Market Research Report

Global Social Media Management Market Research Report: Forecast (2023-2028)

By Component (Solutions, Services), By Deployment mode (Cloud, On-premises), By Enterprise Size (Small Enterprise, Medium-Sized Enterprise, Large Enterprise), By Application (Sales...and Marketing Management, Customer Experience Management, Competitive Intelligence, Risk Management and Fraud Detection, Others [E-Commerce, Education, etc.]), 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), By Region (North America, South America, Europe, The Middle East & Africa), Asia-Pacific, By Company (Adobe Inc., Clarabridge, Digimind, Falcon.io ApS, Google LLC, Hootsuite, HubSpot, IBM, Khoros, Lithium Technologies, Meltwater, Salesforce, Inc., Sprinklr, Sprout Social, Zoho Corporation, Others [Oracle Corporation, SocialFlow, etc.]) Read more

  • ICT & Electronics
  • Mar 2023
  • 189
  • IT55068

Market Definition

Social media is the concept by which individuals connect in virtual networks and communities to create, listen, analyze, and exchange information and ideas. The popular social networking platforms are Facebook, Twitter, LinkedIn, and Instagram usually handled by marketing and communication businesses. Its management is the principled utilization of perceptions and articulations for enterprises to increase productivity, tap potential consumers, plan strategies, monitor competitor activities, and improve the organization’s operational performance.

Market Insights & Analysis: Global Social Media Management Market (2023-28)

The Global Social Media Management Market is projected to grow at a CAGR of around 26.41% during the forecast period, i.e., 2023-28. Networking platforms such as Facebook, Instagram, Twitter, LinkedIn, YouTube, and Pinterest operates as a platform for communication, engagement, and, spreading information to target audiences. It is an evolved ultimate channel for organizations, news, e-commerce, businesses, and others.

Due to the Covid-19 pandemic, consumer habits have drastically changed, compelling industries and organizations to adopt remote working policies and allow customers to use such platforms to connect, be entertained, and shop. Consequently, SMM solutions are the best choices for developing brand recognition, generating inbound traffic, boosting business conversion rates, and enhancing customer satisfaction.

Report Coverage Details
Study Period Historical Data: 2018-21
Base Year: 2022
Forecast Period: 2023-28
CAGR (2023-2028) 26.41%
Regions Covered North America: US, Canada, Mexico
Europe: Germany, The UK, France, Russia, Spain, Italy, Rest of Europe
Asia-Pacific: China, India, Japan, South Korea, Rest of Asia-Pacific
South America: Brazil, Argentina, Rest of South America
Middle East & Africa: UAE, Saudi Arabia, South Africa, Iraq, Rest of MEA
Key Companies Profiled Adobe Inc., Clarabridge, Digimind, Falcon.io ApS, Google LLC, Hootsuite, HubSpot, IBM, Khoros, Lithium Technologies, Meltwater, Salesforce, Inc., Sprinklr, Sprout Social, Zoho Corporation, Others [Oracle Corporation, SocialFlow, etc.]
Unit Denominations USD Million/Billion

 

In addition, some industry verticals that adopted internet community management solutions experienced a tremendous increase in web traffic, such as BFSI, retail, e-commerce, government and public sector, healthcare, telecom & it, media & entertainment, manufacturing, and travel & hospitality. Moreover, management of such forums is of pivotal importance for the BFSI sector for customer acquisition, service sales, analytical modeling, credit scoring, and decision analysis, among others.

According to Digital 2022, a study jointly published by Hootsuite, a social media management giant, and We Are Social, a total of 4.62 billion people worldwide used such social networking sites (approximately 58.4% of the total population), and 424 million new users came online within the last 12 months. Hence, the colossal development of the industry is anticipated in the forecasted time frame.


Global Social Media Management Market Research Report: Forecast (2023-2028)

Global Social Media Management Market Key Drivers:

Mounting Online Presence Emanated from Increased Mobile Phones and Internet Penetration - During the projected period, the primary driver of the industry is expected to be the increase in internet and social networking sites probing. The market is anticipated to advance due to the demand for corresponding solutions and the expanding use of digital marketing. In addition, the surge of work-from-home and remote working policies during the COVID-19 pandemic compelled customers to switch to social networking sites, considering it a better escape from lockdowns.

