The Worldwide Social Media Management Industry is Expected to Reach $41.6 Billion in 2026 at a CAGR of 23.6% from 2021
DUBLIN, Aug. 16, 2021 /PRNewswire/ -- The "Social Media Management Market by Component (Solutions (Social Media Marketing, Social Media Asset and Content Management), Services), Deployment Mode, Organization Size, Application, (Sales and Marketing), Vertical - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The Social Media Management market size is projected to grow from USD 14.4 billion in 2021 to USD 41.6 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 23.6% during the forecast period.
The major factors driving the growth of the Social Media Management Market include the Increase in need for search ROI for social media strategy, Enhancement of customer experience with social media management, Increase in user engagement of social media using smartphones.
Based on component, the solutions segment is expected to lead the social media management market during the forecast period
The solutions segment of the social media management market is further segmented into social media marketing; social media listening, monitoring, and analytics; social media asset and content management; and social media risk and compliance management. This section discusses each solution subsegment's market size and growth rate based on type (for selected subsegments) and region.
Based on deployment mode, cloud is expected to grow at a higher CAGR during the forecast period
The cloud-based deployment mode provides a solution to access the data remotely from various servers or data centers. These include servers, networks, storage, databases, analytical tools, and software platforms to deliver and access services over the internet. Its low cost of Operating Expenditures (OPEX) helps users pay per usage and invest more time and energy in concentrating on core business goals. In the cloud deployment mode, the social media management solution is offered as SaaS, and all the social media management workloads are cloud-based. IT infrastructure requirements of the customer, data redundancies, data availability, virtual private network setup (related to customer IT teams), setting security protocols and audits, configuration, and maintenance and updates are handled by social media management solution vendors. These solutions can be accessed through the internet anytime, anywhere, based on on-demand/pay-per-usage.
Based on organization size, medium-sized organization is expected to lead the social media management market during the forecast period
Based on organization size, the social media management market is segmented into small enterprises, medium-sized enterprises, and large enterprises. Social media management is growing at a robust rate due to the increasing number of smartphone users. The increasing trend of technological advancements is creating growth opportunities for small, medium-sized, and large enterprises. Organizations have started relying on social media solutions and services to maximize their geographical reach. Social media management tools to help organizations make quick and easy decisions. Organizations use social media management to provide up-to-date information by identifying, extracting, cleaning, analyzing, visualizing, and interpreting. The rising number of customers on social media platforms is increasing the growth rate of large enterprises, which would focus on customer retention. The deployment of social media management is helping companies understand customer sentiments about brands, trends, and competitors in the market and gather and analyze a vast amount of data from various platforms, such as Facebook, Twitter, Instagram, and LinkedIn.
Based on application, competitive intelligence segment is expected to grow at a higher CAGR during the forecast period
The competitive intelligence segment is projected to gain traction in the coming years, The competitive intelligence application in the social media management market incorporates all activities that a company undertakes to gain insights into what their competitors are doing, track their competitor's activities, and any conversation that may be happening between a company and its competitor's customers on social media networks. Social media networks can provide a plethora of information about customers and their experiences, needs, and perceptions. Using the right social media management solution, a company can track these conversations focused on itself and its competitors. This information can be used to increase the company's market intelligence and create a competitive edge.
Based on vertical, BFSI segment is expected to lead the social media management market during the forecast period
The Banking and financial institutions have begun to move their business focus toward digital transformation acceleration, allowing them to reconsider their operational model operations. With the growing need for cloud-based application development tools and data analytics, top BFSIs are attempting to bring new technologies to market and leveraging hybrid cloud-based solutions to provide a higher value proposition and services to financial consumers. One major Chinese bank launched an integrated digital coronavirus program that included banking services, wealth management services, tutorials, timely advisory content, and non-banking-related services ranging from online shopping assistance to doctor appointments to disinfectant delivery.
APAC is expected to grow at a higher CAGR during the forecast period
Asia Pacific (APAC) has continually presented lucrative market opportunities for social media management Solutions providers with a notable increase in social media management across its developed and emerging countries. Australia, Japan, Singapore, China, and India have displayed ample growth opportunities in the social media management market. Owing to a rapidly proliferating technology-backed economical structure, APAC is expected to emerge as the fastest-growing region in social media management Solutions demand during the forecast period.
- By Company Type: Tier 1 - 62%, Tier 2 - 23%, and Tier 3 - 15%
- By Designation: C-level - 38%, Directors - 30%, and Others - 32%
- By Region: North America - 40%, Europe - 15%, APAC - 35%, MEA - 5%, Latin America- 5%.
Some prominent players profiled in the study are Adobe (US), IBM (US), Google (US), Oracle (US), Salesforce (US), Sprout Social (US), Hootsuite (Canada), Meltwater (US), Sprinklr (US), Digimind (France), HubSpot (US), Clarabridge (US), Khoros (US), Falcon.io (Denmark), Zoho Corporation (India), NetBase (US), Brandwatch (UK), Talkwalker (Europe), Buffer (US), Agorapulse (France), Sendible (UK), MavSocial (US), Socialbakers (Czech Republic), Synthesio (US), and eClincher (US).
Research coverage
The market study covers social media management market across different segments. It aims at estimating the market size and the growth potential of this market across different segments, such as component (solutions and services), deployment(cloud and on premises), organization size (small enterprises, medium-sized enterprises, and large enterprises), and regions. The solutions segment is further segmented into social media marketing, social media monitoring, social media asset and risk management, and risk and compliance management. The services segment is further segmented into professional services and managed services. The regional analysis of social media management market includes North America, EMEA, APAC, and Latin America. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall Passenger Information social media management market and its segments. This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
Companies Mentioned
- Adobe
- Agorapulse
- Brandwatch
- Buffer
- Clarabridge
- Digimind
- Eclincher
- Falcon.Io
- Hootsuite
- Hubspot
- IBM
- Khoros
- Mavsocial
- Meltwater
- Netbase
- Oracle
- Salesforce
- Sendible
- Socialbakers
- Sprinklr
- Sprout Social
- Synthesio
- Talkwalker
- Zoho
For more information about this report visit https://www.researchandmarkets.com/r/lkjolk
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