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Social media Management Market
The rise of remote work during COVID-19 and demand for quick, accessible entertainment fuels the growth of the global social media management market.
PORTLAND, OR, UNITED STATES, October 4, 2024 /EINPresswire / -- According to the report, the global social media management
market size generated $15.24 billion in 2021, and is estimated to reach $118.03 billion by 2031, witnessing a CAGR of 22.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key
investment pockets, value chain, regional landscape, and competitive scenario.
Rise in demand for work-from-home and remote working policies during the period of the COVID-19 pandemic and surge in demand for easily accessible and short forms of entertainment and media drive the growth of the global social media management market. However, data privacy and sharing challenges on social media management platforms hamper the market growth. On the other hand, the integration of advanced tools such as machine learning and data analytics with social media management solutions suites present new opportunities in the coming years.
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The Social Media Management Market focuses on tools and services that help businesses manage their social media presence, schedule posts, track engagement, and analyze performance across platforms like Facebook, Instagram, LinkedIn, Twitter, and others. The market has been growing due to the rising importance of social media in marketing strategies, the shift towards data-driven insights, and the need for better customer engagement. The market is projected to grow rapidly as digital marketing and customer engagement strategies continue to evolve, with businesses increasingly relying on data-driven insights to optimize their social media presence.
Future Trends:
1. AI and Automation: AI-powered solutions for social listening, sentiment analysis, and content creation will shape the future of social media management.
Increased Integration with E-commerce: Social media platforms are becoming vital sales channels, and management tools will likely offer more features that cater to social commerce.
2. Influencer Marketing: As influencer marketing grows, there will be a need for tools that manage partnerships, track performance, and ROI for influencer campaigns.
The key players profiled in the social media management market analysis are Adobe, Brandwatch, Clarabridge, Digimind, Falcon, Google, Hootsuite Inc., HubSpot, Inc., IBM Corporation, Khoros, LLC, Meltwater, NetBase Quid, Inc., Oracle Corporation, Salesforce Inc., Sprinklr, Inc., Sprout Social Inc., Talkwalker Inc., Zoho Corporation Pvt. Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry. The report analyzes these key players in the global social media management market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, product portfolio, and developments of every market player.
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Covid-19 Scenario
1. The COVID-19 pandemic positively impacted the social media management market due to the high implementation of work-from-home and remote working policies.
2. The period saw increased screen time and online social media presence among consumers, which positively contributed to the market growth.
Based on deployment model, the on premise segment contributed to the highest market share in 2021, contributing to more than half of the global market, and is expected to maintain its leadership status ding the forecast period. This is due to the security and compliance needs of organizations. However, the cloud segment is projected to witness the largest CAGR of 24.0% from 2022 to 2031, owing to the simplified deployment and operational capabilities of cloud-based social media management solutions.
Based on application, the competitive intelligence segmeurnt contributed to the highest market share in 2021, contributing to more than one-fourth of the global social media management industry, and is expected to maintain its leadership status during the forecast period. This is due to rise in market competition. However, the risk management and fraud detection segment is projected to witness the largest CAGR of 25.5% from 2022 to 2031, owing to surge in number of fraud cases.
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Based on components, the solution segment contributed to the highest market share in 2021, contributing to nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. This is due to the growing need for effective social media marketing campaigns. However, the service segment is projected to witness the largest CAGR of 24.3% from 2022 to 2031, owing to increase in digital and internet penetration.
Based on region, North America contributed to the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global social media management market, and is expected to maintain its dominance in terms of revenue by 2031. This is due to high concentration of social media companies in the region. However, Asia-Pacific is projected to manifest the fastest CAGR of 25.4% during the forecast period. This is attributed to the ongoing digital transformation within the region. The other regions discussed in the report are Europe and LAMEA.
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