Hence, organizations can use relevant solutions to develop their market existence and achieve a competitive edge by efficiently analyzing consumer patterns from social media. Besides, it aids in analyzing unstructured social data to counter dynamic market conditions and succeed in operational profitability and high sales.

Global Social Media Management Market Possible Restraint:

Lack of Uniform Standards and Regulations for Data Breaches - Data breaches have intimated many users, compelling them to examine their social network interactions and the security of their personal information. This has led most users to be concerned about organizations accessing and utilizing their posts on networking sites for advertising references and other purposes. In turn, companies may demand that results be verified in terms of descriptions and their scope before proceeding with investments. As a result, the need for standardized measurements is seen as a barrier to the market's expansion.

However, the emergence of data protection and privacy laws and regulations has had a substantial impact on the industry landscape and has brought data privacy issues to the attention of a worldwide audience in recent years. Thus, leading to the formulation of protection and privacy laws and regulations, such as the General Data Protection Regulation, Health Insurance Portability and Accountability Act (HIPAA), and others.

Global Social Media Management Market Growth Opportunities

Emphasis On Digital Marketing with Customer-Centric Approaches - The Ever-expanding data volume across various industries is expected to offer numerous growth opportunities to the market in the anticipated time frame. Other factors aiding the evolution of the market are a growing focus on marketing management, competitive intelligence, customer experience management, risk management, and fraud detection.

Besides, key players in such applications are coming up with tempting offers and schemes to lure customers. For instance, many brands in the fast-food industry are utilizing such platforms to stay relevant and updated about consumers' eating preferences. Hence, the ever-increasing networking sites reach is encouraging the need for effective management solutions in the market in the coming years.

Global Social Media Management Market Key Trends:

Integration with Internet of Things (IoT) and Artificial Intelligence - Unlike other industries, the industry for social media management experienced an exceptional surge as a result of the pandemic impact. In addition, the launch of the Internet of Things (IoT) and Artificial Intelligence bolstered networking sites management solutions functioning efficacies. Furthermore, the growing focus on competitive intelligence and measurement to intensify the customer experience have been the key trends for the market. According to a study by the University of Maine, 4.48 billion people were active on social networking websites worldwide in 2021, up more than double from 2.07 billion in 2015. Such growth in active users hints at market expansion in the coming years.

Global Social Media Management Market (2023-28): Segmentation Analysis

Global Social Media Management Market report by Markntel Advisors includes segmentation analysis based on Components and Verticals. This breakdown allows businesses to identify specific market segments and tailor their marketing and product strategies accordingly, maximizing their chances of success in the Global Social Media Management Market.

Based on Component,

  • Solutions
  • Services

Among the two, the Solution type is expected to be highly dominant in the market during the forecast period. It owes principally to the augmenting demand for solutions, including social media marketing, listening, monitoring and analytics, asset & content management, alongside risk and compliance management. In addition, these solutions focus on developing engaging content for profiles, interacting with followers, evaluating outcomes, and executing SM marketing.

Furthermore, the growth of this sub-segment is expected to be aided by the rising adoption of social engagement technologies, including social CRM, social monitoring & alerts, automation tools, and customer support tools. As a result, the market is anticipated to expand throughout the forecast period.

Based on Vertical,

  • BFSI
  • Retail and Consumer Goods
  • Government and Public Sector
  • Healthcare and Life Sciences
  • IT and Telecom
  • Media and Entertainment
  • Manufacturing
  • Travel and Hospitality

The BFSI segment dominated the market with the highest share and is expected to prevail in the same dominance during the forecast period. It can be attributed to the expanding influence of social media platforms on people’s financial expenditure, incentivizing significant businesses. Moreover, financial institutions, in a bid to enhance their consumer base and maximize profits, are adopting management solutions, thereby creating opportunities for SM solutions providers in the long run.

