Ameco Research forecasts that the worldwide Social Media Management industry will rise at a CAGR in the excess of 24% throughout the analysis period, reaching a market size of more than US$ 63,800 million by 2028.
The act of monitoring and participating in social conversations across platforms is referred to as social media management. With more than half of the world’s population using social media, these platforms are essential for increasing brand exposure, communicating with customers, driving traffic, and even selling items and services. For a single communication channel, that’s a lot of features. Social media management software improves efficiency and allows social media teams to accomplish more.
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By incorporating social media into a company’s marketing strategy, it is possible to match marketing campaigns to user behavior. For example, 74% of people now consult social media before making a purchase. Not to mention the fact that 80 percent of people get purchasing suggestions from social media. Marketers and business owners alike agree that social media marketing and advertising are effective. Companies can use social media to enhance their brand and even create leads and revenue. For example, nearly 45 percent of business-to-business (B2B) marketers have gained a client through Facebook.
The social media managementmarket expands with the increasing number of social media users
The growing number of social media users is the primary factor boosting the growth of the global social media management market. For example, Facebook reported 1,562 million daily active users in the first quarter of 2019. Furthermore, Twitter announced that 9 percent more individuals are using Twitter daily, with more than 500 million tweets posted each day, proving the rising global penetration of social media networks. The overall expansion of the social media management market is supported by increased analytics spending and a growing focus on competitive intelligence. Aside from that, the market’s growth prospects are bolstered by a rise in the rate of adoption in SMEs and growing cloud adoption.
The introduction of strong data privacy legislation around the world, on the other hand, is expected to alleviate data breach issues. The growing availability of client data via social media platforms, as well as its utility in predicting trends and improving customer experience, creates enormous prospects for social media management companies.
The COVID-19 pandemic has had a positive impact on the global social media management sector. Businesses are increasingly turning to social media to learn how their customers feel about their products and services. Furthermore, the COVID-19 epidemic has demonstrated the huge utility of data and social media analytics in pandemic planning. Furthermore, throughout the pandemic, government and hospital officials used social media analytics tools extensively to reach out to residents and raise awareness about the illness.
Global Social Media Management Market Segmentation
Component, deployment mode, application, and regions are the segmentation considered in the global social media management market. Based on components, the market is bifurcated into solutions and services. The solutions segment is further categorized into social media marketing, social media asset, and content management, social media listening, monitoring and analytics, and social media risk and compliance management. The services segment is divided into managed services, and professional services. In 2020, social media marketing accounted for the bulk of the market share, and this trend is expected to continue throughout the forecast period. The deployment model segment includes cloud-based and on-premises deployments. In terms of deployment model, cloud-based had the most shares in 2020. During the projected period 2021–2028, however, the on-premise segment is expected to maintain a steady CAGR. Furthermore, sales and marketing management, competitive intelligence, customer experience management, risk management, and fraud detection are all included in the application area.
The regional segmentation includes North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In terms of regional distribution, North America occupied the largest shares in 2020.Massive use of social media platforms has resulted from a growing tech-savvy population, increased internet penetration, and enhanced connectivity.Because the North American market for every technical breakthrough and social media platform is well-established and developed, the number of social media users in this region is significantly higher. According to Facebook data and We Are Social, a UK-based marketing agency, there were around 190 million active Facebook users in the United States as of April 2019.
Furthermore, the Asia-Pacific region is expected to register the fastest growth rate during the forecast period 2021 – 2028. Social media management has increased significantly among solution providers in both developed and emerging markets. In the social media management market, Australia, Japan, Singapore, China, and India have all shown significant development potential.
Major Players
The social media managementmarket is consolidated with a big number of players. The prominent players offered in the report include Clarabridge, Cognizant, Digimind, Falcon.io, Google Inc., Hootsuite Inc., IBM Corporation, Lithium Technologies, Oracle Corporation, Sprout Social, Sprinklr Salesforce.com, Inc., and Zoho.
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