Dublin, Sept. 16, 2024 (GLOBE NEWSWIRE) -- The "Social Media Management Market Size, Share & Trends Analysis Report by Component, Vertical, Deployment, Function, Application, Regional Outlook and Forecast, 2024-2031" report has been added to ResearchAndMarkets.com's offering.
The Global Social Media Management Market size is expected to reach $96.8 billion by 2031, rising at a market growth of 22.4% CAGR during the forecast period.
Market Growth Factors
The rapid growth and diversification of social media platforms (e.g., Facebook, Twitter, Instagram, TikTok, LinkedIn) have led businesses to establish a presence across multiple channels. Managing and coordinating content across these diverse platforms requires centralized tools that can handle various accounts and profiles from one place.
Additionally, businesses can leverage comprehensive performance insights to make more informed decisions by consolidating data from various social media channels. This capability drives the demand for sophisticated social media management solutions. In conclusion, the market's expansion is being fueled by the increasing proliferation of social media worldwide.
Market Restraining Factors
The high costs of advanced social media management tools can pose a significant barrier for small and medium-sized enterprises (SMEs). These businesses often have limited budgets and may find it challenging to justify or afford the investment in premium tools. SMEs may prioritize spending on core business functions rather than advanced social media management solutions. The high costs can lead to focusing on more basic, cost-effective tools rather than investing in high-end solutions with advanced features. Thus, the high costs of advanced tools and solutions are hindering market growth.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
Development Outlook
On the basis of deployment, the market is segmented into on-premises and cloud. In 2023, the on-premises segment attained 28%revenue share in the market. On-premises solutions provide organizations with complete control over their data and IT infrastructure.
Organization Size Outlook
Based on organization size, the market is categorized into SMEs and large enterprises. The large enterprises segment witnessed 45% revenue share in the market in 2023. Large enterprises often operate across numerous social media platforms, including Facebook, Twitter, LinkedIn, and Instagram.
Function Outlook
On the basis of function, the market is bifurcated into business processes and product development. The product development segment held a 38% revenue share in the market in 2023. Social media platforms provide an immediate and direct way for companies to gather customer feedback on their products.
Application Outlook
By application, the market is divided into sales & marketing management, customer experience management, competitive intelligence, risk management & fraud detection, and others. In 2023, the sales & marketing management segment registered 33% revenue share in the market. Sales and marketing management solutions enable businesses to target specific audience segments precisely.
Vertical Outlook
Based on vertical, the market is divided into BFSI, retail & consumer goods, government & public sector, healthcare & life sciences, IT & telecommunications, media & entertainment, manufacturing, travel & hospitality, and others. The IT & telecommunications segment attained 17% revenue share in the market in 2023. Maintaining a strong brand presence is crucial in a competitive IT and telecom landscape.
Services Outlook
The services segment is further subdivided into professional services and managed services. The managed services segment procured a remarkable market revenue share. In 2023, the professional services segment garnered 63% revenue share in the market. Creating engaging and high-quality content is essential for social media success. Professional services produce visually appealing and impactful content, including graphics, videos, and copywriting, ensuring that content resonates with audiences and enhances brand presence.
Solution Outlook
The solution segment is further subdivided into social media marketing, social media listening, monitoring, & analytics, social media asset & content management, and social media risk & compliance management. The social media asset and content management segment attained 22% revenue share in the market in 2023. Businesses generate vast content for social media platforms, including images, videos, infographics, and blog posts.
Component Outlook
Based on component, the market is divided into solution and services. In 2023, the services segment acquired 22% revenue share in the market. Effective social media management often requires a deep understanding of platform-specific nuances, content strategies, and audience behavior.
Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2023, the Asia-Pacific region generated 28% revenue share in the market. As businesses in Asia-Pacific recognize the importance of digital marketing, there is a corresponding increase in budgets allocated to social media strategies.
Market Competition and Attributes
The Social Media Management Market is highly competitive, featuring key players like Hootsuite, Sprout Social, and Buffer. Competition centers around offering comprehensive features such as analytics, scheduling, content management, and customer engagement tools. Attributes driving competition include ease of use, integration capabilities with various platforms, and advanced analytics. Companies strive to differentiate themselves by incorporating AI-driven insights, automation, and user-friendly interfaces to attract and retain clients across diverse industries and business sizes.
Based on the analysis presented in the Cardinal matrix; Microsoft Corporation and Google LLC are the forerunners in the Social Media Management Market. Companies such as Oracle Corporation, IBM Corporation and Adobe, Inc. are some of the key innovators in Social Media Management Market. In April, 2024, Oracle Corporation entered a partnership with Palantir, a global software company, to offer secure cloud and AI solutions globally. This partnership enhances data integration, decision-making, and sovereignty compliance for businesses and governments, particularly in defense and intelligence sectors.
Recent Strategies Deployed in the Market
- Jun-2024: Adobe announced the general availability of Adobe Content Hub with AEM Assets, enhancing brands' digital asset management. Content Hub offers a user-friendly interface, AI-powered creative tools, centralized management, and analytics, enabling efficient asset reuse, personalized content creation, and improved workflow management.
- Jun-2024: IBM Corporation teamed up with WPP, a British telecommunications company, to launch a new B2B marketing solution powered by IBM's AI platform watsonx, aimed at enhancing how marketers identify and engage buying groups. The collaboration would help brands deliver personalized, consistent messages across channels, improving ROI and optimizing marketing strategies with AI-driven insights and governance.
- Apr-2024: Oracle Corporation entered a partnership with Palantir, a global software company, to offer secure cloud and AI solutions globally. This partnership enhances data integration, decision-making, and sovereignty compliance for businesses and governments, particularly in defense and intelligence sectors.
- Apr-2024: Google unveiled new ad updates, including expanded placement options with major streaming providers, Instant Deals for flexible budgeting, a Commitment Optimizer tool, and AI-driven audience creation with conversational prompts. These enhancements would improve ad reach, targeting, and tracking while integrating advanced AI and data tools.
- Apr-2024: DIGIMIND SA released 10.0 series, a suite of innovative solutions for its social listening platform. The solution enhances its social listening platform with AI-driven features like AI Sense and AI Sentinel. These tools assist PR, communications, and marketing professionals by providing real-time insights, detecting potential crises, and forecasting trends, streamlining the process of managing brand reputation and campaign performance.
List of Key Companies Profiled
- Adobe, Inc.
- IBM Corporation
- Oracle Corporation
- Salesforce, Inc.
- Microsoft Corporation
- Google LLC (Alphabet Inc.)
- Zoho Corporation Pvt. Ltd.
- Onclusive, Inc.
- HubSpot, Inc.
- Sprinklr, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/tbnwii
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