The global social media management industry is expected to reach $ 41.6 billion in 2026, with a CAGR of 23.6% by 2021
DUBLIN, August 16, 2021 / PRNewswire / – The “Social Media Management Market by Components (Solutions (Social Media Marketing, Social Media Asset and Content Management), Services), Deployment Mode, Company Size, Application, (Sales and Marketing ), Vertical – Global Forecast to 2026 “report added to ResearchAndMarkets.com offering.
Social Media Management market size is expected to be from $ 14.4 billion in 2021 to $ 41.6 billion in 2026 with an average annual growth rate (CAGR) of 23.6% over the forecast period.
The main drivers for the growth of the social media management market include the increasing need for search ROI for social media strategy, improving customer experience with social media management, increasing user engagement of social media with smartphones.
Based on the component, the solutions segment is expected to lead the social media management market in the forecast period
The Solutions Segment of the Social Media Management market is further subdivided into Social Media Marketing; Wiretapping, monitoring and analyzing social media; Management of content and content for social media; and social media risk and compliance management. This section explains the market size and growth rate of each solution sub-segment based on type (for selected sub-segments) and region.
Based on the deployment mode, the cloud is expected to grow at a higher CAGR over the forecast period
The cloud-based provisioning mode offers a solution for remote access to the data from different servers or data centers. This includes servers, networks, storage, databases, analysis tools and software platforms for the provision and access to services over the Internet. The low operating expenses (OPEX) help users pay per use and invest more time and energy to focus on core business goals. In the cloud deployment mode, the social media management solution is offered as SaaS and all social media management workloads are cloud-based. The customer’s IT infrastructure requirements, data redundancy, data availability, establishment of a virtual private network (in relation to the customer’s IT teams), establishment of security logs and audits, configuration, maintenance and updates are all handled by providers of social media management solutions. These solutions can be accessed anytime, anywhere via the internet based on on-demand / pay-per-usage.
Based on company size, it is expected that a medium-sized company will lead the market for social media management in the forecast period
Based on company size, the social media management market is divided into small businesses, medium-sized businesses, and large corporations. Social media management is growing at a robust pace due to the increasing number of smartphone users. The increasing technological progress creates growth opportunities for small, medium and large companies. Companies have begun to rely on social media solutions and services to maximize their geographic reach. Social media management tools that help businesses make quick and easy decisions. Organizations use social media management to provide current information by identifying, extracting, cleaning, analyzing, visualizing and interpreting. The increasing number of customers on social media platforms is increasing the growth rate of large companies that would focus on customer loyalty. The use of social media management helps companies to understand customer opinions on brands, trends and competitors in the market and to collect and analyze a large amount of data from various platforms such as Facebook, Twitter, Instagram and LinkedIn.
Based on the application, the competitive intelligence segment is expected to grow at a higher CAGR over the forecast period
The Competitive Intelligence segment should gain momentum in the coming years. It can take place between a company and the customers of its competitor in social networks. Social media networks can provide a wealth of information about customers and their experiences, needs and perceptions. With the right social media management solution, a company can keep track of those conversations that focus on itself and its competitors. This information can be used to increase the company’s market intelligence and create a competitive advantage.
Based on the vertical, the BFSI segment is expected to lead the social media management market during the forecast period
Banking and financial institutions have begun to shift their business focus to accelerating digital transformation, which allows them to rethink their operating model operations. With the need for cloud-based application development tools and data analytics growing, leading BFSIs are trying to bring new technologies to market and leverage hybrid cloud-based solutions to deliver higher value proposition and services to financial clients. A major Chinese bank has launched an integrated digital coronavirus program that includes banking services, wealth management services, tutorials, timely advisory content, and non-banking services ranging from online shopping assistance to doctor appointments to disinfectant delivery.
APAC is expected to grow at a higher CAGR over the forecast period
Asia Pacific (APAC) has continuously presented lucrative market opportunities for providers of social media management solutions with a remarkable increase in social media management in its developed and emerging countries. Australia, Japan, Singapore, China, and India have shown numerous growth opportunities in the social media management market. Due to a rapidly growing technology-based economy, APAC is expected to become the fastest growing region in demand for social media management solutions during the forecast period.
- By type of company: Tier 1 – 62%, Tier 2 – 23% and Tier 3 – 15%
- By appointment: C-Level – 38%, Directors – 30% and others – 32%
- By region: North America – 40%, Europe – 15%, APAC – 35%, MEA – 5%, Latin America– 5%.
Some prominent actors in the study are Adobe (USA), IBM (USA), Google (USA), Oracle (USA), Salesforce (USA), Sprout Social (USA), Hootsuite (Canada), Meltwater (USA), Sprinklr (USA), Digimind (France), HubSpot (USA), Clarabridge (USA), Khoros (USA), Falcon.io (Denmark), Zoho Corporation (India), NetBase (USA), Brandwatch (Great Britain), Talkwalker (Europe), Puffer (USA), Agorapulse (France), Sendible (UK), MavSocial (USA), Socialbakers (Czech Republic), Synthesio (USA) and eClincher (USA).
The market study covers the social media management market in various segments. It aims to estimate the market size and growth potential of this market in different segments such as: , and regions. The solution segment is further divided into social media marketing, social media monitoring, social media asset and risk management as well as risk and compliance management. The Services segment is further divided into Professional Services and Managed Services. The regional analysis of the Social Media Management Market includes North America, EMEA, APAC and Latin America. The study also includes an in-depth competitive analysis of key market players along with their company profiles, key observations on product and business offerings, recent developments, and key market strategies.
Main benefits of purchasing the report
The report is expected to assist the leaders / new entrants in this market by providing them with information on the closest approximations to the sales figures for the overall Passenger Information Social Media Management market and its segments. This report is also intended to help stakeholders understand the competitive landscape and gain insights to improve their company’s position and plan appropriate go-to-market strategies. The report is also intended to help the stakeholders get the pulse of the market and provide them with information regarding key market drivers, restraints, challenges, and opportunities.
- Fire watch
- Social baker
- Sprout Social
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