Social Media Management Market Worth $51.8 Billion by 2027
This research report categorizes the social media management market based on component, organization size, deployment mode, application, vertical, and region.
Northbrook, IL 60062 -- (SBWire) -- 03/17/2023 --According to a research report "Social Media Management Market by Component (Solutions, Services), Deployment Mode, Organization Size, Application (Competitive Intelligence, Sales and Marketing Management), Vertical (BFSI, Retail and Consumer Goods) & Region - Global Forecast to 2027" published by MarketsandMarkets, 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 grow at a significant rate during the forecast period, owing to various business drivers. Some factors driving the growth of the social media management 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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Europe, Middle East and Africa to account for largest market size during forecast period
Organizations in Europe, the Middle East, and Africa deploy social media management solutions to improve communication and collaboration among employees, knowledge management, and product/service innovation. In addition, establishing social media networks with business partners and engagement in marketing, customer relationship and reputation management, and product/service innovation further facilitates the adoption of social media management solutions. In recent years, social media tools have been increasingly adopted in Medium-sized Enterprises and large enterprises in Europe, the Middle East, and Africa. Companies use social media platforms to contact customers and effectively support internal communications and collaborations. Although SMEs are a vital component of all economies and represent most European Union companies, they are behind large enterprises related to the adoption of innovative technologies. 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.
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).
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