The size of the global market for social media management was estimated at USD 17.56 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 20.1% from 2023 to 2033 to reach USD 62.57 billion. The act of assembling and evaluating audiences to create marketing and influence plans that are customized for a particular audience or set of individuals is known as social media management. Social media management includes generating and disseminating material for social media platforms, keeping an eye on online interactions with clients and followers, interacting with influencers, providing volunteer labor, and tracking, evaluating, and reporting on social media ROI and performance.
The COVID-19 epidemic fueled the desire for work-from-home and remote working policies, which in turn drove the worldwide social media market’s expansion and increased demand for social media management systems. Furthermore, the market for social media management is expanding as a result of consumers’ increasing desire for quick and easily available information and entertainment. The social media management market prediction, however, may be hampered by issues with data privacy and sharing on social media management platforms. Conversely, over the projection period, the incorporation of cutting-edge techniques like data analytics and machine learning into social media management solution suites is anticipated to provide lucrative prospects for the growth of the social media management sector.
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Social Media Management Market Segmentation
By Component
- Software
- Services
Regional Scope
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Key Players
- Hootsuite Inc.
- Sprout Social Inc.
- Buffer Inc.
- HubSpot Inc.
- Zoho Corporation Pvt. Ltd.
- AgoraPulse
- Sprinklr Inc.
- Sendible Ltd.
- Falcon.io ApS
- MavSocial
- Loomly
- CoSchedule
- Oktopost
- Socialbakers
- SEMrush Inc.
Market Trend
Social media management is about to undergo a major upheaval thanks to the incorporation of Augmented Reality (AR) and Virtual Reality (VR) into social media platforms. Demand for all-inclusive social media marketing solutions that can successfully leverage AR and VR for improved user engagement and marketing is rising as a result of this innovation. Social media platforms use these tools to produce immersive content, such as live virtual reality events and virtual showrooms, as well as interactive filters and 3D advertisements.
This trend propels the production of analytics solutions that monitor interaction metrics for AR and VR as well as functionality for creating content specifically for these platforms. Furthermore, social media managers look for platforms that easily interface with AR/VR-capable networks so they can effectively manage campaigns across several platforms. Marketers and companies understand the need for flexible social media marketing and management solutions as the use of these technologies grows. By doing so, they can stay ahead of the curve in terms of audience engagement and creating memorable brand experiences.
Growth Driver
One of the main drivers of the worldwide adoption of the social media management market is anticipated to be the vigorous expansion of social media management. worldwide leaders are handling social media management systems to have a deeper understanding of their target audience, which will ultimately benefit the worldwide industry. Additionally, the productivity of these management apps has increased with the introduction of IoT technologies. Important producers of these apps are attempting to draw customers in tandem using appealing strategies and plans. In addition, the sector is expected to enjoy further expansion due to the rising emphasis on competitive intelligence and successful marketing tactics, as well as the growing need for social media management to enhance the customer experience. The enhanced capacity of these media management tools to support businesses in successfully engaging and effortlessly reaching their target audience is another factor propelling the global market. Furthermore, the trend of digitalized sales and marketing has been growing at an unprecedented rate in a few important nations, including the United States, the United Kingdom, France, India, China, South Korea, and Brazil.
Recent Development
- Leading participant in the social media management market Hootsuite announced in August 2020 that it was acquiring customer engagement provider Sparkcentral. Hootsuite will be able to increase the range of services it offers and give its clients additional methods for engaging with them thanks to this purchase.
- Facebook revealed plans to provide a new set of social media management tools in May 2020 to assist small companies in managing their online presence. The new features include message and comment management, automatic answer creation, and post-scheduling.
- Twitter announced the release of many new capabilities for social media management in September 2020. These features include the capacity to interact with team members on tweet drafts, save draft tweets, and schedule tweets ahead of time.
- The social media management company Sprout Social went public on the Nasdaq stock market in December 2020. Through its IPO, the business received $150 million, which it would utilize to build its platform and attract a wider audience.
Scope of the Report
The Social Media Management Market is examined in the past, present, and future in this study along with projections. The market estimations presented in the study are derived from a thorough research approach. Multiple research channels, including primary, secondary, and subject-related expert advice, are included in the research approach that is used. Based on the impact of numerous economic, social, and political aspects on the Seasonal Affective Disorder Market, as well as the current market dynamics, the market estimations are determined. The market data is further defined by a variety of laws, government expenditures, and advances in research and development. The market estimations take into account changes to the market that are both favorable and negative.
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