The global social media management market is projected to register a CAGR of 24.2% during the forecast period, reaching USD 51.8 billion by 2027 from an estimated USD 17.5 billion in 2022. Major drivers for the market include the rising need to focus on competitive intelligence, the growing need to drive search RoI for social media strategy, enhancement of customer experience with social media management, the shift of people toward the virtual realm due to COVID-19 and the increase in user engagement of social media using smartphones.
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By component, Services segment to witness higher CAGR during forecast period
The scope of the services segment comprises professional services and managed services. Services constitute an essential part of the software life cycle, including product upgradation, maintenance, training, and consulting. In the era of the digital economy, enterprises are evolving and demanding new ways to improve their RoI and business optimization. Vendors offer various services in the social media management market, such as support and maintenance and consulting, to execute and manage the social media management solution life cycle. The complexity of operations and the surge in the deployment of social media management solutions mainly govern the services segment’s growth. Enterprises turn toward services instrumental in streamlining business operations and optimizing business resources to boost growth and generate higher revenues. Support, which is also included in the services segment, comprises pre- and post-sale support. Organizations have realized the importance of social media analytics and are looking for added services with which they do not have to worry about hardware breakdown or regular updates.
By organization size, Medium-sized Enterprises to register for the highest market size during the forecast period
In the social media management market study, organizations with revenue between USD 10 million and USD 1 billion are considered medium-sized enterprises. These enterprises constitute the largest market size in the global social media management market. Medium-sized Enterprises have been majorly dependent on the proliferation of mobile devices, IoT, and social media user growth, which demands managing these digital assets. Medium-sized Enterprises have been increasingly investing in social media advertising and marketing and selling activities to promote their products and services as social marketing is gaining significant demand. This, in turn, has created the need for integrated social media management tools to share, collaborate, and manage enterprise content over social media for revenue generation.
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Unique Features in the Social Media Management Market
Social media management solutions simplify publishing, engagement, and analytics across several channels by enabling the management of multiple social media networks from a single dashboard.
These tools save time and guarantee regular engagement with followers by enabling users to plan posts ahead of time, automate tedious chores, and establish content calendars.
In order to gain a deeper understanding of audience opinions and trends, social media management solutions offer social listening and monitoring features that let users track brand mentions, keep an eye on conversations, and analyse sentiment.
Insights into important metrics like engagement, reach, and follower growth are provided by these platforms’ strong analytics and reporting features, which enable users to assess the success of their social media campaigns and initiatives.
By enabling audience targeting and segmentation using social media management tools, users may pinpoint and connect with particular demographics, interests, and behaviours through customised content and advertising campaigns.
Major Highlights of the Social Media Management Market
The demand for social media management solutions that include functionality for ad creation, targeting, optimisation, and performance tracking to maximise return on ad spend is being driven by the falling organic reach on social media and the growing shift towards paid social advertising.
With the growing availability of mobile apps and support for remote work, social media management solutions allow users to manage their social media activity on any device, at any time, and from any location.
Organisations are looking for solutions with features like data encryption, access controls, and content moderation to protect sensitive data and comply with regulations. Compliance and security are becoming more and more important considerations in the social media management market.
These days, a lot of social media management tools integrate with influencer marketing platforms, enabling businesses to find, interact with, and work together with influencers to increase their social media reach and engagement.
Content marketing and publishing capabilities are becoming more and more important in social media management platforms, which provide features for content production, curation, scheduling, and distribution to increase social media reach and engagement.
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Top Companies in the Social Media Management Market
Some major players in the social media management market include Adobe (US), IBM (US), Google (US), Oracle (US), Salesforce (US), Sprout Social (US), Hootsuite (Canada), Meltwater (US), Sprinklr (US), Digimind (France), HubSpot (US), Qualtrics (US), Khoros (US), Cision (US), Zoho (India), Netbase (US), Talkwalker (Luxembourg), Buffer (US), Agorapulse (France), Sendible (UK), MavSocial (US), Emplifi (US), Synthesio (US), Eclincher (US), CreatorIQ (US), Slate Teams (US), Hunter Digital (US), AlchemyWorx (US), KAWO (China), Make Your Mark Digital (US), The Cirqle (Netherlands), Affable.ai (US), Loomly (US), Altorise (India), Socinova (India), and Promo Republic (US). These players have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the social media management market.
Adobe has been offering social media management solutions. It partnered with social media management platforms to support brands in delivering personalized and relevant experiences across the entire customer journey. The company offers Adobe Experience Cloud products. It is a collection of applications and services. It comes with various functionalities which help gather insights for audience, content management, campaign management, customer engagement, advertisement management, channel management, and more. It allows for measuring the success of campaigns, which helps predict and understand customer behavior. Adobe integrates with ML to optimize and test web and mobile applications. It offers a variety of products with an integrated set of solutions, for instance, Adobe Experience Manager, journey orchestration, campaign management, customer engagement, advertising management, and more. It offers business solutions to a broad clientele located in the Americas, Asia Pacific, Europe, and the Middle East & Africa.
IBM is a multinational technology and consulting corporation offering infrastructure, hosting, and consulting services. The company operates through five major business segments: Cloud and Cognitive Software, Global Business Services, Global Technology Services, Systems, and Global Financing. IBM Cloud has emerged as a platform of choice for all business applications, as it is AI-compatible. It is a unifying platform that integrates IBM’s capabilities with a single architecture and spans over public and private cloud platforms. With this powerful cloud platform, the company can cater to the requirements of different businesses across the globe. The company has a strong presence in the Americas, Europe, Middle East and Africa, and Asia Pacific, and clients in more than 175 countries. IBM is one of the major players in social media management. Within the past two years, IBM has shifted its focus from hardware business to digital, with increased investments toward data, analytics, and social media management.
Oracle is one of the leading providers of cloud and database solutions. The company’s business is divided into three major segments: cloud and license, hardware, and services. It caters to its diverse clientele across the globe. Its clients include midsized businesses and large enterprises. The company helps its customers in improving their business with its offerings, such as relational servers, application development tools, decision support tools, and enterprise business applications. It is present in more than 145 countries, with a workforce of 206,815 employees, serving more than 420,000 customers. It has a presence in North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. In the social media management market, Oracle offers two major services, Oracle Social Cloud and Oracle Social Engagement & Monitoring Cloud, which allow the customer to initiate better engagement with end users and simplifies CRM. It also comes with content management functionality where posts can be scheduled for the future. Customers can obtain real-time insights; it also comes with analytics functionality and more.
Sprout Social enables organizations and brands to be open, real, and empathetic on social media by offering a suite of deep listening and analytics, customer care, social media, and advocacy solutions. It helps organizations create real connections with consumers, which can further drive the business forward. The company offers solutions in various categories, including enterprises, agencies, small businesses, social management, customer care, advocacy, data and intelligence, and the software industry. It delivers powerful social media integrations across social platforms and customer management tools through centralized publishing, monitoring, engagement, and analytics. The various network integrations of Sprout Social are Facebook Management, Twitter Management, Instagram Management, LinkedIn Management, and Pinterest Management. Its vast customer base comprises over 20,000 organizations and brands, including Denver Nuggets, Edelman, Glassdoor, Vice, and Shopify. The Sprout platform of Sprout Social comprises social media management, social media engagement tools, social media publishing, and social listening.
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