New York, USA, Oct. 19, 2022 (GLOBE NEWSWIRE) -- As per the newly published report by Research Dive, the global social media management market is anticipated to grow at a stunning CAGR of 21.2%, thereby garnering a revenue of $18,197.8 million in the 2021-2028 timeframe. This comprehensive report provides a brief outlook of the current framework of the social media management market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2021-2028. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Social Media Management Market:
Drivers: Increasing penetration of internet and social media websites is predicted to be the primary growth driver of the social media management market in the forecast period. Additionally, since the last decade or so, there has been a growing adoption of digital marketing which is expected to push the market forward.
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Opportunities: Increasing data volume across industries is anticipated to offer numerous growth opportunities to the market in the forecast period. Along with this, increasing penetration of social media sites and enhancement of customer experience with social media management is expected to help the market grow in the forecast period.
Restraints: Concerns with respect to privacy leaks, however, might prove to be a hindrance in the growth trajectory of the social media management market.
Impact of Covid-19 on the Social Media Management Market
The Covid-19 pandemic affected millions of lives, directly or indirectly. The lockdowns ordered by various countries to curb the spread of the disease affected numerous industries by hampering global supply chains. The social media management market, however, experienced a positive impact the pandemic. Growth in the use of social media websites during the pandemic was the main reason behind the growth of this market. Also, increase in cloud adoption trends and high adoption rates of social media management software were the other two factors that helped the market grow in the pandemic years.
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Segments of the Social Media Management Market:
The report has divided the social media management market into certain segments based on solution type, enterprise size, end use, and region.
Solution Type: Engagement Sub-segment to be the Most Dominant
By solution type, engagement sub-segment is expected to be highly dominant and garner $5,998.5 million during the forecast period. Increasing adoption of social engagement tools such as social CRM, social monitoring & alerts, automation tools, and customer service tools is expected to help in the growth of this sub-segment.
Enterprise Size: Small and Medium Enterprise Sub-segment to Have the Fastest Growth
By enterprise size, small and medium enterprise sub-segment is expected to grow with the fastest rate and surpass $5,172.6 million by 2028. Increasing utility of social media analytics and social CRM tools is predicted to propel the growth of this sub-segment in this forecast period.
End Use: Healthcare Sub-segment to Have the Highest CAGR
By end use, the healthcare sub-segment is expected to have the highest growth rate and surpass $2,607.3 million by 2028. Since, social media platforms allow healthcare facilities and hospitals to connect with prospective patients one-on-one, there is an increase in adoption of these sites which is predicted to drive the growth of this sub-segment.
Region: Market in Asia-Pacific Region to be the Most Lucrative
By regional analysis, the social media management market in the Asia-Pacific region is anticipated to be the most profitable and register a revenue of $5,603.7 million by 2028. Increasing smartphone and internet penetration and advancements in AI and big data technologies are anticipated to be the two main growth drivers of the market in this region.
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Prominent Social Media Management Market Players:
Some of the key players in the social media management market are
- Sprinklr
- Salesforce
- Likeable Hub
- Oktopost
- Social Hub
- Social Flow
- Falcon.io
- Spredfast
- Meltwater
- HubSpot, among others.
These key players are devising new technologies and smart innovations to gain a prominent position in the global market. – Inquire here to Get the Full Report
For instance, in August 2021, Hootsuite, a leading social media management company, announced the acquisition of Heyday, a popular conversational AI chatbot. This acquisition is predicted to help the acquiring company, i.e., Hootsuite immensely as it will be able to expand its foothold in the market in the coming period.
Finally, the report also summarizes many crucial aspects of the social media management market including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
More about Social Media Management Market:
- Growing Need for Digital Brand Awareness Expected to Boost the Social Media Management Market Growth
- Social Media Management: The Key for Alluring Organic Audience to Have a Better Virtual Experience
- How do Social Media Management Tips Assist Businesses and Organizations to Escalate their Productivity?
