NEW YORK, March 16, 2023 /PRNewswire/ — The social media management market is projected to grow from USD 17.5 billion in 2022 to USD 51.8 billion by 2027, at a compound annual growth rate (CAGR) of 24.2% during the forecast period. The social media management market is expected to reap significant gains during the forecast period, driven by the increasing affinity of organizations towards social media marketing. Few other factors accelerating the market growth include increasing uptake of social media analytics platforms for gathering customer intelligence, growing need to devise new business strategies through search engine marketing, reducing turn-around times for customer query resolution through social media channels, and enterprises looking for new target markets through social media outreach.
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The major market players, such as Adobe, IBM, Google, Oracle, Salesforce, Sprout Social, Hootsuite have adopted numerous growth strategies, which include acquisitions, new product launches, product enhancements, and business expansions, to enhance their market shares.
- By component, Professional Services to register for largest market size during forecast period
Professional services in the social media management market include implementation, consulting, training, and support provided by social media management vendors, professionals, or experts.Vendors offer a broad range of services with the help of innovative technologies, tools, and strategies to meet organizations’ enhanced productivity and social media management needs.
They also offer business requirement assessment and customized implementation and assist with the deployment of social media management solutions via industry-defined best practices.These services are normally given as an add-on after the purchase of the solutions.
Some companies do not have the expertise to manage the infrastructure successfully.Hence, they outsource it to third parties who could provide such services.
These services are integral to deploying a solution, including support, handling, and maintenance.
- By organization size, Large Enterprises to register higher CAGR during forecast period
In the social media management market study, organizations with revenue less than USD 10 million are referred to as Small Enterprises.These organizations contribute a significant share of the global social media management market.
Their revenue share is expected to grow rapidly during the forecast period.Small Enterprises serve niche markets; with their limited resources, they continue to struggle to reach a global audience and expand their customer base.
Social media provides an effective solution for small enterprises and enables them to reach a global audience easily and cost-effectively.It leads to high demand for social media management solutions in the small enterprises segment.
Moreover, the rising number of Small Enterprises, especially in the high growth markets such as Asia Pacific and the Middle East, is leading to the high growth of the small enterprises segment.
Europe, Middle East & Africa to witness highest CAGR during the forecast period
The Middle East and Africa have been going through phenomenal technological advancements over the years.Vendors like Oracle, IBM, and SAS have already started providing social media management solutions in this region.
Moreover, stabilized economies, trade increases, and population growth are creating high-growth opportunities for social media management solutions, including analytics in this region.Moreover, demographic trends, social challenges, and rapid urbanization in the Middle East and Africa create huge pressure on existing general infrastructure, resulting in an increased demand for new infrastructure.
In addition, a heavy penetration of social media and smartphones among the target audiences serves as a basis for the development of a digital sector and fuels the adoption of social media management tools in the Middle East. Design and development of cost-effective and secured Solutions with cloud deployment options would enhance the market growth in the SME segment in Africa.
Europe, the Middle East, and Africa follow North America in terms of the social media management market share.A sound set of regulations governing marketing initiatives exists in Europe, the Middle East, and Africa.
When it comes to promotions on social media platforms, the regulations are less clear and apply mostly at the country level.Several nations, including the UK, Germany, Switzerland, and France, are incorporating social media management tools into their existing BI portfolio, thus delivering quick and actionable insights to drive economic growth.
Increasing focus on cloud deployments, increased automation, and data processing platforms drive organizations to drain valuable insights from social media data.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the social media management market.
- By Company: Tier I: 62%, Tier II: 23%, and Tier III: 15%
- By Designation: C-Level Executives: 38%, D-Level Executives: 30%, and Managers: 32%
- By Region: Asia Pacific: 35%, Europe: 20%, North America: 40%, and Rest of the World: 5%
The report includes the study of key players offering social media management solutions.It profiles major vendors in the social media management market.
The 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).
The research study for the social media management market involved extensive secondary sources, directories, journals, and paid databases.Primary sources were mainly Interviews with Experts from the core and related industries, preferred social media management providers, third-party service providers, consulting service providers, end users, and other commercial enterprises.
In-depth interviews were conducted with various primary respondents, including key industry participants and subject matter experts, to obtain and verify critical qualitative and quantitative information and assess the market’s prospects.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall social media management market and its subsegments.It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies.
It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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