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Social Media Management Market Size, Industry Analysis By Segmentations, Top Key Players, Trends, Future Development & Forecast By 2033

  • PUBLISHED ON
  • 2024-06-02
  • NO OF PAGES
  • 283
  • CATEGORY
  • Information Communication & Technology
Market Overview:

The global Social Media Management Market size was valued at USD 17.56 billion in 2022, and is projected to reach USD 62.57 billion by 2033 at a CAGR of 20.1% from 2023 to 2033.

Social media has become a vital part of Social Media Management Marketing strategies of businesses across all industries. Social media management involves the use of tools and techniques to manage, monitor, and analyze a company's social media presence on various social media platforms.

The social media management market is growing rapidly, driven by the increasing adoption of social media for marketing and customer engagement.

Report Scope

Report Attributes

Description

Market Forecast in 2022

USD 17,560 million

Market Forecast in 2033

USD 62,570 million

CAGR % 2023-2033

20.1%

Base Year

2022

Historic Data

2020-2021

Forecast Period

2023-2033

Report USP

Product, end-user industry, company share, company heat map, company Capacity Technology Product capacity, growth factors and more

Key Companies

Hootsuite Inc., Sprout Social Inc., Buffer Inc., HubSpot Inc., Zoho Corporation Pvt. Ltd., AgoraPulse, Sprinklr Inc., Sendible Ltd., Falcon.io ApS, MavSocial, Loomly, CoSchedule, Oktopost, Socialbakers, SEMrush Inc.,



The global social media management market is driven by factors such as the increasing adoption of social media among businesses, the need for a comprehensive social media management solution, and the growing demand for social media analytics.

One of the major trends in the social media management market is the increasing integration of artificial intelligence (AI) and machine learning (ML) into social media management tools. AI and ML can help businesses to automate repetitive tasks, analyze data, and gain insights into customer behavior.

This can help businesses to optimize their social media marketing efforts and improve customer engagement. Another trend in the social media management market is the increasing demand for mobile-first social media management solutions. With the increasing use of mobile devices, businesses are looking for social media management tools that are optimized for mobile devices. This can help businesses to manage their social media accounts on-the-go and improve their social media engagement.

The social media management market also presents several opportunities for growth. One of the major opportunities is the increasing adoption of social media among small and medium-sized businesses (SMBs). With the increasing use of social media by consumers, SMBs are looking for social media management solutions that can help them to manage their social media presence effectively and efficiently.

With the rise of social media platforms like Facebook, Instagram, Twitter, and LinkedIn, businesses are realizing the need to have a strong presence on these platforms to connect with customers, build brand awareness, and drive sales. Social media management tools provide businesses with the ability to manage multiple social media accounts, schedule posts, track engagement metrics, and analyze social media performance, all in one place.

One challenge faced by the social media management market is the constantly changing landscape of social media platforms. Social media platforms are continuously updating their algorithms, policies, and features, which can impact the effectiveness of social media management tools. Social media management market companies must constantly adapt to these changes and update their tools to ensure they remain effective and provide value to their customers.

Failure to keep up with these changes could result in a loss of customers and market share. Additionally, with the growing concern around data privacy and security, social media management companies must ensure that their tools are compliant with regulations like GDPR and CCPA to avoid potential legal consequences.

Geography:

North America dominates the social media management market in terms of revenue, followed by Europe and the Asia Pacific region. This can be attributed to the high adoption of social media among businesses in these regions, coupled with the presence of major players in Social Media Management Market.

However, the Asia Pacific Social Media Management Market is expected to grow at the highest CAGR during the forecast period due to the increasing adoption of social media among small and medium-sized enterprises and the growing digitalization in the region.

Recent Developments:

• In August 2020, Hootsuite, a leading Social Media Management Market player, announced its acquisition of Sparkcentral, a customer engagement platform. This acquisition will allow Hootsuite to expand its offerings and provide its customers with more tools for customer engagement.

