Social Media Management Market is expected to grow from US$ 17,315.0 million in 2022 to US$ 63747.4 million by 2028. It is estimated to grow at a CAGR of 24.3% during 2022–2028.
Increasing Focus on Competitive Intelligence to Drive Social Media Management Market During Forecast Period
Global competition continues to affect the business profit margins, and companies are constantly looking for technological solutions to maximize their productivity and reduce costs while maintaining an edge over competitors. Businesses need to integrate the demographic, competitive, business information, and customer data to discover the intricacies of outperforming their competitors. Organizations focus on analyzing the sales and various marketing aspects to identify the gaps. They demand lower prices, better quality, and faster delivery of products and services. Thus, advanced social media analytics is being incorporated to help achieve market goals.
Social media management solutions help analyze unstructured social data to respond to dynamic market conditions and achieve high sales and operational profitability. For instance, in June 2021, Google Marketing Platform introduced Ads Creative Studio, a unified solution to create an advertisement, which allows for building compelling experiences for audio, display, and video ads. Ads creative studio enables customers to develop and innovate advertisements with an interactive, easy-to-use user interface.
Key Players Influencing the Market
- Adobe
- IBM Corporation
- Google LLC
- Oracle Corporation
- com, inc.
- HubSpot, Inc.
- Zoho Corporation Pvt. Ltd.
- Meltwater
- Brandwatch
- Sprout Social, Inc.
Further, organizations retrieve huge amounts of information about customer sentiments about their brands and strategize their marketing and sales activities. In addition, businesses use social media management solutions to enhance their market presence and gain a competitive edge by effectively analyzing the competition and consumer behavior from social media platforms. Thus, this results in the rising use of social media management solutions for businesses, which, in turn, supports the social media management market growth during the forecast period.
Covid_19 Impact
The COVID-19 pandemic significantly impacted North America due to a high number of immigrants traveling through the region, the lack of an initial stage lockdown in North American countries, and a large population, which contributed to the rapid spread of COVID-19 in 2020.
The internet penetration surge supported the social media management market in North America. The IT sector in the region is dominated by two countries: The US and Canada. In 2020, the increase in the unemployment rates hindered the North America market. According to Pew Research Center, the economic downturn across North America resulted in the growth of unemployed citizens by over ~14 million in 2020 (from 6.2 million in February 2020 to 20.5 million in May 2020). As a result, the US unemployment rate grew by 3.8% in February 2020. According to pew research center reports, 46-51% of North Americans increased their use of social media after the onset of the COVID-19 outbreak, and the average amount of time spent on mobile internet has increased by an hour per day.
Further, social media impressions climbed by 20% in 2021, implying that social media users watched more advertisements than in previous years before the emergence of the pandemic. As a result, the need for social media management in North America is increasing, favorably boosting the social media management market. Thus, there will be a positive impact of the COVID-19 pandemic on the social media management market in North America during the forecast period.
Key Findings of Study
The global social media management market analysis by geography has been segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In North America and Europe, the social media management market is increasing due to a rising tech-savvy population, high internet penetration, and better internet connectivity, which resulted in an enormous usage of social media platforms. Through social media platforms, such large-scale data generation offers enterprises an opportunity to gather meaningful insights about brand performance, product innovation, product influence, and campaign performance. Therefore, with the growth in the above factors in these two regions, the demand for social media management solutions/services increases.
The social media management market in APAC is increasing due to the rising banking sector. Several banks are experiencing growth in their market capitalization, including China Merchants Bank Co. Ltd., China Construction Bank Corp., Bank of China Ltd., and Agricultural Bank of China Ltd. Further, the number of banks is increasing considerably. Thus, the growing number of banks creates a huge opportunity for social media management market players.
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