USD 15.15 billion
Report ID: SQSG45B2022 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 153 | Figures: 80
Global Social Media Management Market size was valued at USD 15.15 billion in 2021 and is poised to grow from USD 18.57 billion in 2022 to USD 95.79 billion by 2030, growing at a CAGR of 22.76% in the forecast period (2023-2030).
Social media management is the process of gathering and evaluating audiences and developing targeted marketing and persuasion methods for a certain set of people or audiences. Social media management includes creating and distributing online content for social networks, monitoring online dialogues with customers and followers, engaging with influencers, providing community service, and monitoring, measuring, and reporting on social media performance and ROI.
During the pandemic, the increase in demand for work-from-home and remote-working policies contributed to the expansion of the global social media market, hence boosting the demand for social media management systems. In addition, the rising demand for conveniently available and condensed forms of entertainment and media has a beneficial effect on the expansion of the social media management market. However, data privacy and sharing issues on social media management platforms can hinder the market prediction for social media management. The integration of modern tools such as machine learning and data analytics with social media management solutions suites is anticipated to provide lucrative growth possibilities for the social media management market during the forecast period.
US Social Media Management Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 15.15 billion
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The global social media management market is segmented based on component, application, industry vertical, and region. Based on components, Social Media Management market is segmented into solutions and services. Based on application, the Social Media Management Market is segmented into sales and marketing management, customer experience management, competitive intelligence, risk management & fraud detection, and others. Based on industry vertical, the Social Media Management Market is segmented into BFSI, retail, and e-commerce, government and public sector, healthcare and life science, it and telecom, media and entertainment, manufacturing, and others. By Deployment, the Social Media Management Market is segmented into Cloud-based, On-premise. By organization size, the Social Media Management Market is segmented into Small and Medium Enterprises (SMEs) and Large Enterprises. Based on region, the global Social Media Management market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Social Media Management Market Analysis by Component
During the forecast period, the social media marketing solution accounted for the largest market share. Social media marketing is the use of tools and strategies to effectively engage and reach target audiences through various social media channels. Social media marketing utilizes social media channels to engage with an audience to build brand image, boost sales, and enhance website traffic. This includes publishing high-quality content on social media profiles, listening to and interacting with followers, assessing results, and executing. Social media engagement entails the management of current and prospective consumer interactions on a company's numerous social media networks. These are some of the factors propelling the demand for social media management solutions and driving the demand for social media management market growth during the analysis period.
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North America led social media management in 2021. The region has a high-risk tolerance and a tendency toward technical growth. This creates various chances for social media management companies. The region has many social media users and several management options. Social media marketing and customer interaction will drive regional social media management market demand during the forecast period.
Social media platforms generate a lot of data about how well a brand is doing, how influential a product is, how innovative a product is, and how well a campaign is doing. North Americans use social media management for campaigns, brands, marketing, advertising, and customer analysis. Small and medium-sized businesses and new businesses in the region can use digital media to build and promote their businesses, get more customers, and reach a wider audience without having to spend a lot of money on sales and marketing channels. Social media management has been used by Bank of America, L'Oréal USA, and American Airlines to get and keep customers in North America.
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Social Media Management Market Driver
Increasing focus on the market and competitive intelligence are driving market growth.
Social Media Management Market Restraint
The evolution of data protection and privacy laws and regulations has restrained market growth in recent years.
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The social media management market is relatively fragmented, with a high level of competition. Few large players, like Adobe Inc., IBM Corporation, and Google LLC, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Social Media Management Market Top Player’s Company Profiles
Social Media Management Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global social media management market is segmented based on component, application, industry vertical, and region. During the pandemic, the increase in demand for work-from-home and remote-working policies contributed to the expansion of the global Social Media Management market. Social media marketing is the use of tools and strategies to effectively engage and reach target audiences through various social media channels. North America has a high-risk tolerance and a tendency toward technical growth. The region has many social media users and several management options. These are some of the factors propelling the demand for social media management solutions.
|Market size value in 2021||USD 15.15 billion|
|Market size value in 2030||USD 18.57 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Social Media Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Social Media Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Social Media Management Market:
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Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Product ID: SQSG45B2022