• In May 2020, Facebook announced the launch of a suite of new social media management tools aimed at helping small businesses manage their online presence. The new tools include the ability to schedule posts, create automated responses, and manage messages and comments.

• In September 2020, Twitter announced the launch of several new features for social media management, including the ability to schedule tweets in advance, save draft tweets, and collaborate with team members on tweet drafts.
• In December 2020, Sprout Social, a social media management platform, went public on the Nasdaq stock exchange. The company's initial public offering raised USD 150 million, which will be used to further develop its platform and expand its market reach.

Impact of COVID-19 on the global Social Media Management Market:

The COVID-19 pandemic has had a significant impact on the global social media management market. With people staying at home due to lockdowns and social distancing measures, Social Media Management Market has increased significantly.

This has led to an increase in demand for social media management tools and services, as businesses look to reach their audiences through social media. Social media management tools have helped businesses to reach their customers online, as well as to manage their online reputation and respond to customer inquiries.

The economic impact of the pandemic has led many businesses in the Social Media Management Market to cut their marketing budgets. This has affected the social media management market, with some businesses reducing or cancelling their subscriptions to social media management tools and services. The pandemic has forced many businesses to adopt remote work policies, which has created challenges for Social Media Management Market.

Collaboration and communication can be more difficult in a remote environment, which has increased the demand for social media management tools that facilitate remote collaboration.

The pandemic has also led to the emergence of new social media platforms, such as TikTok, that have become hugely popular during the pandemic. This has created new opportunities for Social Media Management Market companies to help businesses reach audiences on these platforms.

Overall, while the COVID-19 pandemic has created challenges for the social media management market, it has also created new opportunities as businesses have had to adapt to the new realities of the pandemic.

Company Profiles:

• Hootsuite Inc.
• Sprout Social Inc.
• Buffer Inc.
• HubSpot Inc.
• Zoho Corporation Pvt. Ltd.
• AgoraPulse
• Sprinklr Inc.
• Sendible Ltd.
• Falcon.io ApS
• MavSocial
• Loomly
• CoSchedule
• Oktopost
• Socialbakers
• SEMrush Inc.

Segmentation:

By Component
• Software
• Services

By Deployment Mode
• On-Premise
• Cloud

By End User
• BFSI
• Healthcare
• Retail
• IT & Telecommunications
• Media & Entertainment
• Government
• Travel & Hospitality
• Others

Regional Scope

North America
• U.S.
• Canada
• Mexico

Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe

Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific

South America
• Brazil
• Argentina
• Rest of South America

Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of Middle East and Africa


Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
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  • Assign a senior SR executive as QA Executive
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  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.


Frequently Asked Questions

What is the market size and growth projections?

The global Social Media Management Market size was valued at USD 17.56 billion in 2022, and is projected to reach USD 62.57 billion by 2033 at a CAGR of 20.1% from 2023 to 2033

What are the drivers shaping various markets?

Growing demand for social media as a marketing and communication channel for businesses is propelling Social Media Management Market growth. With the rise of social media platforms like Facebook, Instagram, Twitter, and LinkedIn, businesses are realizing the need to have a strong presence on these platforms to connect with customers, build brand awareness, and drive sales.

Who are the key competitors of market Players?

Some of the major players operating within the market are Hootsuite Inc., Sprout Social Inc., Buffer Inc., HubSpot Inc., Zoho Corporation Pvt. Ltd., AgoraPulse, Sprinklr Inc., Sendible Ltd., Falcon.io ApS, MavSocial, Loomly, CoSchedule, Oktopost, Socialbakers, SEMrush Inc.

What are the top performing segments, and countries / regions of each of the markets?

North America dominates the social media management market in terms of revenue, followed by Europe and the Asia Pacific region. This can be attributed to the high adoption of social media among businesses in these regions, coupled with the presence of major players in Social Media Management Market.

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