Delray Beach, FL, Dec. 09, 2024 (GLOBE NEWSWIRE) -- The Social Media Management Market is projected to grow from USD 17.5 billion in 2022 to USD 51.8 billion by 2027, at a compound annual growth rate (CAGR) of 24.2% during the forecast period.
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Social Media Management Market Dynamics:
Drivers
- Increasing focus on competitive intelligence
- Growing need for search RoI for social media strategy
- Enhancement of customer experience management with social media management
- Increase in user engagement with social media using smartphones
Restraints
- Regulatory and compliance constraints
- Lack of common standards and laws
- Complexities in workflow management
Opportunities
- Voluminous data generation through social media platforms
- Increase in cloud adoption
- High adoption of social media management solutions among small and medium-sized enterprises (SMEs)
List of Social Media Management Market Companies:
- Adobe (US)
- IBM (US)
- Google (US)
- Oracle (US)
- Salesforce (US)
- Sprout Social (US)
- Hootsuite (Canada)
- Meltwater (US)
- Sprinklr (US)
- Digimind (France)
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The global social media management market size is projected to grow from USD 17.5 billion in 2022 to USD 51.8 billion by 2027, at a CAGR of 24.2% during the forecast period. The social media management market is expected to expand at a substantial rate during the forecast period, driven by various business factors. Some of the major growth factors include leveraging social media analytics for analyzing customer preferences and devising marketing strategies, targeting a larger customer base through social media activites, enriching customer’s experience through improved query resolution via social media handles, and the gaining popularity of smartphone driven user engagement on social media platforms.
Social media management involves collecting data from various social media platforms and analyzing that data to derive meaningful business insights. Social media has become a source of valuable data in the form of customer feedback through comments and provides views on companies, their products and services, market trends, and breaking news. Buyers and prospects are engaging in online discussions more frequently than ever before. This trend has escalated to the extent that purchase intents and decisions depend on the feedback customers read on social media platforms. As per Hootsuite, social media management involves managing social media accounts, engaging audiences, and measuring the business results of social media activities. Effective social media management practices implemented at a scale across departments and regions allow everyone within the organization to collaborate and achieve measurable outcomes on social media.
Based on component, the social media management market has been segmented into solutions and services. Social media solutions examine the data gathered from social networking streams, such as Facebook, Twitter, news feeds, and blogs. It creates opportunities for organizations to better engage with their customers. However, new ways to manage and explore customer interactions must be explored to improve customer engagement. The key to doing this is first to analyze the customers individually and then as a group. Individual customer analysis might provide insights into specific customer preferences, whereas analyzing the customers in groups might help create geographic trend lines based on regional preferences. Social media management solutions and services provide enhanced functionalities, such as listening, engagement, publishing, automation, customer profiling, campaign management, and sentiment analysis, to improve customer engagement policies that are presently being used. IBM, Oracle, Salesforce, and Adobe are the leading vendors in the social media management market.
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Based on organization size, the social media management market is segmented into small, medium-sized, 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 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.
The social media management market has been segmented into four regions: North America, Europe, the Middle East and Africa, the Asia Pacific, and Latin America. North America is estimated to account for the largest market share of 28.6% during the forecast period, while the Asia Pacific region is expected to grow at the highest CAGR of 26.3%. Social media management software and services in North America are highly effective across most organizations and verticals. Asia Pacific is gradually advancing toward incorporating social media management within its region. Europe, the Middle East, and Africa, followed by Latin America, are showing a substantial rise in social media management software and services.
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