Dublin, March 16, 2023 (GLOBE NEWSWIRE) — The “Social Media Management Market by Component (Solutions, Services), Deployment Mode, Organization Size, Application (Competitive Intelligence, Sales and Marketing Management), Vertical (BFSI, Retail and Consumer Goods) & Region – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The social media management market is projected to grow from USD 17.5 billion in 2022 to USD 51.8 billion by 2027, at a compound annual growth rate (CAGR) of 24.2% during the forecast period.
The social media management market is expected to reap significant gains during the forecast period, driven by the increasing affinity of organizations towards social media marketing.
Other factors accelerating the market growth include increasing uptake of social media analytics platforms for gathering customer intelligence, growing need to devise new business strategies through search engine marketing, reducing turn-around times for customer query resolution through social media channels, and enterprises looking for new target markets through social media outreach.
The major market players, such as Adobe, IBM, Google, Oracle, Salesforce, Sprout Social, and Hootsuite have adopted numerous growth strategies, which include acquisitions, new product launches, product enhancements, and business expansions, to enhance their market shares.
By component, Professional Services to register for the largest market size during the forecast period
Professional services in the social media management market include implementation, consulting, training, and support provided by social media management vendors, professionals, or experts. Vendors offer a broad range of services with the help of innovative technologies, tools, and strategies to meet organizations’ enhanced productivity and social media management needs. They also offer business requirement assessment and customized implementation and assist with the deployment of social media management solutions via industry-defined best practices. These services are normally given as an add-on after the purchase of the solutions. Some companies do not have the expertise to manage the infrastructure successfully. Hence, they outsource it to third parties who could provide such services. These services are integral to deploying a solution, including support, handling, and maintenance.
By organization size, Large Enterprises to register higher CAGR during the forecast period
In the social media management market study, organizations with revenue less than USD 10 million are referred to as Small Enterprises. These organizations contribute a significant share of the global social media management market. Their revenue share is expected to grow rapidly during the forecast period. Small Enterprises serve niche markets; with their limited resources, they continue to struggle to reach a global audience and expand their customer base. Social media provides an effective solution for small enterprises and enables them to reach a global audience easily and cost-effectively. It leads to high demand for social media management solutions in the small enterprises segment. Moreover, the rising number of Small Enterprises, especially in the high growth markets such as Asia Pacific and the Middle East, is leading to the high growth of the small enterprises segment.
Europe, Middle East & Africa to witness highest CAGR during the forecast period
The Middle East and Africa have been going through phenomenal technological advancements over the years. Vendors like Oracle, IBM, and SAS have already started providing social media management solutions in this region. Moreover, stabilized economies, trade increases, and population growth are creating high-growth opportunities for social media management solutions, including analytics in this region. Moreover, demographic trends, social challenges, and rapid urbanization in the Middle East and Africa create huge pressure on existing general infrastructure, resulting in an increased demand for new infrastructure. In addition, a heavy penetration of social media and smartphones among the target audiences serves as a basis for the development of a digital sector and fuels the adoption of social media management tools in the Middle East. Design and development of cost-effective and secured Solutions with cloud deployment options would enhance the market growth in the SME segment in Africa.
Europe, the Middle East, and Africa follow North America in terms of the social media management market share. A sound set of regulations governing marketing initiatives exists in Europe, the Middle East, and Africa. When it comes to promotions on social media platforms, the regulations are less clear and apply mostly at the country level. Several nations, including the UK, Germany, Switzerland, and France, are incorporating social media management tools into their existing BI portfolio, thus delivering quick and actionable insights to drive economic growth. Increasing focus on cloud deployments, increased automation, and data processing platforms drive organizations to drain valuable insights from social media data.
- Increasing Focus on Competitive Intelligence
- Growing Need for Search ROI for Social Media Strategy
- Enhancement of Customer Experience with Social Media Management
- Increase in User Engagement with Social Media Using Smartphones
- Regulatory and Compliance Constraints
- Lack of Common Standards and Laws
- Complexities in Workflow Management
- Voluminous Data Generation Through Social Media Platforms
- Increase in Cloud Adoption
- High Adoption of Social Media Management Solutions Among Small and Medium-Sized Enterprises (SMEs)
- Lack of Standard Measures for Social Media Management Platforms
- Lack of Single Solution to Manage Unstructured Data
|No. of Pages||301|
|Forecast Period||2022 – 2027|
|Estimated Market Value (USD) in 2022||$17.5 Billion|
|Forecasted Market Value (USD) by 2027||$51.8 Billion|
|Compound Annual Growth Rate||24.2%|
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Social Media Management Market, by Component
6.2.1 Social Media Marketing
6.2.2 Social Media Listening, Monitoring, and Analytics
6.2.3 Social Media Asset and Content Management
6.2.4 Social Media Risk and Compliance Management
6.3.1 Professional Services
184.108.40.206 Implementation and Consulting Services
220.127.116.11 Training and Support Services
6.3.2 Managed Services
7 Social Media Management Market, by Deployment Mode
8 Social Media Management Market, by Organization Size
8.2 Small Enterprises
8.3 Medium-Sized Enterprises
8.4 Large Enterprises
9 Social Media Management Market, by Application
9.2 Sales and Marketing Management
9.3 Customer Experience Management
9.3.2 Social Care and Messaging
9.3.3 Customer Data Platform
9.4 Competitive Intelligence
9.5 Risk Management and Fraud Detection
10 Social Media Management Market, by Vertical
10.3 Retail & Consumer Goods
10.4 Government & Public Sector
10.5 Healthcare & Life Sciences
10.6 IT & Telecom
10.7 Media & Entertainment
10.9 Travel & Hospitality
11 Social Media Management Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Adjacent and Related Markets
- Alchemy Worx
- Hunter Digital
- Make Your Mark Digital
- Slate Teams
- Sprout Social
- The Cirqle
For more information about this report visit https://www.researchandmarkets.com/r/2owoi6
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