For instance, in India, many conventional banks have invested time, money, and resources in creating a digital consumer experience and digitally connecting with stakeholders, employees, and customers. As a result, over several prior quarters, the BFSI industry has gradually warmed up to the effects of digital transformation, subsequently opening up new avenues for the market players.

Global Social Media Management Market Regional Projection

Geographically, the Global Social Media Management Market expands across:

  • North America
  • South America
  • Europe
  • Middle East & Africa
  • Asia-Pacific

North America dominated the Social Media Management Market with a broad customer base. According to research conducted by The University of Maine, 72.3% of the total U.S. population actively uses social networking applications. In the U.S., 54% of users are female, compared with a global average of 54.4% for males. The region's market income creation is anticipated to increase with the utilization of such networks as a vital marketing and customer interaction tool for industrial verticals.

The use of such platforms has increased dramatically as a result of an increase in the number of tech-savvy people, more internet usage, and better connectivity. Thanks to extensive data collection through these networks, businesses have been able to gather useful information on brand success, product influence, product innovation, and campaign performance. According to the above-mentioned study, 40% of all internet users worldwide utilize social forums for work purposes. In the U.S., 27% of people actively use it in their jobs, compared with the highest by country in Indonesia at 65%, or the lowest at 13% in Israel.

On the other hand, the market in the Asia-Pacific region is expected to be considered profitable and register inflated revenue shares by 2028. It is primarily due to the rise of the tech-savvy population, smartphones, the Internet of Things (IoT), advancements in artificial intelligence, and data technologies. Further, the advent of networking websites has made organizations acquire valuable data about brand achievements, product innovations, campaign management, and large-scale data gathering via these platforms. Thus, the abovementioned factors are expected to drive the market's growth in this region's anticipated time frame.

Global Social Media Management Market Recent Developments 

  • In June 2021, Adobe Inc. launched an artificial intelligence powered live search for Adobe Commerce. It provides relevant, customized searches based on customer requirements.
  • In June 2021, Google LLC marketing segment launched Ads creative studio. It is an articulated solution to create an advertisement, allowing for enhancing experiences for audio, display, and Video ads. Ads creative studio will access customers to develop and innovate advertisements with an engaging, easy-to-use user interface.

Gain a Competitive Edge with Our Global Social Media Management Market Report

  1. Global Social Media Management Market report provides a detailed and thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics and make informed decisions.
  2. This report also highlights current market trends and future projections, allowing businesses to identify emerging opportunities and potential challenges. By understanding market forecasts, companies can align their strategies and stay ahead of the competition.
  3. Global Social Media Management Market report aids in assessing and mitigating risks associated with entering or operating in the market.
  4. The report would help in understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks and optimize their operations

Frequently Asked Questions

   A. The Social Media Management Market is projected to grow at a CAGR of around 26.41% during the forecast period, i.e., 2023-28.

   A. Mounting online presence emanated from increased mobile phones and internet penetration is the prominent factor expected to drive the social media management market during 2023-28.

   A. Adobe Inc., IBM, Google LLC, Salesforce, Inc., Sprout Social, Hootsuite, Meltwater, Sprinklr, Digimind, HubSpot, Clarabridge, Khoros, Falcon.io ApS, Zoho Corporation, Lithium Technologies, Others (Oracle Corporation, SocialFlow, etc.) are the top players in the market.

   A. The BFSI dominated the social media management market share and is expected to continue during 2023-28.

   A. Asia-pacific is expected to witness significant growth during the forecast period, owing to rapid economic and technological developments that would present growth prospects.

   A. Integration with internet of things (IoT) and artificial intelligence are the key trends shaping the growth of the market during 2023-28.

   A. Emphasis on digital marketing with customer-centric approaches is the growth opportunity driving the market through 2028.

   A. Lack of uniform standards and regulations for data breaches is a possible restraint affecting the market growth during 2023-28.

