[Research Report] The social media management market is expected to grow from US$ 17,315.0 million in 2022 to US$ 63,747.4 million by 2028; it is estimated to grow at a CAGR of 24.3% during 2022–2028.
The use of social media management is increasingly adopted by small and medium enterprises (SMEs) due to the growing number of SMEs and shifting focus toward online marketing, such as social media marketing. Interacting with consumers on social media is an important marketing strategy for small businesses. Using social media helps a company build brand awareness, increase the company’s customer base, and connect with current customers. Marketing through social media is easy for small business owners as long as the company actively posts on social media pages, and it is a cost-effective marketing approach. Common social media sites include Facebook, Instagram, Twitter, LinkedIn, and Pinterest. Further, the number of startups is increasing globally, including in India, Germany, Brazil, and Canada. According to the Times of India, the total number of startups founded during the period 2021 stood at 3,476 in India news article of December 2021. Similarly, in the second quarter of 2021, 140 startup companies were registered in Germany. And compared with the same period in 2020, 35 more startups were registered, according to the E-commerce Germany news. Therefore, the rising number of SMEs globally and shifting focus towards online marketing for small businesses will create a huge opportunity for social media management market players for business expansion activities.
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Social Media Management Market: Strategic Insights
Market Size Value in US$ 17,315.0 million in 2022 Market Size Value by US$ 63,747.4 million by 2028 Growth rate CAGR of 24.3% from 2022 to 2028. Forecast Period 2022-2028 Base Year 2022
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Social Media Management Market: Strategic Insights
Market Size Value in | US$ 17,315.0 million in 2022 |
Market Size Value by | US$ 63,747.4 million by 2028 |
Growth rate | CAGR of 24.3% from 2022 to 2028. |
Forecast Period | 2022-2028 |
Base Year | 2022 |
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Speak to AnalystImpact of COVID-19 Pandemic on Europe Social Media Management Market
The European Commission released a Joint Communication detailing the EU’s plans to combat the infodemic that resulted from the emergence of the COVID-19 pandemic in 2020. Cooperation between governments and social media companies is critical in combating false or misleading information, and governments must provide more precise standards to avoid misinformation. Given this report, The European social media management market experienced positive growth in 2020 due to increased internet penetration.
According to a Business Standard article, the European Union's (EU) unemployment rate in December 2020 increased to 7.5% amid the COVID-19 pandemic. As per Statista, the number of monthly active social media users in European nations was 49.6 million in January 2021, with 49.6 million of them living in France and using social media to access online services. Russia has the highest number of social network members, accounting for 99 million, followed by Germany with 66 million social media users. During the pandemic, the majority of individuals spent more time on social media networks. As a result, these social media platforms have become ideal venues for companies to advertise and promote ideas, products, or services. Moreover, social media management systems and solutions are among the leading choices for raising a company's brand recognition, driving inbound traffic, improving customer happiness, and increasing conversion rates. Businesses are adopting social media platforms to operate successfully in the economy and build a social media presence to attract new prospective consumers, which is driving the adoption of social media management solutions among SMEs.
Before the COVID-19 pandemic, The global social media management market was valued at US$ 9481.1 million in 2019, whereas during the pandemic, it reached US$ 11463.7 million in 2020. Furthermore, in 2021, it was worth US$ 14123.2 million. Therefore, the overall impact of the COVID-19 pandemic on the global social media management market growth was positive in 2020.
Lucrative Regions for Social Media Management Providers
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Social Media Management Market Insights
Rising Reach of Social Media
According to the Digital 2022: Global Overview Report (DataReportal), in January 2022, a total of 4.62 billion people worldwide used social media (approximately 58.4% of the total population), and 424 million new users came online within the last 12 months.
Moreover, the same report states that the average daily time spent using social media is 2 hours and 27 minutes for a particular individual. Further, in January 2021, as per Digital 2021: Global Overview Report (DataReportal), the Philippines had the highest social media usage rate globally, and their internet use was 60% higher than the average at 11 hours a day. Overall, Asian countries spend more time on social media, and several Asian countries rank higher than the average worldwide time of 2 hours and 25 minutes, as per Digital 2021: Global Overview Report (DataReportal).
Social media are evolving from a way to communicate with friends to the ultimate channel for information, online shopping through social commerce, and business, news, and marketing. Also, due to the COVID-19 pandemic, consumer habits are changing with people using social media to connect, be entertained, find information, and shop. In addition, some industry verticals are experienced massive increases in traffic. Thus, widespread social media penetration is acting as a driving factor for the social media management market growth.
Component-Based Market Insights
Based on component, the market is classified into solutions and services. The solution segment led the social media management market with a larger share in 2021.
Social Media Management Market, by Component, 2021 and 2028 (%)
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Deployment Mode-Based Market Insights
Based on deployment mode, the social media management market is segmented into on-premise and cloud-based. The cloud-based segment led the market with a larger share in 2021.
Enterprise Size-Based Market Insights
Based on enterprise size, the social media management market is classified into small and medium enterprises (SMEs) and large enterprises. The large enterprises segment led the social media management market with a larger share in 2021.
Application-Based Market Insights
The social media management market analysis by application, the market is segmented into sales and marketing management, customer experience management, competitive intelligence, and risk management and fraud detection. The sales and marketing management segment accounted for the largest social media management market share in 2021.
Vertical-Based Market Insights
The social media management market analysis by vertical, the market is segmented into IT and telecom, BFSI, healthcare, media and entertainment, retail, and others. The BFSI segment accounted for the largest social media management market share in 2021.
The players operating in the social media management market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the social media management market. A few developments by key players are listed below:
- In May 2022, Adobe partnered with Meta to introduce a new 'Express Your Brand' training program, which is aimed to assist small company owners in generating more successful content and digital marketing strategies and maximizing their brand as part of the promotion of its new Adobe Express production suite.
- In April 2019, Centerbridge Partners, L.P., and IBM Corporation announced a definitive agreement under which funds advised by affiliates of Centerbridge will acquire IBM's marketing platform and commerce software offerings.
Company Profiles
- Adobe
- IBM Corporation
- Google LLC
- Oracle Corporation
- Salesforce.com, inc.
- HubSpot, Inc.
- Zoho Corporation Pvt. Ltd.
- Meltwater
- Brandwatch
- Sprout Social, Inc.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Deployment, Enterprise Size, Application, and Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global social media management market was valued at US$ 14123.2 Mn in 2021
The key driving factors impacting the social media management market are rising widespread penetration of social media and rising focus on market and competitive intelligence among others.
The key future trend impacting the social media management market are continuous improvement in internet technologies and rapid roll out of 5G.
The key players holding the major market share of social media management are Adobe; IBM Corporation; Google LLC; Oracle Corporation; and Salesforce.com, inc.
APAC is the fastest-growing regional market in the global Social Media management market in 2021.
US, UK, India, South Africa, and Brazil are the countries are registering a high growth rate during the forecast period.
The cloud-based segment led the social media management in 2021.
The List of Companies -Social Media Management Market
- Adobe
- IBM Corporation
- Google LLC
- Oracle Corporation
- Salesforce.com, inc.
- HubSpot, Inc.
- Zoho Corporation Pvt. Ltd.
- Meltwater
- Brandwatch
- Sprout Social, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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