Report : Social Media Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Service), Deployment (On-Premise and Cloud based), Enterprise Size [Small and Medium Enterprises (SMEs) and Large Enterprises], Application (Sales and Marketing Management, Customer Experience Management, Competitive Intelligence, and Risk Management and Fraud Detection), and Vertical (IT and Telecom, BFSI, Healthcare, Media and Entertainment, Retail, and Others)
Growing Demand for Social Media Management Among SMEs to Offer Growth Opportunities for Social Media Management Market
According to our new research study, titled "Social Media Management Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, Enterprise Size, Application, Vertical, and Geography," the market is projected to reach US$ 63,747.4 million by 2028 from US$ 17,315.0 million in 2022; it is estimated to grow at a CAGR of 24.3% from 2022 to 2028.
Social media management includes tracking customer activity on social media, which helps an organization plan strategy and gain insights. In addition, it allows companies to track competitors' actions. Further, social media management platforms help users with various information about social media users, including their perceptions, expectations, and needs.
Handling and managing social media also include engaging and interacting with social media users. Social media management functions as a platform for interacting with a target audience and spreading content across social media channels, such as Instagram, Facebook, LinkedIn, YouTube, and Pinterest. Over the next few years, social media management will offer new opportunities for companies to increase their reach and visibility.
Factors, such as an increase in focus on the competitive intelligence, rising need for search return on investment (ROI) for social media strategy, enhancement of customer experience with social media management, and increase in user engagement on social media using smartphones are propelling the market. However, the regulatory and compliance constraints and complexities in the management workflow are restraining the social media management market growth.
Moreover, the voluminous data generated through social media platforms, increase in cloud uptake, and high adoption rate of social media management solutions among small and medium-sized enterprises (SMEs) are the factors contributing to the growth of this market.
The social media management market analysis by component, the market is classified into solutions and services. The market analysis by deployment, the market is bifurcated into cloud-based and on-premises. Based on enterprise size, the market is segmented into SMEs and large enterprises. Based on application, the social media management market is segmented into sales and marketing management, customer experience management, competitive intelligence, and risk management and fraud detection. Based on vertical, the market is segmented into BFSI, retail, healthcare, IT and telecommunications, media and entertainment, and others. Based on geography, the global market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
Impact of COVID-19 Pandemic on Social Media Management Market
While the COVID-19 pandemic posed major threats to organizations worldwide, it offered significant opportunities for the growth of social media management platforms. The internet is being used by the BFSI, healthcare & life sciences, manufacturing, retail, and transportation & logistics industries to provide critical services through social media platforms to consumers. Hence, the demand for social media management has surged among vendors. Various governments and regulatory agencies forced public and private organizations to accept new teleworking techniques and follow social distance during the pandemic. The increase in the number of COVID-19 cases resulted in significant growth in the social media management market.
There are several prospects for social media management suppliers, such as the massive amounts of data created by social media platforms, the rise in cloud usage patterns, and the high acceptance rate of social media management solutions among small and medium-sized businesses. However, legal and compliance restrictions, a lack of common standards, difficulties in management workflow, and legislation limit industry expansion.
Furthermore, the lack of standard policies for social media management platforms and the lack of a unified solution to handle the growing unstructured data concerns are restricting the global market.
Adobe; IBM Corporation; Google LLC; Oracle Corporation; Salesforce.com, inc.; HubSpot, Inc.; Zoho Corporation Pvt. Ltd.; Meltwater; Brandwatch; and Sprout Social, Inc. are the major companies operating in the social media management market.
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