Global Social Media Management Market Research Report (2023-2028) - Table of Contents

 

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. Global Social Media Management Market Regulations & Policies
  5. Global Social Media Management Market Trends & Insights
  6. Global Social Media Management Market Dynamics
    1. Growth Drivers
    2. Challenges
  7. Global Social Media Management Market Hotspot & Opportunities
  8. Global Social Media Management Market Outlook, 2018- 2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Component
        1. Solutions
        2. Services
      2. By Deployment mode
        1. Cloud
        2. On-premises
      3. By Enterprise Size
        1. Small Enterprise
        2. Medium-Sized Enterprise
        3. Large Enterprise
      4. By Application
        1. Sales and Marketing Management
        2. Customer Experience Management
        3. Competitive Intelligence
        4. Risk Management and Fraud Detection
        5. Others (E-Commerce, Education, etc.)
      5. By Vertical
        1. BFSI
        2. Retail and Consumer Goods
        3. Government and Public Sector
        4. Healthcare and Life Sciences
        5. IT and Telecom
        6. Media and Entertainment
        7. Manufacturing
        8. Travel and Hospitality
      6. By Region
        1. North America
        2. South America
        3. Europe
        4. The Middle East & Africa
        5. Asia-Pacific
      7. By Company
        1. Competition Characteristics
        2. Revenue Shares
  9. North America Social Media Management Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Component
      2. By Deployment Mode
      3. By Enterprise Size
      4. By Application
      5. By Vertical
      6. By Country
        1. The US
        2. Canada
        3. Mexico
    3. The US Social Media Management Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Vertical
    4. Canada Social Media Management Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Vertical
    5. The Mexico Social Media Management Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Vertical
  10. South America Social Media Management Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Component
      2. By Deployment Mode
      3. By Enterprise Size
      4. By Application
      5. By Vertical
      6. By Country
        1. Brazil
        2. Argentina
        3. Rest of South America
    3. Brazil Social Media Management Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Vertical
    4. Argentina Social Media Management Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Vertical
  11. Europe Social Media Management Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Component
      2. By Deployment Mode
      3. By Enterprise Size
      4. By Application
      5. By Vertical
      6. By Country
        1. The UK
        2. Italy
        3. Germany
        4. France
        5. Russia
        6. Rest of Europe
    3. The UK Social Media Management Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Vertical
    4. Italy Social Media Management Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Vertical
    5. Germany Social Media Management Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Vertical
    6. France Social Media Management Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Vertical
    7. Russia Social Media Management Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Vertical
  12. The Middle East & Africa Social Media Management Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Component
      2. By Deployment Mode
      3. By Enterprise Size
      4. By Application
      5. By Vertical
      6. By Country
        1. Saudi Arabia
        2. The UAE
        3. Iraq
        4. South Africa
        5. Rest of the Middle East & Africa
    3. Saudi Arabia Social Media Management Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Vertical
    4. The UAE Social Media Management Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Vertical
    5. Iraq Social Media Management Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Vertical
    6. South Africa Social Media Management Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Vertical
  13. Asia-Pacific Social Media Management Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Component
      2. By Deployment Mode
      3. By Enterprise Size
      4. By Application
      5. By Vertical
      6. By Country
        1. China
        2. Japan
        3. India
        4. South Korea
        5. Rest of Asia-Pacific
    3. China Social Media Management Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Vertical
    4. Japan Social Media Management Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Vertical
    5. India Social Media Management Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Vertical
    6. South Korea Social Media Management Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Vertical
  14. Competition Outlook
    1. Competition Matrix
      1. Product Portfolio
      2. Target Markets
      3. Research & Development
      4. Strategic Alliances
      5. Strategic Initiatives
    2. Company Profiles (Business Description, Solutions Offered, Business Segments, Financials, Future Plans)
      1. Adobe Inc.
      2. Clarabridge
      3. Digimind
      4. Falcon.io ApS
      5. Google LLC
      6. Hootsuite
      7. HubSpot
      8. IBM
      9. Khoros
      10. Lithium Technologies
      11. Meltwater
      12. Salesforce, Inc.
      13. Sprinklr
      14. Sprout Social
      15. Zoho Corporation
      16. Others (Oracle Corporation, SocialFlow, etc.)
  15. Disclaimer


Social Media Management Market - Segmentation Slide