Redding, California, May 16, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Social Media Management Market by Solution (E-mail Campaign, Scheduling, Monitoring), Organization Size (Small & Medium Sized Enterprises and Large Enterprises), Vertical (Market Agencies, BFSI, FMCG), and Geography - Global Forecast to 2030,’ the social media management market is projected to reach $12 billion by 2030, at a CAGR of 25% during the forecast period of 2023 to 2030.
The growth of the social media management market is driven by the increasing need for customer engagement using social media, the need for integrated platforms for managing various social media accounts, the high demand for social management solutions from businesses for lead generations, and the need for effective collaboration and coordination among teams.
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The increasing adoption of social media management solutions by SMEs and the increasing integration of these solutions with various marketing channels are expected to offer significant growth opportunities for players in the social media management market. However, intense competition, constantly changing social media algorithms, and concerns regarding data privacy and security, particularly among large enterprises, may hinder the growth of this market.
Furthermore, the high demand for tailored social media management platforms and the integration of these platforms with popular messaging apps such as WhatsApp, Messenger, and WeChat is the latest trend in the social media management market.
High Demand from Businesses for Lead Generations to Drive the Market’s Growth
The high demand for social media management in businesses is driven by the potential of social media platforms to generate leads and drive sales. These platforms enable businesses to reach a vast and engaged audience, helping businesses with the creation and execution of targeted social media campaigns.
Social media management software assists businesses to identify and target specific audiences based on demographics, interests, and behaviors. This targeted approach enables businesses to reach potential customers more likely to be interested in their products or services. Businesses can create and publish engaging content that resonates with their target audience by leveraging social media management software. This content helps build brand awareness, increases engagement, and drives traffic to their website. Social media management software allows businesses to monitor social media activity, including mentions, comments, and messages. This functionality allows businesses to identify potential leads and promptly respond to customer inquiries. Additionally, social media management software enables businesses to analyze social media data, providing insights into the effectiveness of their campaigns in generating leads and conversions and driving sales.
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As businesses increasingly rely on social media for lead generation, the demand for social media management software is expected to increase in the coming years. In response, social media management software vendors will need to continually innovate and develop new features and capabilities to cater to the evolving needs of businesses and help them effectively leverage social media for lead generation and drive sales
Based on solution, in 2023, the e-mail campaigns segment is expected to account for the largest share of the social media management market. E-mail campaigns allow businesses to build customer relationships by providing valuable content and information. This approach contributes to increased brand loyalty, leading to repeated purchases. Moreover, e-mail campaigns offer a cost-effective way to reach a broad audience. Compared to traditional advertising methods such as TV and print ads, e-mail campaigns are more affordable and yield a higher return on investment. Integrating e-mail campaigns into social media management is a valuable strategy for businesses seeking to promote their products or services while establishing and nurturing customer relationships. These benefits contribute to the large market share of this segment.
Based on organization size, in 2023, the large enterprises segment is expected to account for the largest share of the social media management market. The large market share of this segment is attributed to the increasing demand for comprehensive solutions that assist in managing social media accounts, tracking performance, and making data-driven decisions among large enterprises. Additionally, large enterprises benefit from their size and resources, allowing them to compete more effectively and offer a wider range of services than smaller companies. Some of the leading social media management solutions widely used by large enterprises are Hootsuite, Sprinklr, Sprout Social, Salesforce Social Studio, and Adobe Experience Manager. These solutions offer diverse features and pricing options tailored to meet the specific needs of large enterprises.
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Based on vertical, in 2023, the market agencies segment is expected to account for the larger share of the social media management market. The large market share of this segment is attributed to the expertise offered by marketing agencies in creating and executing effective social media strategies for businesses. Furthermore, outsourcing social media management to agencies allows businesses to focus on their core operations. Marketing agencies also utilize data and analytics to measure the effectiveness of social media campaigns, enabling data-driven decision-making and optimization. These factors contribute to the significant market share of this segment.
Based on geography, in 2023, North America is expected to account for the largest share of the social media management market. North America’s major market share is attributed to the increasing adoption of social media platforms among businesses, the rising demand for social media analytics, and the increasing need for social media management software that can handle multiple accounts and platforms. North America is home to some of the world's largest social media platforms, including Facebook, Twitter, LinkedIn, and Instagram, which has driven the demand for social media management software and services in the region. The U.S. is the largest social media management software and services market in North America, accounting for the majority of the market share. Canada is also a significant market for social media management, with a growing number of businesses adopting social media platforms for marketing and customer engagement.
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Scope of the Report:
Social Media Management Market Assessment - by Solution
- E-Mail Campaign
- Scheduling
- Monitoring
- Analytics
- Listening
- Customer Relationship Management (CRM)
- Team Collaboration
- Advertising Management
- AI Content Writer
Social Media Management Market Assessment - by Organization Size
- Small & Medium-sized Enterprises
- Large Enterprises
Social Media Management Market Assessment - by Vertical
- Marketing Agencies
- Banking, Financial Services, and Insurance (BFSI)
- Fast-Moving Consumer Goods (FMCG)
- IT & Telecom
- Electronics & Semiconductors
- Media & Entertainment
- Education
- Pharma & Healthcare
- Automobile
- Other Verticals
Social Media Management Market Assessment - by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Indonesia
- Malaysia
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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