New York, USA, April 25, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global social media management market is anticipated to generate a revenue of $18,197.8 million by 2028 and rise at a CAGR of 21.2% throughout the estimated timeframe (2021-2028).
Dynamics of the Social Media Management Market
With the growing penetration of social media applications across large numbers of businesses globally, the market is expected to witness remarkable growth during the forecast period. Besides, the increasing use of social media analytics solutions by brands from third party firms such as Facebook, Twitter and many more to reach potential customers for their products and services, is expected to bolster the growth of the social media management market during the analysis timeframe. Moreover, the increasing data volume across industries for better customer relationships is further expected to create massive growth opportunities for the market over the forecast period. However, data manipulation and privacy leaks of the customers may impede the growth of the market during the analysis timeframe.
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Segments of the Social Media Management Market
The report has been divided the social media management market into segments based on solution type, enterprise size, end-use, and region.
Solution Type: Engagement Sub-Segment to be Most Productive
The engagement sub-segment is predicted to generate a revenue of $5,998.5 million and is expected to continue a steady growth during the forecast period. This is mainly because of the adoption of the social engagement tools, social monitoring & alerts, customer service tools, automation tools across various industries. Furthermore, the growing demand for social CRM tools to monitor and engage with social media influencers is projected to foster the growth of the social media management market sub-segment over the analysis period.
Enterprise Size: Large Enterprise Sub-Segment to be Most Lucrative
The large enterprise sub-segment is expected to garner a revenue of $6,715.0 million throughout the analysis period. The growing necessity for large enterprises to have a strong social media presence to enhance their brand loyalty and customer retention is expected to propel the growth of the market sub-segment over the forecast period.
End-Use: BFSI Sub-Segment to be Most Profitable
The BFSI sub-segment is expected to generate a revenue of $4,235.3 million over the analysis timeframe. This is mainly because of the wide use of the social media platforms by the financial organizations to enhance and retain their client base. In addition, the increasing investments of time and money by banking institutions to offer a digital experience to their customers, and engage their stakeholders, employees digitally, is expected to amplify the growth of the social media management market sub-segment during the estimated period.
Region: Asia-Pacific Region to Have Wide Growth Opportunities
The Asia-Pacific region is expected to generate a revenue of $5,603.7 million and is expected to hold the largest share of the market during the forecast period. This is mainly due to the increasing usage of smartphones among millennials and growing internet penetration across businesses in this region. Moreover, the growing advancements in AI and big data technologies and rising desire for valuable insights among businesses are expected to drive the regional growth of the social media management market over the analysis timeframe.
Covid-19 Impact on the Market
With rise of the Covid-19 pandemic, unlike other industries, the social media management market has experienced a favorable growth during the period of crisis. This is mainly because of the increased use of social media platforms among consumers during that period. Furthermore, the growing adoption of social media management software among small and medium enterprises due to high volume of data generated through social media platforms have fueled the growth of the market. However, the lack of the standard measures for social management platforms and single solution to manage the increasing unstructured data were expected to restrict the growth of the market over the pandemic period.
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Key Players of the Social Media Management Market
The major players of the social media management market include
- Social Hub
- Salesforce
- Spredfast
- HubSpot
- Likeable Hub
- Falcon.io
- Social Flow
- Oktopost
- Meltwater
- Sprinklr and many more.
These players are mainly working on the development of new business strategies such as collaborations and partnerships, mergers and acquisitions and product development to attain the leading positions in the global industry. – Inquire here@ https://www.researchdive.com/purchase-enquiry/5484
For instance, in December 2021, Adobe Inc., a leading American multinational computer software company, has announced its collaboration with CotentCal, a U.K-based multipurpose content making and social media marketing startup. With this collaboration, Adobe is aiming to provide new services to the small businesses in posting their contents across various channels.
In addition, the report also summarizes other crucial aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic developments.
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