The Social Media Management Market size was valued at USD 21.4 Billion in 2023 and is expected to reach USD 124.5 Billion by 2031 and grow at a CAGR of 5.3% over the forecast period 2024-2031.
The practice of controlling your online presence on social media sites such as Facebook, Instagram, and Twitter by producing, posting, and evaluating material you upload is known as social media management. Engaging and communicating with social media users is also part of managing social media. To manage your social media, you may employ tools, services, and social media managers.
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Customer behavior on social media is tracked as part of social media management. This allows a company to create strategies and obtain insights. It also assists businesses in tracking the activity of competitors. To summarize, social media management platforms provide consumers with a wealth of information about other social media users. This includes their beliefs, expectations, and requirements.
KEY DRIVERS:
Increase in focus on the market and competitive intelligence.
Increase in need for search ROI for social media strategy.
Enhancement of customer experience with social media management.
Increase in user engagement of social media using smartphones.
RESTRAINTS:
Regulatory and compliance constraints.
Lack of common standards and laws.
Complexities in the management workflow.
OPPORTUNITY:
Massive amounts of data are generated via social media networks.
Trends in cloud adoption are increasing.
Small and medium-sized businesses have a high percentage of adoption of social media management systems.
CHALLENGES:
Inadequate standardization of measurements for a social media management platform.
Lack of a unified method to manage the growing amount of unstructured data.
The rise of COVID-19 cases has boosted the market for social media management significantly. The massive volumes of data generated by social media platforms, the increase in cloud usage patterns, and the widespread acceptance of social media management solutions among small and medium-sized organizations all provide great opportunities for social media management providers. However, legal and compliance restrictions, a lack of common standards, issues in management workflow, and laws limit industry expansion. The lack of standard procedures for social media management platforms, as well as the absence of a unified solution to address the expanding unstructured data problems, may stymie industry growth.
MARKET ESTIMATION:
During the projection period, the social media marketing solution is expected to have the greatest market size. Social media marketing entails the use of tools and tactics to successfully reach and engage target consumers via different social media platforms. Social media marketing connects with an audience through social media platforms in order to develop a brand image, improve sales, and drive website traffic. This includes posting high-quality material to social media profiles, listening to and engaging followers, assessing outcomes, and conducting social media marketing. Social media engagement and advocacy are two important aspects of social media marketing. Social media engagement entails managing existing and future consumer connections on a company's numerous social media networks.
Competitive intelligence is made up of a variety of intrinsic judgments based on price, service, attention metrics, perception, and reach. It guarantees that organizations comprehend market trends and can promptly adjust to changing market conditions. The data may also be utilized to give insight into customer perceptions of competitors' products and pertinent industry developments. Though the use of social media analytics for competitive intelligence has not yet achieved its full potential, it is projected to grow in the future years as competition increases. Several industry sectors have begun studying social media data in order to obtain a competitive advantage.
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 are the market verticals. During the projection period 2022-2028, the BFSI segment is predicted to increase quickly. The BFSI sector use social media management solutions to expand its customer base and market share. Financial institutions are likely to reap significant benefits from social media management. These institutions must accept this transformation in order to reap the benefits. The BFSI business has gradually warmed up to the effect of digital transformation in recent quarters. So much so that many traditional Indian banks have spent time and money not just providing a digital customer experience, but also engaging with customers, workers, and stakeholders online.
On The Basis of Component
Solutions
Services
On The Basis of Application
Sales and Marketing Management
Customer Experience Management
Competitive Intelligence
Risk Management and Fraud Detection
Others
On The Basis of Deployment Mode
Cloud
On-premises
On The Basis of 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
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Geographically, North America is expected to dominate the worldwide market in terms of revenue in 2021, owing to the early adoption of modern technological solutions and rising population engagement in various social media platforms. Furthermore, countries such as the United States and Canada are expected to see a high proliferation of advanced technologies such as data analytics, as well as an increase in the number of product launches and partnership agreements that will expand the application and usage of such solutions to manage a higher quality of sales and marketing across these countries. Furthermore, Asia Pacific is predicted to have the highest CAGR in the worldwide industry in 2021. The region's demand for social media management is expected to rise over the forecast period as a result of the widespread adoption of digital solutions in the sales and competitive intelligence market, as well as the increased use of sophisticated online media strategies as a result of the region's rapid smartphone adoption.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major key layers are Adobe Inc., IBM, Google, Oracle Corporation, Salesforce, Sprout Social, Inc., Hootsuite, Sysomos, Sprinklr, Digimind & Other Players
| Report Attributes | Details |
| Market Size in 2023 | US$ 21.4 Billion |
| Market Size by 2031 | US$ 124.5 Billion |
| CAGR | CAGR of 5.3% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Component (Solutions, and Services) • by Application (Sales and Marketing Management, Customer Experience Management, Competitive Intelligence, Risk Management and Fraud Detection, and Others) • by Deployment Mode (Cloud and 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, and Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Adobe Inc., IBM, Google, Oracle Corporation, Salesforce.com, Sprout Social, Inc., Hootsuite, Sysomos, Sprinklr, and Digimind |
| Key Drivers | •Increase in focus on the market and competitive intelligence. •Increase in need for search ROI for social media strategy. |
| RESTRAINTS | •Regulatory and compliance constraints. •Lack of common standards and laws. |
Ans: - The Social Media Management Market size was valued at USD 18.57 Bn in 2022.
Ans: - Inadequate standardization of measurements for a social media management platform.
Ans: - The segments covered in the Social Media Management Market report for study are on the basis of component, application, deployment mode and vertical.
Ans. The primary growth tactics of Social Media Management market participants include merger and acquisition, business expansion, and product launch.
Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Social Media Management Market Segmentation, by Component
8.1 Solutions
8.2 Services
9. Social Media Management Market Segmentation, by Application
9.1 Sales and Marketing Management
9.2 Customer Experience Management
9.3 Competitive Intelligence
9.4 Risk Management and Fraud Detection
9.5 Others
10. Social Media Management Market Segmentation, by Deployment Mode
10.1 Cloud
10.2 On-premises
11. Social Media Management Market Segmentation, by Vertical
11.1 BFSI
11.2 Retail and Consumer Goods
11.3 Government and Public Sector
11.4 Healthcare and Life Sciences
11.5 IT and Telecom
11.6 Media and Entertainment
11.7 Manufacturing
11.8 Travel and Hospitality
11.9 Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Adobe Inc.
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 IBM
13.3 Google
13.4 Oracle Corporation
13.5 Salesforce.com
13.6 Sprout Social, Inc.
13.7 Hootsuite
13.8 Sysomos
13.9 Sprinklr
13.10 Digimind
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
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