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Global social media management market generated a sales revenue of US$ 13.18 billion in 2022 and is estimated to reach a valuation of US$ 125.15 billion by 2031 at a CAGR of 29.1% during the forecast period 2023–2031.
As the use of social media platforms has become increasingly popular, so has the demand for social media management market. Social media management is the process of planning, creating, and executing a social media strategy in order to increase brand awareness and drive traffic to a website or other online platform.
There are a number of reasons why the demand for social media management is growing. First, as more businesses turn to social media to reach their target audiences, they need someone to help them navigate the ever-changing landscape of social media. Second, social media platforms are constantly changing and evolving, which can make it difficult for businesses to keep up with the latest trends and best practices. Third, as the use of social media becomes more widespread, businesses are starting to realize that it takes more than just posting occasional updates to be successful on social media. It takes a strategic and well-thought-out approach to social media management in order to create a cohesive and effective presence on these platforms.
Key Dynamics of Social Media Management Market
High Advertising Cost and Regulatory Compliance Issues
High advertising cost is one of the key challenges in the global social media management market. Marketers or social media managers are facing problems in managing such bulk content and cutting through them to mark their presence to the right audience. Generally, social media advertising costs between $750–$2,700 a month. It is expected that the cost of ads can shoot up to 60% to 70% year-on-year. Additionally, social media management service provides often have to deal with regulatory compliance issues and data breaches cases. Incidences of data breaches can possibly ruin the trust between among customers and impede the growth of the market.
Based on Components, social media management market is fragmented into solution/functions and services. Among these, the solutions segment held around 78.2% revenue share in 2022 and is projected to grow at a higher CAGR during the forecast period. For better understanding, we have sub-segmented the solution segment into monitoring and analytic, social media listening, social media risk and compliance management, social media marketing, social media asset and content management. Wherein, the demand for social media marketing is rising swiftly mainly due to growing number of organizations using tools, tactics (customer engagement, brand marketing etc.), and approaches to reach out to target audiences by various social media channels. They also use social media platforms to engage with target audience to improve increase sales, website and traffic and brand awareness.
Deployment Mode Analysis
Based on deployment mode, the market is segmented into cloud and on-premises. The cloud segment is projected to continue leading the global social media management market at the highest CAGR.
The cloud has become an increasingly popular option for businesses looking to deploy social media management tools and services. There are a number of reasons for this trend, including the fact that cloud-based solutions are often more cost-effective and easier to scale than on-premise options. Additionally, the cloud provides organizations with greater flexibility in terms of how they deploy and use social media management tools.
One of the key benefits of using cloud-based social media management tools is that they can help organizations save money. Cloud-based solutions are typically more affordable than on-premise options, and they can be easily scaled up or down to meet changing needs. Additionally, the pay-as-you-go model of many cloud-based services means that organizations only pay for the resources they use, which can further reduce costs.
North America dominates the global social media management market, occupying roughly 43% share in the market in 2022. The region will continue to hold its dominance over other regions up till 2031. This mainly because some of the most popular social media companies like twitter, Facebook and Instagram are based in America and roughly 72% population in the region is active on such platforms in the US. Apart from this, North America is home to rapid technological innovations and adoption. However, Asia Pacific is projected to grow at the highest CAGR of 34.2% in line with the strong presence of local players operating in China, India, and ASEAN countries.
List of Key Companies Profiled:
Top Players in Social Media Management Market
Adobe, Hubspot, Sprinklr, HootSuite, Sprout Social are top 5 companies in the global social media management market occupying around 23.6% revenue share the market.
By Deployment Mode
By Organization Size
|Market Size Value in 2022||US$ 13.18 Billion|
|Expected Revenue in 2031||US$ 125.15 Billion|
|Unit||Value (USD Bn)|
|Segments covered||By Component, By Deployment Mode, By Organization Size, By Application, By End User, By Region|
|Key Companies||Adobe, HootSuite, Sprout Social, Buffer, Google, Hubspot, IBM, Netbase Quid, Oracle, Sprinklr, Later, Talkwalker, Other Prominent players|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
The Global Social Media Management Market was valued at US$ 13.18 Bn in 2022.
The market is projected to grow at a CAGR of 29.1% during 2023-2030.
Rising focus on the market and competitive intelligence and demand for enhanced customer experience with social media management.
High Advertising Cost And Regulatory Compliance.
The market is analyzed based on Component, Deployment Mode, Organization Size Application, End Users, and Country.
Increasing Brand Awareness and Reputation Management.
Large Enterprises held the highest segmental share in 2022.
Solution/Functions held the highest segmental share based on component.
Cloud based is the highest deployment type segment in 2022.
North America dominated the market in 2022.
The key players in the Global Social Media Management Market are Buffer, Netbase, Later, Sprout Social, HootSuite, Sprinklr, Hubspot, Adobe among others.