Increasing need for enhancing the customer experience through social media measurement to drive the global social media management market
The global social media management market size to grow from USD 9.2 billion in 2018 to USD 17.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.1% during the forecast period. The key factors driving the social media management market include need to increase RoI on social media strategy, growing focus on the market and competitive intelligence, and need for social media measurement to enhance the customer experience.
Medium organizations segment to grow at the highest CAGR during the forecast period
The medium organizations segment witnesses increasing digitalization. They have been majorly dependent on the proliferation of mobile devices, Internet of Things (IoT), and social media user growth, which demands the need for managing these digital assets. Medium organizations have been increasingly investing in social media advertising, and marketing and selling activities to promote their products and services, as social marketing is gaining significant traction. It, in turn, has created the need for integrated social media management tools to share, collaborate, and manage enterprise content over social media for revenue generation.
Cloud deployment mode to grow at a higher CAGR during the forecast period
Rapid implementation, reduced setup, operational, and maintenance costs, and ease of use are major growth drivers for the cloud deployment mode in the social media management market. Although the cloud-based services help in saving costs, the initial value lies in the empowering business transformation. Pricing for the cloud-based solution may vary with the asset and storage requirements, the number of users, add-ons, and Application Programming Interface (API) connectors required. The flexibility to customize solutions as per an organization's dynamic requirements and scalability are major drivers for the adoption of the cloud deployment mode.
Asia Pacific (APAC) to record the highest growth rate during the forecast period
Growing cloud adoption and vendor expansion are expected to drive the APAC social media management market during the forecast period. The high rate of internet usage and increased adoption of smartphones in APAC facilitate companies to adopt advanced solutions and forge strong connections with a wide range of target audiences. In addition, APAC is witnessing an increasing demand for cloud-driven social media management solutions, resulting in increasing investments and technological advancements across the retail and eCommerce industry vertical.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Social Media Management Market 4.2 Market Share, By Region 4.3 Market By Deployment Model 4.4 Market in EMEA: Top 3 Solutions and Countries
5 Market Overview and Industry Trends 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 220.127.116.11 Need to Increase ROI on Social Media Strategy 18.104.22.168 Increased Focus on the Market and Competitive Intelligence 22.214.171.124 Need for Social Media Measurement to Enhance the Customer Experience 5.2.2 Restraints 126.96.36.199 Regulatory and Compliance Constraints 188.8.131.52 Lack of Common Standards and Laws 5.2.3 Opportunities 184.108.40.206 Voluminous Data Generation Through Social Media Platforms 220.127.116.11 Increased Cloud Adoption 5.2.4 Challenges 18.104.22.168 Lack of A Single Solution to Manage Diverse Data Sets Captured From Social Media Platforms 5.3 Industry Trends 5.3.1 Key Trends in the Market 22.214.171.124 Social Media Monitoring and Listening Solutions to Witness A Higher Growth With the Rise in User-Generated Content on Social Media 126.96.36.199 Crowdsourcing on Social Media 188.8.131.52 AI Technology to Be Integrated With Social Media for Personalized Advertising and Understanding the Market Trends 184.108.40.206 Augmented Reality and Social Media 5.3.2 Social Media Management Market: Use Cases 220.127.116.11 Simplify360: Providing Advanced Social Customer Experience 18.104.22.168 Crowdfire: Delivering Exceptional Customer Care on Social Media in Real Time 22.214.171.124 IBM and Influential: Assessment of Campaign Effectiveness Through Social Intelligence 126.96.36.199 Quantzig: Understanding the Target Customer Base and Developing an Adequate Go-To-Market Strategy 188.8.131.52 Crimson Hexagon: Gathering Customer Responses for A New Product Launch Through Social Media Listening 184.108.40.206 Crowdfire: Helping Marketers Discover and Share Relevant and High-Quality Content on Their Social Media Platforms 220.127.116.11 Degordian: Creating A Social Media Strategy for Franck- Croatia's Market Leader in the Coffee and Tea Categories
6 Social Media Management Market By Component 6.1 Introduction 6.2 Solutions 6.3 Services
7 Social Media Management Market By Application 7.1 Introduction 7.2 Sales and Marketing Management 7.3 Customer Experience Management 7.4 Competitive Intelligence 7.5 Risk Management and Fraud Detection 7.6 Others
8 Social Media Management Market By Organization Size 8.1 Introduction 8.2 Small Organizations (Revenue 8.3 Medium Organizations (Revenue: USD 10 Million ~ USD 1 Billion) 8.4 Large Enterprises (Revenue > USD 1 Billion)
9 Social Media Management Market By Deployment Model 9.1 Introduction 9.2 On-Premises 9.3 Cloud
10 Social Media Management Market By Industry Vertical 10.1 Introduction 10.2 Banking, Financial Services, and Insurance 10.3 Retail and Ecommerce 10.4 Government and Public Sector 10.5 Healthcare and Life Sciences 10.6 Telecom and It 10.7 Media and Entertainment 10.8 Manufacturing 10.9 Travel and Hospitality 10.10 Others
11 Social Media Management Market By Region 11.1 Introduction 11.2 North America 11.3 Europe, Middle East, and Africa 11.4 Asia Pacific 11.5 Latin America