Social Media Management Market Worth $17.7 Billion by 2023 - Exclusive Report by MarketsandMarkets™

News provided by

MarketsandMarkets Research Private Limited

Feb 18, 2019, 10:30 ET

CHICAGO, Feb. 18, 2019 /PRNewswire/ -- According to a new market research report "Social Media Management Market by Component, Application (Sales & Marketing Management, Customer Experience Management, Competitive Intelligence, & Risk Management), Organization Size, Industry Vertical, Deployment Model, & Region - Global Forecast to 2023",published by MarketsandMarkets™, the global Social Media Management Market size is expected to grow from USD 9.2 billion in 2018 to USD 17.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.1% during the forecast period.

The key factors driving the Social Media Management Market include need to increase Return on Investment (RoI) on social media strategy, increased focus on the market and competitive intelligence, and need for social media measurement to enhance the customer experience.

Browse and in-depth TOC on "Social Media Management Market"

91 - Tables
44 - Figures
168 - Pages

Inquiry before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=321810

Banking, Financial Services, and Insurance (BFSI) industry vertical to account for the largest market size in 2018

The BFSI has been a dominant industry vertical across all regions, dealing with massive volumes of customer data generated on daily basis. The vertical has observed high adoption of advanced technology solution to manage and analyze this data. Further, the growth of fintech continues to have a significant impact on the BFSI industry vertical. Established financial institutions are collaborating with key innovators in response to customer demands for effective social media management platforms. BFSI organizations have started monitoring customer conversations for brand mentions and customer complaints, and started responding accordingly, using the measuring, monitoring, and analyzing functionalities present in the social media management solutions.

Sales and marketing application to dominate the market during the forecast period

The sales and marketing management application in the Social Media Management Market encompasses various activities that marketers and sales executives take up to directly engage their target audience through social media networks. Social media management solutions enable companies to analyze the data, understand customer pain-points, their interests, and enable them to create targeted communications, which deliver more value. Measuring the effectiveness of such efforts and optimizing content to be published on social media are the important activities which fall under the scope of sales and marketing management.

Medium organizations segment to account for the largest market size and record the highest CAGR during the forecast period

In the Social Media Management Market study, organizations with revenue between USD 10 million and USD 1 billion are considered as medium-sized organizations. These organizations constitute the largest market size in the global Social Media Management Market. They have been majorly dependent on the proliferation of mobile devices, IoT, and social media user growth, which demands the need for managing these digital assets. Medium-sized organizations 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 solutions to share, collaborate, and manage enterprise content over social media for revenue generation.

Get Free 10% customization on this report @ https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=321810

North America to account for the largest market size during the forecast period

North America constitutes the largest market size, due to the early adoption of advanced technology solutions and supporting technologies including governance and security. Further, a majority of the vendors in the market are based in the region and have a strong presence across all major industries in the region. These vendors have taken up several market growth initiatives in the form of partnerships with different technology players to offer rapid social network data analytics and processing solutions. In addition, a stable economy, advanced technological developments, and strict regulations for data protection are major factors influencing the growth of the Social Media Management Market in the region.

Major global vendors offering social media management include IBM Corporation (US), Oracle Corporation (US), Salesforce (US), Adobe Systems (US), Hootsuite Inc. (Canada), Sprout Social, Inc. (US), Google, Inc. (US), Sysomos (Canada), Sprinklr, Inc. (US), Digimind (France), Clarabridge (US), Spreadfast (US), Falcon.io (Denmark), Zoho Corporation, (India), and Lithium Technologies, LLC (US). The study includes an in-depth competitive analysis of the key players in the Social Media Management Market, along with their company profiles, recent developments, and key market strategies.

Browse Adjacent Markets @ Software and Services Market Research Reports & Consulting

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/social-media-management-market.asp
Visit Our Website: https://www.marketsandmarkets.com

SOURCE MarketsandMarkets Research Private Limited