Social Media Management Global Market Report 2023

Major players in the social media management market are Adobe Inc., Clarabridge, Digimind,, Google Inc., Hootsuite Inc, HubSpot, Inc, IBM Corporation, Meltwater, NetBase Quid, Oracle Corporation, Salesforce Inc, Sprinklr, Inc, Sprout Social Inc, Talkwalker Inc, Zoho Corporation, and Khoros.

New York, June 09, 2023 (GLOBE NEWSWIRE) -- announces the release of the report "Social Media Management Global Market Report 2023" -

The global social media management market is expected to grow from $18.26 billion in 2022 to $22.75 billion in 2023 at a compound annual growth rate (CAGR) of 24.55%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The social media management market is expected to reach $54.03 billion in 2027 at a CAGR of 24.1%.

The social media management market includes revenue earned by producing and disseminating information, keeping track of mentions and engagement, expanding a network of followers and influencers, and summarising and evaluating the outcomes.The market value includes the value of related goods sold by the service provider or included within the service offering.

Only goods and services traded between entities or sold to end consumers are included.

Social media management refers to the constant process of developing and planning content for various online platforms with the goal of fostering and growing an audience. It is used for various purposes, such as community administration, management of online reputation, and content creation for social media strategy.

North America was the largest region in the social media management market in 2022. The regions covered in social media management report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main components of social media management are solutions and services.Social media management solutions refer to the software tools that help individuals, businesses, or organizations manage their social media presence across different platforms.

These solutions are used to provide a centralized platform for businesses to manage and monitor their social media activities, such as posting updates, responding to messages and comments, analyzing performance metrics, and engaging with followers.It is employed in small and medium scale enterprises and large enterprises, for competitive intelligence, sales and marketing management, customer experience management, risk management, and others.

It is used in banking, financial services, and insurance, retail and e-commerce, government and public sector, healthcare and life sciences, telecom and it, media and entertainment, manufacturing, and travel and hospitality.

Rising widespread penetration of social media is expected to propel the growth of the social media management market going forward.Social media is an internet-based communication service that allows people to share text and multimedia over virtual networks and communities and to create web content.

The scope and impact of social channels grew, and social media management advertising strategies became more standardized across major platforms, providing considerable commercial benefits’. For instance, in September 2022, according to a study by the University of Maine, a US-based public land-grant research university, globally, 4.48 billion people use social media, more than double from 2.07 billion in 2015. Further, according to We Are Social, a socially-led creative firm located in the United States, 2.14 billion active social media users, or a staggering 50% penetration rate, were discovered in Asia-Pacific in 2020. It climbed by 9.8% between April 2019 and January 2020, reaching 190 million more active social media members. Therefore the rising widespread penetration of social media is driving the growth of the social media management market.

Product innovation is a key trend gaining popularity in the social media management market.Companies operating in the social media management market are innovating their products to sustain their position in the market.

For instance, in March 2023, Hookle, a Finland-based, AI-powered all-in-one social media management platform built for small businesses, launched a social media posting software powered by AI that uses OpenAI’s ChatGPT technology to allow company owners to post to social media effortlessly.It includes scheduling for social media posts on several platforms, AI-powered content production, and the capacity to publish to many channels at once, available for both iOS and Android platforms.

With this launch, it is possible to create premium social media posts specifically catered to the user’s business needs by integrating the ChatGPT engine with Hookle’s patented social media monitoring technology.

In August 2021, Traject, a US-based software development company engaged in providing a marketing technology suite, acquired Loomly, for an undisclosed amount.Through this acquisition, Traject will empower every marketing team to build a successful brand online.

Loomly is a US-based social media management company that enables marketing teams the ability to handle every facet associated with their social media interactions.

The countries covered in the social media management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The social media management market research report is one of a series of new reports that provides social media management market statistics, including social media management industry global market size, regional shares, competitors with a social media management market share, detailed social media management market segments, market trends and opportunities, and any further data you may need to thrive in the social media management industry. This social media management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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