The global social media management market is estimated to be valued at $18,197.8 million by 2028, surging from $3,771.4 million in 2020, at a noteworthy CAGR of 21.2%.
Impact analysis of COVID-19 on the Social Media Management Market
COVID-19 impact on social media management market has been rather positive owing to increasing use of social media platforms among users. Business have increasingly adopted social media tools to reach its customers to gain actionable insights on consumer perceptions and improve their products portfolio and services. Also, COVID-19 epidemic has demonstrated the value of data and the use of social media analytics in pandemic planning. The impact of this epidemic offers significant opportunities for social media management vendors. Also, social media interactions around the world are used to gather data on the pandemic scenario with the help of advanced social media analytics tools. Furthermore, the government, local government entities, and hospitals are using social media platforms as a means of reaching out to citizens and educating them about the precautions that need to be taken in case of a pandemic.
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Global Social Media Management Market Analysis
Globally, the digital world has grown immensely, with an estimated 4 billion people using the internet. It is expected that social media adoption will increase by 15% over the course of the year, surpassing the 5 billion mark by 2025. Advertising expenditures on digital and social media platforms are expected to grow by 30% to 35% by 2021. Brands play an important role in employing third-party services like Facebook ad management agency to reach potential clients for their products and services. Currently, Facebook and YouTube have more than 2.85 billion and 2.29 billion active users, respectively.
Data misuse, whether intentional or not, can have major legal ramifications for both businesses and their customers. To ensure that no data usage breaches government legislation, businesses should clearly clarify terms pertaining to data usage, procedure, and retention in their project contracts. Such developments are likely to overcome the challenge facing the social media industry.
Moreover, increasing content on the internet and rise in available data for analyzing customer behavior, companies have enormous opportunity to tap in the coming years. As a result, companies can easily attract, convert, upsell, and cross-sell their products and services. Moreover, Facebook’s ad management agency has recognized the value of targeted advertising, which they now provide to businesses through sponsored solutions that make location, demographics, and end-device information of consumers available for businesses to reach out to a specific segment of the population.
Global Social Media Management Market, Segmentation
The global social media management market is segmented based on type, enterprise size, end-use, and region.
Type:
The type segment is further divided into engagement, scheduling & publishing, analytics, and others. The analytics sub-segment of the global social media management market is projected to have the fastest growth and surpass $4,494.4 million by 2028. Due to a persistent drop in the efficiency of traditional advertising campaigns, as well as increased social media usage, firms have begun to embrace a more data-driven strategy to marketing. The adoption of social media analytics is changing the ways marketing initiatives are designed and executed today.
Enterprise Size:
Based on enterprise size, the social media management market has been sub-segmented into large, mid-market, and small & medium enterprises (SMEs) of which the SMEs sub-segment is projected to generate the revenue of $5,172.6 million by 2028, with the fastest compound annual growth rate of 21.9% during the forecast period. Social media has become an important component of SMEs' marketing strategies, assisting with brand positioning and product differentiation. Furthermore, social media management market trends suggests that increased use of social CRM solutions and social media analytics is expected to improve the segment's market.
End-use:
Based on end-use, the social media management market has been divided into BFSI, retail, healthcare, real estate, manufacturing, media & entertainment, others of which the healthcare sub-segment is projected to generate the revenue of $2,607.3 million by 2028, with the fastest compound annual growth rate of 22.9% during the forecast period. Healthcare institutions and hospitals may communicate with prospective patients one-on-one using social media platforms, while also providing vital information to help them make the best decision for their health.
Region:
The social media management market for the North America region is projected to witness a rapid growth. This market generated a revenue of $1,215.8 million in 2020 and is further projected to reach up to $5,618.2 million by 2028. The region is a mature and well-established market with a good risk appetite and a desire for technical advancements, providing a multitude of opportunities for social media management vendors and service providers. The region is known for its large number of social media users and the importance of social media management solutions. The use of social media networks as a significant marketing and customer engagement tool for industrial verticals will boost market revenue generation in the region even more.
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Key Players in the Global Social Media Management Market
Social media management market share has been accounted by key players including
- Sprinklr
- Oktopost
- Falcon.io
- Social Hub
- Spredfast
- Likeable Hub
- HubSpot
- Salesforce
- Social Flow
- Meltwater, among others.
Moreover, the market is highly fragmented owing to large number of social media marketing management companies. The majority of the players offers integrated solutions with a wide variety of features while niche players are enhancing their competencies.
Sprinklr, a social media management company, released the second version of its customer service solution, Sprinklr Modern Care, in October 2021, which contains sophisticated artificial intelligence (AI) and automation to help organisations unify agent engagement and case management in a one contact centre software solution.
Along with company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
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