Social Media Management Market to Reach $118.03 Bn, Globally, by 2031 at 22.8% CAGR: Allied Market Research

The growing demand for work from home and remote working policies during the period of the COVID-19 pandemic and demand for easily accessible and shorter forms of entertainment and media drive the growth of the global social media management market.

PORTLAND, Ore, Aug. 1, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Social Media Management Market by Component (Solution, Service), by Deployment Model (On Premise, Cloud), by Enterprise Size (Large Enterprises, SMEs), by Application (Sales and Marketing Management, Customer Experience Management, Competitive Intelligence, Risk Management and Fraud Detection, Others), by Industry Vertical (BFSI, Retail and E Commerce, Government and Public Sector, Healthcare and Life Science, IT and Telecom, Media and Entertainment, Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global social media management industry 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.

Drivers and Opportunities

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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Covid-19 Scenario

• The COVID-19 pandemic positively impacted the social media management market due to high implementation of work from home and remote working policies.
• The period saw increased screen time and online social media presence among consumers, which positively contributed to the market growth.

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The solution segment to rule the roost during the forecast period

Based on component, 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.

The on premise segment to maintain its leadership status during the forecast period

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 during 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.

The large enterprises segment to maintain its dominance during the forecast period

Based on enterprise size, the large enterprises segment contributed to the highest market share in 2021, contributing to around three-fifths of the global market, and is expected to maintain its dominance during the forecast period. This is due to large scale social media engagements of large enterprises. However, the SMEs segment is projected to witness the largest CAGR of 24.1% from 2022 to 2031, owing to increase in technological and digital investments by SMEs.

The competitive intelligence segment to maintain its leadership status during the forecast period

Based on application, the competitive intelligence segment 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.

The BFSI segment to maintain its lead position during the forecast period

Based on industry vertical, the BFSI segment held the highest market share in 2021, accounting for more than one-fifth of the global market, and is expected to maintain its lead position during the forecast period. This is due to surge in financial applications of social media platforms. However, the media and entertainment segment is projected to manifest the fastest CAGR of 26.0% from 2022 to 2031. This is due to promotional and audience engagement activities being hosted on social media websites.

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North America to maintain its dominance in terms of revenue by 2031

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.

Leading Market Players

• Adobe
• Brandwatch
• Clarabridge
• Digimind
• Falcon.io
• 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.

The report analyzes these key players of 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 is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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