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Increasing need for enhancing the customer experience through social media measurement to drive the global social media management market
MarketsandMarkets expects the global social media management market size 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 RoI on social media strategy, growing focus on the market and competitive intelligence, and need for social media measurement to enhance the customer experience.
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Medium organizations segment to grow at the highest CAGR during the forecast period
The medium organizations segment witnesses increasing digitalization. They have been majorly dependent on the proliferation of mobile devices, Internet of Things (IoT), and social media user growth, which demands the need for managing these digital assets. Medium 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 traction. It, in turn, has created the need for integrated social media management tools to share, collaborate, and manage enterprise content over social media for revenue generation.
Cloud deployment mode to grow at a higher CAGR during the forecast period
Rapid implementation, reduced setup, operational, and maintenance costs, and ease of use are major growth drivers for the cloud deployment mode in the social media management market. Although the cloud-based services help in saving costs, the initial value lies in the empowering business transformation. Pricing for the cloud-based solution may vary with the asset and storage requirements, number of users, add-ons, and Application Programming Interface (API) connectors required. The flexibility to customize solutions as per an organization’s dynamic requirements and scalability are major drivers for the adoption of the cloud deployment mode.
Asia Pacific (APAC) to record the highest growth rate during the forecast period
Growing cloud adoption and vendor expansion are expected to drive the APAC social media management market during the forecast period. The high rate of internet usage and increased adoption of smartphones in APAC facilitate companies to adopt advanced solutions and forge strong connections with a wide range of target audiences. In addition, APAC is witnessing an increasing demand for cloud-driven social media management solutions, resulting in increasing investments and technological advancements across the retail and eCommerce industry vertical.
In-depth interviews were conducted with the Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the social media management market.
- By Company – Tier 1 – 22%, Tier 2 – 30%, and Tier 3 – 48%
- By Designation – C-Level – 25%, Director Level – 30%, and Others – 45%
- By Region – North America – 12%, Europe – 42%, APAC – 26%, and RoW – 20%
Major vendors in the global social media management market 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 in-depth competitive analysis of these key players in the social media management market with their company profiles, recent developments, and key market strategies.
- The social media management market revenue is primarily classified into revenues from solutions, tools, and platforms.
- The revenue is associated with software and platform offerings associated with support and maintenance, training and education in addition to the consulting services.
- Other segmentation comprises application, deployment model, organization size, industry vertical, and region.
Key benefits of the report
- The report would help the market leaders/new entrants in the market with the information on the closest approximations of the revenue numbers for the overall social media management market and the subsegments.
- The report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with the information on the key market drivers, restraints, challenges, and opportunities.