Comprehensive Social Media Management Market Analysis: Size, Share, Trends, and CAGR 26.41% Forecast for 2023-2028
The Global Social Media Managements Market is projected to grow at a CAGR of around 26.41% during the forecast period, i.e., 2023-28. This detailed analysis offers valuable insights into the key growth drivers, geographical dynamics, and emerging trends that are poised to shape the market's trajectory in the coming years.
Networking platforms such as Facebook, Instagram, Twitter, LinkedIn, YouTube, and Pinterest operates as a platform for communication, engagement, and, spreading information to target audiences. It is an evolved ultimate channel for organizations, news, e-commerce, businesses, and others.
Due to the Covid-19 pandemic, consumer habits have drastically changed, compelling industries and organizations to adopt remote working policies and allow customers to use such platforms to connect, be entertained, and shop. Consequently, SMM solutions are the best choices for developing brand recognition, generating inbound traffic, boosting business conversion rates, and enhancing customer satisfaction.
In addition, some industry verticals that adopted internet community management solutions experienced a tremendous increase in web traffic, such as BFSI, retail, e-commerce, government and public sector, healthcare, telecom & it, media & entertainment, manufacturing, and travel & hospitality. Moreover, management of such forums is of pivotal importance for the BFSI sector for customer acquisition, service sales, analytical modeling, credit scoring, and decision analysis, among others.
According to Digital 2022, a study jointly published by Hootsuite, a social media management giant, and We Are Social, a total of 4.62 billion people worldwide used such social networking sites (approximately 58.4% of the total population), and 424 million new users came online within the last 12 months. Hence, the colossal development of the industry is anticipated in the forecasted time frame.
Exploring the Market Dynamics: What’s Driving the Growth of Social Media Management Market?
Mounting Online Presence Emanated from Increased Mobile Phones and Internet Penetration - During the projected period, the primary driver of the industry is expected to be the increase in internet and social networking sites probing. The market is anticipated to advance due to the demand for corresponding solutions and the expanding use of digital marketing. In addition, the surge of work-from-home and remote working policies during the COVID-19 pandemic compelled customers to switch to social networking sites, considering it a better escape from lockdowns.
Hence, organizations can use relevant solutions to develop their market existence and achieve a competitive edge by efficiently analyzing consumer patterns from social media. Besides, it aids in analyzing unstructured social data to counter dynamic market conditions and succeed in operational profitability and high sales.
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Key Takeaways from the Market Study:
· Historical Data: 2018-21
· Base Year: 2022
· Forecast Period: 2023-28
· CAGR (2023-2028): 26.41%
· Key Players to Watch: Adobe Inc., Clarabridge, Digimind, Falcon.io ApS, Google LLC, Hootsuite, HubSpot, IBM, Khoros, Lithium Technologies, Meltwater, Salesforce, Inc., Sprinklr, Sprout Social, Zoho Corporation, Others [Oracle Corporation, SocialFlow, etc.] are expected to play a pivotal role in driving market growth through strategic investments, partnerships, and innovation.
Latest News in the Social Media Management Industry:
- In June 2021, Adobe Inc. launched an artificial intelligence powered live search for Adobe Commerce. It provides relevant, customized searches based on customer requirements.
- In June 2021, Google LLC marketing segment launched Ads creative studio. It is an articulated solution to create an advertisement, allowing for enhancing experiences for audio, display, and Video ads. Ads creative studio will access customers to develop and innovate advertisements with an engaging, easy-to-use user interface.
Market Segmentation of Social Media Management Industry
The Social Media Management market is segmented as follows:
- By Component
- Solutions
- Services
- By Deployment mode
- Cloud
- On-premises
According to report, the rechargeable segment holds a larger share of the Global Social Media Management Market mainly due to their lower costs.
- By Enterprise Size
- Small Enterprise
- Medium-Sized Enterprise
- Large Enterprise
- By Application
- Sales and Marketing Management
- Customer Experience Management
- Competitive Intelligence
- Risk Management and Fraud Detection
- Others (E-Commerce, Education, etc.)
- 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
According to reports, offline retail holds the largest market share.
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Social Media Management Market Geographical Analysis
North America
South America
Europe
Middle East & Africa
Asia-Pacific
According to reports, North America holds a prominent share of the Social Media Management Market
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