Pune, India, Dec. 05, 2023 (GLOBE NEWSWIRE) -- The global social media management market size stood at USD 16.66 billion in 2022 and is anticipated to reach USD 76.03 billion by 2030 at a CAGR of 21.1% from 2023 to 2030. Fortune Business Insights™ shares this information in its latest report titled “Social Media Management Market Forecast, 2023-2030.”
Increasing demand for social media management tools and solutions to enhance the management, monitoring, and optimization of an organization's presence across several social media platforms is driving market growth. The growing complexity of social media and the rapid integration of advanced analytics and monitoring tools are fostering the demand for social media management solutions.
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Key Industry Development
September 2023: HubSpot integrated AI-driven tools, including generative AI assistants, into its platform. These innovations were focused on drafting content, creating images, generating blog ideas, developing websites, and managing reports. Along with this, for analysis and recommendations, including forecasting, the business has also added AI-based insights.
Key Takeaways
- Social media management market size in North America was USD 6.42 billion in 2022
- Greater Rate of Online Shopping amid the Pandemic Favored Market Growth
- Increasing Demand for Cloud-based Solutions is Driving Segment Expansion
- Rising Demand for Social Media Solutions in the Media & Entertainment Sector to Target Audiences Boosted Segment Growth
- Surging Need for Sales and Marketing Management Solutions for Stimulating the Business Revenue Fostered Segment Growth
Discover the Leading Players Featured in the Report:
“Companies leading the global social media management market are HubSpot, Inc. (U.S.), Sprout Social, Inc. (U.S.), Hootsuite Inc. (Canada), Zoho Corporation Pvt. Ltd. (India), SOCi, Inc. (U.S.), Vista Social LLC (U.S.), Meltwater (U.S.), Sprinklr, Inc. (U.S.), Semrush (U.S.), SocialDog, Inc. (Japan)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 21.1% |
| 2030 Value Projection | USD 76.03 Billion |
| Base Year | 2022 |
| Social Media Management Market Size in 2022 | USD 16.66 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 111 |
| Segments Covered | Deployment, Application, End User and Geography |
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Drivers and Restraints
Rapid Integration of Augmented Reality and Virtual Reality into Social Media Solutions is Driving Market Growth
Rapid integration of Augmented Reality (AR) and Virtual Reality (VR) into social media solutions is revolutionizing the social media management industry. This is boosting the demand for extensive social media marketing services that can effectively utilize the potential of AR and VR for improved user engagement and marketing. Market growth is driven by the increasing usage of these technologies by social media networks to generate alluring content, from interactive filters and 3D ads to virtual showrooms and live VR events. Growing demand for solutions by social media managers that can easily integrate with AR/VR capable networks to manage campaigns across several platforms is also supporting market expansion.
On the other hand, increasing consumer concern about influencer authenticity is hindering market growth.
Segmentation
By Deployment
- Cloud
- On-premise
By Application
- Sales and Marketing Management
- Customer Experience Management
- Risk Management and Fraud Detection
- Competitive Intelligence
- Others (Social Media Content Scheduling)
By End User
- Retail
- Travel & Hospitality
- Health & Fitness
- Beauty & Fashion
- Media & Entertainment
- Education
- Others (Real Estate
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights
Growing Usage of Social Media Marketing Solutions by Tech-savvy Population is Propelling Market Growth in North America
North America accounts for the highest market share. The growing usage of social media marketing solutions by the tech-savvy population in the region is driving the market growth in North America.
Asia Pacific is set to register the highest CAGR over the projected period. A rise in social media users due to technological innovations is boosting market expansion in the region.
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Competitive Landscape
Key Market Players Focus on Product Innovations to Meet Consumer Needs
Leading companies are constantly focused on investments for product innovations, strategic acquisitions, suitable partnerships, and collaborations. By implementing these tactics, these market players can improve their technological expertise and fulfill consumer needs.
FAQs
How big is the social media management market?
The global social media management market size was USD 16.66 billion in 2022. It is expected to reach USD 76.03 billion by 2030.
How fast is social media management market growing?
The social media management market will exhibit a CAGR of 21.1% during the forecast period, 2023-2030.
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