Social Media Management Market

Factors Driving Growth and Size in Social Media Management Market

The global social media management market is expected to grow at a compound annual growth rate (CAGR) of 24.2%, from an estimated USD 17.5 billion in 2022 to USD 51.8 billion by 2027 

Major drivers for the market include the rising need to focus on competitive intelligence, the growing need to drive search RoI for social media strategy, enhancement of customer experience with social media management, the shift of people toward the virtual realm due to COVID-19 and the increase in user engagement of social media using smartphones.

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The growth of the Social Media Management market is influenced by several key factors that drive adoption and expansion within the industry:

  • Rise of Social Media Platforms
  • Increasing Digital Advertising Spend
  • Demand for Data Analytics
  • Influence of Influencer Marketing
  • Shift Towards Video Content
  • Rising Importance of Customer Engagement
  • Integration with Customer Relationship Management (CRM) Systems
  • Advancements in AI and Automation

Rise of Social Media Platforms:

The continuous growth and popularity of social media platforms like Facebook, Instagram, Twitter, LinkedIn, TikTok, and others create a demand for tools and solutions to manage and optimize social media presence.

Increasing Digital Advertising Spend:

Businesses are allocating larger portions of their marketing budgets to digital advertising, including social media advertising. Social media management tools facilitate targeted advertising campaigns, driving their adoption.

Demand for Data Analytics:

Tools that offer robust analytics capabilities to measure social media performance, track key metrics, and analyze audience behavior are in high demand. Data-driven decision-making is crucial for optimizing social media strategies.

Influence of Influencer Marketing:

The effectiveness of influencer marketing in reaching and engaging target audiences has led to a surge in demand for social media management tools that facilitate influencer identification, relationship management, and campaign tracking.

Shift Towards Video Content:

The increasing consumption of video content on social media platforms has prompted businesses to focus on video marketing strategies. Social media management tools that support video content creation, scheduling, and analytics are essential.

Rising Importance of Customer Engagement:

Effective social media management tools help businesses enhance customer engagement through timely responses, community management, and interactive content. Engaging with customers on social media platforms builds brand loyalty and advocacy.

Integration with Customer Relationship Management (CRM) Systems:

Integration between social media management tools and CRM systems enables businesses to streamline customer interactions across channels. This integration enhances customer relationship management and improves overall customer experience.

Advancements in AI and Automation:

AI-powered features such as chatbots, sentiment analysis, automated content scheduling, and personalized recommendations are increasingly integrated into social media management tools. Automation improves efficiency and scalability of social media operations.

Social Media Management Market Share - Global Industry Landscape

Here's a concise overview of the market share and key offerings for each company in the Social Media Management market:

  • Adobe
  • IBM
  • Google
  • Oracle
  • Salesforce
  • Sprout Social
  • Hootsuite
  • Meltwater
  • Sprinklr
  • Digimind
  • HubSpot

Adobe (US):

  • Market Share: Adobe offers robust tools through its Experience Cloud, contributing significantly to the social media management market.
  • Key Offerings: Adobe Experience Manager provides content management capabilities for social media, while Adobe Analytics offers advanced insights into social media performance.

IBM (US):

  • Market Share: IBM focuses on enterprise-level social media management solutions, leveraging its strong position in the IT services industry.
  • Key Offerings: IBM Watson Marketing offers AI-powered analytics and automation tools for social media, enhancing customer engagement and marketing effectiveness.

Google (US):

  • Market Share: Google integrates social media management functionalities into its Google Marketing Platform, benefiting from its vast user base and technological prowess.
  • Key Offerings: Google Analytics helps businesses track social media performance, while Google Ads provides powerful advertising solutions across social platforms.

Oracle (US):

  • Market Share: Oracle Social Cloud is a major player in the social media management market, serving large enterprises with comprehensive tools.
  • Key Offerings: Oracle Social Cloud offers social listening, analytics, and engagement tools, integrated with Oracle's broader suite of marketing and CRM solutions.

Salesforce (US):

  • Market Share: Salesforce Marketing Cloud includes social media management as part of its integrated marketing solutions, catering to businesses of all sizes.
  • Key Offerings: Salesforce Social Studio allows businesses to manage social media content, engagement, and analytics, integrated with Salesforce CRM for holistic customer management.

Sprout Social (US):

  • Market Share: Sprout Social focuses on providing intuitive social media management solutions tailored for small to medium-sized businesses.
  • Key Offerings: Sprout Social offers tools for scheduling posts, monitoring social media engagement, and analyzing performance, with emphasis on customer service and engagement.

Hootsuite (Canada):

  • Market Share: Hootsuite is a prominent player offering social media management solutions globally, known for its comprehensive platform and user-friendly interface.
  • Key Offerings: Hootsuite allows businesses to schedule posts, manage multiple social media accounts, monitor conversations, and analyze social media performance.

Meltwater (US):

  • Market Share: Meltwater specializes in social media monitoring and analytics, serving businesses across various industries globally.
  • Key Offerings: Meltwater offers tools for media monitoring, social listening, sentiment analysis, and competitive intelligence, helping businesses make informed decisions based on social media insights.

Sprinklr (US):

  • Market Share: Sprinklr is a leading enterprise-level social media management platform, known for its comprehensive suite of social media management and customer experience solutions.
  • Key Offerings: Sprinklr provides tools for social media listening, publishing, advertising, customer care, and analytics across multiple channels, catering to large enterprises.

Digimind (France):

  • Market Share: Digimind offers social media listening and competitive intelligence solutions, focusing on global market insights and analytics.
  • Key Offerings: Digimind Social provides tools for monitoring brand mentions, tracking social media trends, analyzing sentiment, and benchmarking performance against competitors.

HubSpot (US):

  • Market Share: HubSpot integrates social media management into its inbound marketing and CRM platform, catering primarily to small and medium-sized businesses.
  • Key Offerings: HubSpot Marketing Hub includes social media tools for publishing content, monitoring conversations, and analyzing performance, aligned with inbound marketing strategies.

These companies vary in their market focus, from enterprise-level solutions to tools tailored for small businesses, offering a wide range of functionalities including social media listening, publishing, analytics, and customer engagement.

Related Reports:

Social Media Management Market by Component (Solutions, Services), Deployment Mode, Organization Size, Application (Competitive Intelligence, Sales and Marketing Management), Vertical (BFSI, Retail and Consumer Goods) & Region - Global Forecast to 2027

Social Media Management Market Size,  Share & Growth Report
Report Code
TC 6916
RI Published ON
6/18/2023
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