What is the global market size of Social Media Management Market?

Global Social Media Management Market size was valued at USD 15.15 billion in 2021 and is poised to grow from USD 18.57 billion in 2022 to USD 95.79 billion by 2030, growing at a CAGR of 22.76% in the forecast period (2023-2030).

Social Media Management Market Size, Share, Growth Analysis, By Component(Solution, Service), By Application(Sales, Marketing Management, Customer Experience Management, Competitive Intelligence), By Industry Vertical(BFSI, Retail, E-Commerce, Government), By Deployment(Cloud-based, On-premise), By Organization Size(Small and Medium Enterprises (SMEs) and Large Enterprises), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45B2085 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 153 | Figures: 80

Social Media Management Market News

In June 2022, salesforce Inc. announced its new product customer 360 innovations in different platforms such as commerce and marketing cloud that allow building a better relationship with customers at a large scale.
In March 2022, Adobe announced its new features embedded across Adobe Experience Cloud that are driven by Adobe Sensei, Adobe's artificial intelligence engine. These new capabilities, which enable organizations to provide seamless customer journeys, are based on the hundreds of AI and machine learning advancements already incorporated in Adobe's products.
In March 2022, Hinduja Global Solutions, technology services division, HGS Digital LLC, announced cooperation with Khoros. The agreement advances the organizations’ common purpose of assisting the most renowned brands in the world to deliver frictionless CX with solutions to boost customer engagement, increase brand loyalty, optimize operations, decrease costs, and generate revenue.

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Global Social Media Management Market size was valued at USD 15.15 billion in 2022 and is poised to grow from USD 18.57 billion in 2023 to USD 95.79 billion by 2031, growing at a CAGR of 22.76% in the forecast period (2024-2031).

The social media management market is relatively fragmented, with a high level of competition. Few large players, like Adobe Inc., IBM Corporation, and Google LLC, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. 'Adobe Inc. (US)', 'IBM Corporation (US)', 'Google LLC (US)', 'Oracle Corporation (US)', 'Salesforce Inc. (US)', 'Sprout Social (US)', 'Hootsuite (Canada)', 'Meltwater (Netherlands)', 'Sprinklr (US)', 'Digimind (France)', 'HubSpot (US)', 'Clarabridge (US)', 'Khoros (US)', 'Falcon.io (Denmark)', 'Zoho Corporation (India)', 'NetBase (US)', 'Brandwatch (UK)', 'Sendible (UK)', 'MavSocial (US)', 'Emplifi, Inc. (US)', 'Synthesio Inc. (US)', 'eClincher (US)'

As profit margins are affected by global competition, companies are always looking for technical ways to improve efficiency and cut costs. To beat the competition, companies must combine data about demographics, competitors, businesses, and customers. Organizations look at sales and markets to see where there are gaps. Customers now pay attention to brands. They want better products, lower prices, and faster and hassle-free shipping, these goals can be met with the help of advanced analytics which drives the social media management market demand.

Communication has been revolutionized by social media. Twitter, Instagram, Facebook, and a plethora of other apps have provided everyone with a simple and quick way to communicate with friends, family, and like-minded individuals from around the world. Social media has evolved into an important tool for interacting with the outside world and attracting new audiences. Numerous QSRs use social media to stay in touch with customers, particularly the current generation. This method helped Wendy's earn millions of Twitter followers, helping them to compete in the American fast-food industry. The scope of social media indicates potential growth for the social media management market during the analysis period.

North America led social media management in 2021. The region has a high-risk tolerance and a tendency toward technical growth. This creates various chances for social media management companies. The region has many social media users and several management options. Social media marketing and customer interaction will drive regional social media management market demand during the forecast period.

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