Global Social Media Management Market to Reach USD 51.8 Billion by 2027, Driven by Increasing Demand for Professional Services and Growing Small Enterprises

DUBLIN, July 14, 2023 /PRNewswire/ -- The "Social Media Management Market by Component (Solutions, Services), Deployment Mode, Organization Size, Application (Competitive Intelligence, Sales and Marketing Management), Vertical (BFSI, Retail and Consumer Goods) & Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global social media management market is expected to witness significant growth, reaching USD 51.8 billion by 2027, with a compound annual growth rate (CAGR) of 24.2% during the forecast period. The market, valued at USD 17.5 billion in 2022, is driven by the rising need for professional services and the increasing adoption of social media management solutions by small enterprises.

The professional services segment, including implementation, consulting, training, and support provided by social media management vendors, is projected to hold the largest market share during the forecast period. Social media management vendors offer a wide range of services using innovative technologies, tools, and strategies to enhance organizations' productivity and meet their social media management needs. These services, including support, handling, and maintenance, play a crucial role in deploying solutions effectively.

Small enterprises are expected to register a higher CAGR in the social media management market. With limited resources, small enterprises rely on social media platforms to reach a global audience cost-effectively. The demand for social media management solutions in this segment is driven by the need to expand customer bases and effectively engage with target audiences. The growth of small enterprises, especially in high-growth markets like Asia Pacific and the Middle East, further contributes to the expansion of this market segment.

Europe, the Middle East, and Africa (EMEA) are projected to witness the highest CAGR during the forecast period. The region has experienced significant technological advancements, with vendors like Oracle, IBM, and SAS offering social media management solutions. Stable economies, increasing trade, and population growth present lucrative opportunities for social media management solutions, including analytics, in the EMEA region. The high penetration of social media and smartphones among target audiences fosters the development of the digital sector and fuels the adoption of social media management tools in the Middle East. Additionally, the demand for cost-effective and secure solutions with cloud deployment options is expected to drive market growth for small and medium-sized enterprises (SMEs) in Africa.

North America currently holds the largest market share in the social media management market, followed by Europe, the Middle East, and Africa. The region benefits from robust marketing regulations and the incorporation of social media management tools into existing business intelligence portfolios. Increasing focus on cloud deployments, automation, and data processing platforms drives organizations to extract valuable insights from social media data.

Market Dynamics:

Drivers:

• Increasing focus on competitive intelligence
• Growing need for search ROI for social media strategy
• Enhancement of customer experience with social media management
• Increase in user engagement with social media using smartphones

Restraints:

• Regulatory and compliance constraints
• Lack of common standards and laws
• Complexities in workflow management

Opportunities:

• Voluminous data generation through social media platforms
• Increase in cloud adoption
• High adoption of social media management solutions among SMEs

Challenges:

• Lack of standard measures for social media management platforms
• Lack of a single solution to manage unstructured data

Premium Insights:

• Growing Need to Improve ROI and Overall Social Media Strategy
• Market to Witness Decline in Y-O-Y Growth in 2022
• Risk Management and Fraud Detection Segment to Register Highest CAGR During Forecast Period
• Solutions and BFSI Segments to Hold Largest Shares of the North American Market in 2022
• North America to Hold Largest Market Share in 2022

Case Study Analysis:

1. Met Police Leverages Sprinklr to Meet Growing Demand for Services on Social Channels
2. OCBC Streamlined Customer Service and Engaged Customers Using Hootsuite Tool
3. Momentive Deployed HubSpot CRM to Improve and Simplify Marketing Processes
4. Khoros Supported TV 2's Social Media Awareness Campaign by Encouraging Positive Social Media Discourse
5. Sprinklr and LinkedIn Enabled Highly Scalable and Seamless Campaign Management Experience
6. Airfluencers Unleashed Influencer Marketing with Help of Oracle
7. Lenovo Created Holistic Social Media Strategy with Sprinklr Advocacy
8. Zoo Zurich Used Social to Proactively Engage in Conversations with Visitors
9. Olive and Milo Turned to Sendible to Manage Their Growing Client List
10. Shell Chose Sprinklr's Industry-Leading Unified Customer Experience Management (Unified-CXM) Platform to Unify Siloed Teams, Processes, and Tools
11. Sage Restaurant Group Used Sendible to Portray Brand Image of Every Restaurant Accurately
12. Philips Implemented Sprinklr Modern Advertising to Work with 100 Agency Partners Globally
13. Eurpac Increased Its Social Media Followers by 47% Using Hootsuite Publisher

Major companies operating in the social media management market include Adobe, Affable.AI, Agorapulse, Alchemy Worx, Altorise, Buffer, Cision, Creatoriq, Digimind, Eclincher, Emplifi, Google, Hootsuite, HubSpot, Hunter Digital, IBM, Kawo, Khoros, Loomly, Make Your Mark Digital, Mavsocial, Meltwater, Netbase, Oracle, Promorepublic, Qualtrics, Salesforce, Sendible, Slate Teams, Socinova, Sprinklr, Sprout Social, Synthesio, Talkwalker, The Cirqle, and Zoho.

For more information about this report visit https://www.researchandmarkets.com/r/zcjvep

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SOURCE Research and Markets