Social Media Management Market Research, 2031
The global social media management market size was valued at $15.24 billion in 2021, and is projected to reach $118.03 billion by 2031, growing at a CAGR of 22.8% from 2022 to 2031.
Social media management is the process of gathering and analyzing audiences and formulating marketing and influencing strategies that are tailored to a specific group of people or audience. Creating and distributing online content for social networks, monitoring online conversations with customers and followers, engaging with influencers, offering community service, and monitoring, measuring, and reporting on social media performance and ROI are all part of social media management.
The rise in demand for work from home and remote working policies during the period of the COVID-19 pandemic aided in propelling the growth of the global social media market, hence empowering the demand for social media management solutions. Moreover, the growing demand for easily accessible and shorter forms of entertainment and media is positively impacting the growth of the social media management market. However, data privacy and sharing challenges on social media management platforms can hamper the social media management market forecast. On the contrary, the integration of advanced tools such as machine learning and data analytics with social media management solutions suites are expected to offer remunerative opportunities for expansion of the social media management industry during the forecast period.
The social media management market is segmented into Component, Deployment Model, Enterprise Size, Application and Industry Vertical.
The social media management market is segmented on the basis of component, deployment mode, enterprise size, application, industry vertical, and region. On the basis of component, the industry is divided into solution and service. Depending on deployment mode, the market is classified into on premise and cloud. Based on enterprise size, the market is bifurcated into large enterprises and SMEs. On the basis of application, the industry is segmented into sales and marketing management, customer experience management, competitive intelligence, risk management and fraud detection, and others. The industry vertical covered in the study include BFSI, retail and e-commerce, government and public sector, healthcare and life science, IT and telecom, media and entertainment, manufacturing, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the social media management market analysis are 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. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Depending on industry vertical, the BFSI segment dominated the social media management market share in 2021, and is expected to continue this trend during the forecast period owing to the growing influence of social media platforms on people’s financial expenditure, incentivizing major businesses of the sector to invest in effective social media management solutions for their organization. However, the media and entertainment segment is expected to witness the highest growth in the upcoming years, owing to rise in popularity of digital entertainment opportunities on social media platforms.
Region wise, the social media management market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its high concentration of social media management solutions vendors such as Google Inc. (Alphabet Inc.), IBM Corporation, and Salesforce, Inc., which is expected to drive the market for social media management technology within the region during the forecast period. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rapid economic and technological developments in the region, which is expected to fuel the growth of social media management solutions in the region in the coming few years.
The report focuses on growth prospects, restraints, and analysis of the global social media management market trend. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the global social media management market share.
COVID-19 Impact Analysis
The social media management market has witnessed stable growth during the COVID-19 pandemic, owing to the dramatically increased screen time and online presence of people during the period of COVID-19-induced lockdowns and social distancing policies. For instance, according to a report published by Press Trust of India, in December 2020, the average usage of smartphones by Indians is estimated to have gone up 25% to almost 7 hours a day as people depend on these gadgets for work/study from home and entertainment amid the pandemic. Similar trends were being noticed all across the world, which supported the growth of the global social media software market during the period. Moreover, the lack of social interaction and activities during the social distancing phase of the pandemic further fueled the dependence on social media software solutions during the period, aiding in the social media management market growth.
Top Impacting Factors
Growing Penetration of Social Media Platforms
Social media has become a critical part of people’s everyday life in modern society. From teenagers to senior citizens, people are depending on online social media platforms for their daily dose of social interactions, news, and likes/dislikes, among others. Hence, social media today has become the biggest platform for businesses and brands to interact with their customers, further aiding in the development of such platforms. For instance, according to data published by Facebook, it had 1,562 million active users daily, as of the first quarter of 2019, which grew to over 1,960 million by the first quarter of 2022. In addition, Twitter stated that 500 million Tweets are sent each day and 9% more people are using Twitter every day, reinstating the growing penetration of social media networks at a global level.
Expansion Opportunities for Businesses
Social media has changed the way people communicate. Whether it’s Twitter, Instagram, Facebook, or a host of other apps, it has given everyone a simple and immediate way to connect and share life events, thoughts, joys, and information with friends, family, and other like-minded people across the globe. This has enabled social media to become a powerful tool to communicate to the outside world, and businesses are utilizing it to capture new audiences. For instance, many brands in the fast-food industry are embracing social media to stay relevant, and top of the mind among consumers, particularly the typically hard-to-impress Gen Z. Since late 2017, American fast-food chain, Wendy's started an atypical social media marketing campaign, involving snarky comments and sarcastic replies to other competitors. This campaign allowed Wendy’s to be relevant in the highly competitive American fast-food market, with a following of 4 million on Twitter. Such reach of social media is promising great opportunities for the social media management solutions market in the coming few years.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the social media management market analysis from 2021 to 2031 to identify the prevailing social media management market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the social media management market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global social media management market trends, key players, market segments, application areas, and market growth strategies.
Social Media Management Market Report Highlights
By Deployment Model
By Enterprise Size
By Industry Vertical
Key Market Players
Oracle Corporation, HubSpot, Inc., Sprinklr, Inc., Meltwater, Falcon.io, Hootsuite Inc., Zoho Corporation Pvt. Ltd., Adobe, Google, Khoros, LLC, Salesforece Inc., Clarabridge, BrandWatch Technologies Ltd, Talkwalker Inc., Sprout Social Inc., Digimind, NetBase Quid, Inc., IBM Corporation
Demand for social media management platforms has been on a rise for the past few years and the market is expected to continue this trend in the coming years as well, owing to the growing popularity of social media platforms and digital content (shared through social media sites) that can help provide an immersive and engaging social experience, without having the user to leave the confines of his / her home. In addition, growing digital and internet penetration in many regions of the world are promising new opportunities for the growth of the social media and social media management markets.
Key providers of the social media management market such as Google Inc. (Alphabet Inc.), IBM Corporation, and Salesforce, Inc. account for a significant share of the market. With larger requirements for social media management tools and services, various companies are establishing partnerships to increase their social media management capabilities. For instance, in June 2022, Salesforce, Inc. announced a collaboration with the UK big four supermarket, Asda. Under this collaboration, Asda will deploy Salesforce technology to give a 360-degree view of its customers, providing personalized and tailored experiences that is expected to revolutionize the consumer grocery experience.
In addition, with the increase in demand for social media management, various companies are expanding their current product portfolio with increasing diversification among customers. For instance, in October 2021, Martenly announced the launch of their Marternly social media management suite under the same name. Martenly is an all-in-one social media management tool that can help businesses to grow their audiences and reach.
Moreover, market players are expanding their business operations and customers by increasing their acquisitions. For instance, in March 2021, Traject announced the acquisition of Sendible, a market-leading social media management platform that empowers agencies and marketers to collaborate and manage multiple brands easily so they can dedicate more time to creating authentic stories and building stronger brands. With the acquisition of Sendible, Traject plans to expand its offerings portfolio.