Selbyville, Delaware, June 04, 2023 (GLOBE NEWSWIRE) --
The social media management market valuation is projected to surpass USD 110 billion by 2032, as reported in a research study by Global Market Insights Inc.
Increasing smartphone penetration globally will generate ample growth opportunities for the industry in the years to come. Smartphone usage has enabled businesses to enhance their customer relationship management efforts through social media platforms. Social media management professionals help companies use social media as a customer service channel, managing customer inquiries, addressing concerns, and building strong relationships with mobile users. This leads to improved customer satisfaction and loyalty.
Social media management services utilize mobile analytics tools to track and analyze key user metrics. This data helps businesses understand their behavior, preferences, and engagement patterns, allowing them to refine their social media strategies accordingly.
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The social media management market from the service segment will expand substantially through 2023. High availability of professional social media management services will create a strong impetus for market growth. Social media management professionals help develop a comprehensive social media strategy aligned with the business's goals and target audience. They conduct research, identify relevant platforms, and create a tailored plan to maximize the impact of social media efforts.
The social media management market share from the on-premises segment will record a decent valuation by 2032. On-premise social media management can be cost-effective compared to outsourcing to external professionals or agencies. While there may be costs associated with tools, training, and team members' salaries, it eliminates the need for ongoing payments to external service providers. Also, by managing social media activities in-house, businesses can ensure the security and confidentiality of their data, including customer information and proprietary content.
The social media management market from the IT & telecom sector will amass considerable gains during 2023 to 2032. Social media management allows IT & telecom companies to respond to customer inquiries, provide support, and address concerns promptly. By actively engaging with customers on social media, companies can improve customer satisfaction, build relationships, and foster loyalty. Flourishing IT & telecom sector will increase the market demand.
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Asia Pacific social media management market is poised to grow with a lucrative CAGR from 2023 to 2032 . Rising digitalization has increased the usage of smartphones, creating optimistic scenarios for regional growth. Moreover, consistent rollouts of initiatives such as the Digital India Program across regional economies have increased the demand for social media management. The regional market expansion can also be credited to growing healthcare, manufacturing, BFSI, IT, telecom, e-commerce, and other sectors, which are major end users of social media management solutions and services.
Prominent participants operating across the social media management market are Google, Hubspot, Oracle, Qualtrics, Sensible, Sprout Social, Talkwater, IBM, Salesforce, Sprinkler, and Synthesio, Inc.
Social Media Management Industry News:
- In October 2021, Qualtrics, the leader in the experience management space, announced the acquisition of Clarabridge, an American software company. Through this acquisition, Qualtrics will add conversational analytics to its platform which is regarded as the feasible tool for customer and employee engagement.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Social media management market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Component trends
2.5 Deployment trends
2.6 Organization size trends
2.7 Application trends
2.8 End-Use trends
Chapter 3 Social media management market Insights
3.1 Impact on COVID-19 impact
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.3.1 Software vendors
3.3.2 Platform provider
3.3.3 Service provider
3.3.4 End users
3.3.5 Profit margin analysis
3.3.6 Vendor matrix
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Growing emphasis on competitive intelligence
3.8.1.2 Increasing utilization of social media applications
3.8.1.3 Rise in use of smartphones
3.8.1.4 Increasing adoption of competitive intelligence in Asia Pacific region
3.8.2 Industry pitfalls & challenges
3.8.2.1 Compliance and regulatory constraint
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
