumes of data on customer perceptions of their brands and use it to strategize their marketing and sales efforts. By successfully assessing the competition and customer behaviour from social media platforms, businesses may use social media management systems to strengthen their market presence and acquire a competitive edge. Engagement, CRM, publishing, advertisement, monitoring, and real-time analytics are just a few of the applications for social media management tools.
Social Media Management Market Segment Analysis:
Based on the Component, the market is segmented into Solutions, and Services. The solutions segment is further sub-segmented into Social Media Marketing, Social Media Listening, Monitoring and Analytics, Social Media Asset and Content Management, and Social Media Risk and Compliance Management. In the solution segment, the Social Media Marketing segment is expected to hold the largest market shares of xx% by 2029. The use of tools and tactics (interaction, advocacy, and selling) to reach target audiences through various social media channels and engage them effectively is referred to as social media marketing. Social media marketing makes use of social media platforms to engage with a target audience in order to improve brand awareness, increase sales, and drive traffic to a website.



This deals with creating engaging material for social media profiles, listening to and engaging followers, assessing results, and implementing social media ads. Social media marketing has two primary components: social media engagement and social media advocacy. The administration of existing and potential consumer interactions on a company's numerous social media networks is referred to as social media engagement. Brand development through third-party involvement is addressed by social media advocacy and selling (employee or existing customers). These are the key factor that drives the growth of this segment in the Global Market during the forecast period 2021-2029.

Based on the Application, the market is segmented into Sales and Marketing Management, Customer Experience Management, Competitive Intelligence, Risk Management and Fraud Detection, and Others. Competitive Intelligence is expected to grow rapidly during the forecast period 2021-2029. Businesses' most detailed and accurate plan of action toward competitive advantages is provided by competitive intelligence. The approaches at the heart of CI provide one-of-a-kind, evaluative data sets that lead to more competitive company activities. This allows businesses to view themselves more clearly, allowing them to recognize what they're doing well and where they're falling behind industry competitors.

Competitive intelligence was created to allow companies to compare their operations to those of their competitors. A company can better forecast a competitor's behaviour across business domains using the knowledge gathered through aggregation, synthesis, and action, and then beat them to the punch.

Based on the Vertical, the market is segmented into BFSI, Retail, and Consumer Goods, Government and Public Sector, Healthcare and Life Sciences, IT and Telecom, Media and Entertainment, Manufacturing, Travel, and Hospitality, and Others. BFSI segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2021-2029. To grow its client base and market share, the BFSI sector uses social media management platforms. Financial organizations are expected to benefit greatly from social media management. To reap the rewards, these institutions must accept this transition. Over the past quarters, the BFSI industry has been steadily warming up to the impact of digital transformation. So much so that many conventional Indian banks have invested time and money not just in offering a digital customer experience but also in digitally engaging with customers, employees, and stakeholders.
Social Media Management Market Regional Insights:
North America dominates the Global Social Media Management market during the forecast period 2021-2029. North America is expected to hold the largest market shares of xx% by 2029. The use of social media networks as a significant marketing and customer engagement tool for industrial verticals is expected to boost market revenue creation in the region. A growing tech-savvy population, increasing internet penetration, and improved connectivity have led to massive use of social media platforms. Enterprises have been able to acquire valuable information about brand success, product influence, product innovation, and campaign performance thanks to large-scale data gathering via social media platforms. These are the major drivers that boost the growth of this region in the global market during the forecast period 2021-2029.

The objective of the report is to present a comprehensive analysis of the Global Social Media Management Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Social Media Management Market dynamic, structure by analyzing the market segments and project the Global Social Media Management Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Social Media Management Market make the report investor’s guide.
Social Media Management Market Scope: Inquire before buying



Social Media Management Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2021-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 14.42 Bn.


Forecast Period 2021 to 2029 CAGR:
23.8%
Market Size in 2029:
US $ 79.58 Bn.


 Segments Covered:
by Component
• Solutions
• Services


by Application
• Sales and Marketing Management
• Customer Experience Management
• Competitive Intelligence
• Risk Management and Fraud Detection
• Others


by Organization Size
• Small Enterprises
• Medium-Sized Enterprises
• Large Enterprises


by Deployment Mode
• Cloud
• On-premises


by Vertical
• BFSI
• Retail and Consumer Goods
• Government and Public Sector
• Healthcare and Life Sciences
• IT and Telecom
• Media and Entertainment
• Manufacturing
• Travel and Hospitality
• Others



Social Media Management Market, by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Social Media Management Market Key Players
• Adobe Inc.
• IBM
• Google
• Oracle Corporation
• Salesforce.com
• Sprout Social, Inc.
• Hootsuite
• Sysomos
• Sprinklr
• Digimind
• Clarabridge
• Spreadfast
• Falcon.io ApS
• Zoho Office Suite
• Lithium Technologies

Frequently Asked Questions:

1. Which region has the largest share in Global Social Media Management Market?
Ans: North America region held the highest share in 2021.

2. What is the growth rate of Global Social Media Management Market?
Ans: The Global Social Media Management Market is growing at a CAGR of 23.8% during forecasting period 2022-2029.

3. What is scope of the Global Social Media Management market report?
Ans: Global Social Media Management Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Social Media Management market?
Ans: The important key players in the Global Social Media Management Market are – Adobe Inc., IBM, Google, Oracle Corporation, Salesforce.com, Sprout Social, Inc., Hootsuite, Sysomos, Sprinklr, Digimind, Clarabridge, Spreadfast, Falcon.io ApS, Zoho Office Suite, and Lithium Technologies

5. What is the study period of this market?
Ans: The Global Social Media Management Market is studied from 2021 to 2029.