CHICAGO, Feb. 18, 2019 /PRNewswire/ -- According to a new market research report "Social Media Management Market by Component, Application (Sales & Marketing Management, Customer Experience Management, Competitive Intelligence, & Risk Management), Organization Size, Industry Vertical, Deployment Model, & Region - Global Forecast to 2023",published by MarketsandMarkets™, the global Social Media Management Market size is expected 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 Return on Investment (RoI) on social media strategy, increased focus on the market and competitive intelligence, and need for social media measurement to enhance the customer experience.
Browse and in-depth TOC on "Social Media Management Market"
Banking, Financial Services, and Insurance (BFSI) industry vertical to account for the largest market size in 2018
The BFSI has been a dominant industry vertical across all regions, dealing with massive volumes of customer data generated on daily basis. The vertical has observed high adoption of advanced technology solution to manage and analyze this data. Further, the growth of fintech continues to have a significant impact on the BFSI industry vertical. Established financial institutions are collaborating with key innovators in response to customer demands for effective social media management platforms. BFSI organizations have started monitoring customer conversations for brand mentions and customer complaints, and started responding accordingly, using the measuring, monitoring, and analyzing functionalities present in the social media management solutions.
Sales and marketing application to dominate the market during the forecast period
The sales and marketing management application in the Social Media Management Market encompasses various activities that marketers and sales executives take up to directly engage their target audience through social media networks. Social media management solutions enable companies to analyze the data, understand customer pain-points, their interests, and enable them to create targeted communications, which deliver more value. Measuring the effectiveness of such efforts and optimizing content to be published on social media are the important activities which fall under the scope of sales and marketing management.
Medium organizations segment to account for the largest market size and record the highest CAGR during the forecast period
In the Social Media Management Market study, organizations with revenue between USD 10 million and USD 1 billion are considered as medium-sized organizations. These organizations constitute the largest market size in the global Social Media Management Market. They have been majorly dependent on the proliferation of mobile devices, IoT, and social media user growth, which demands the need for managing these digital assets. Medium-sized 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 demand. This, in turn, has created the need for integrated social media management solutions to share, collaborate, and manage enterprise content over social media for revenue generation.
North America to account for the largest market size during the forecast period
North America constitutes the largest market size, due to the early adoption of advanced technology solutions and supporting technologies including governance and security. Further, a majority of the vendors in the market are based in the region and have a strong presence across all major industries in the region. These vendors have taken up several market growth initiatives in the form of partnerships with different technology players to offer rapid social network data analytics and processing solutions. In addition, a stable economy, advanced technological developments, and strict regulations for data protection are major factors influencing the growth of the Social Media Management Market in the region.
Major global vendors offering social media management include IBM Corporation (US), Oracle Corporation (US), Salesforce (US), Adobe Systems (US), Hootsuite Inc. (Canada), Sprout Social, Inc. (US), Google, Inc. (US), Sysomos (Canada), Sprinklr, Inc. (US), Digimind (France), Clarabridge (US), Spreadfast (US), Falcon.io (Denmark), Zoho Corporation, (India), and Lithium Technologies, LLC (US). The study includes an in-depth competitive analysis of the key players in the Social Media Management Market, along with their company profiles, recent developments, and key market strategies.
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