The global social media management market is estimated to witness massive growth in forecast period, owing to rising penetration of social media applications across the globe. The Asia-Pacific region is anticipated to witness fastest growth by 2028.
NEW YORK, Nov. 10, 2021 /PRNewswire/ -- Research Dive in its latest published report estimates that the global social media management market will generate $18,197.8 million and exhibit a CAGR of 21.2% from 2021 to 2028.
The usage of internet-enabled tablets and mobile phones is rising, and the user base on social media platforms are ever-increasing at a rapid pace. Besides, the penetration of social media applications is increasing across the globe. These factors are predicted to accelerate the growth of the global social media management market during the forecast period. Moreover, the increasing volume of data across various industries and its utilization in effective way is likely to create huge growth opportunities for the market by 2028. However, privacy leaks and data manipulation, which is forcing several industries to reconsider their social network interactions and personal information security are factors expected to hamper the market growth during the estimated timeframe.
Impact of COVID-19 Pandemic on the Social Media Management Market
The COVID-19 pandemic has progressively impacted the global social media management market growth. The increase in the social media management market size and share is mainly due to the increased usage of social media platforms among consumers worldwide. This is owing to the volume of data generated via social media platforms, growing adoption rates of social media management software, and the increase in cloud adoption trends among small and medium enterprises during the pandemic period.
The research report segments the global social media management market into type, enterprise size, end-use, and region.
Based on type, the engagement sub-segment is expected to hold the majority of market share and garner a revenue of $5,998.5 million during the forecast period. This is mainly due to the growing adoption of social engagement tools such as social monitoring & alerts, social CRM, customer service tools, and automation tools. In addition, the growing demand for social CRM tools to monitor as well as engage with social media influencers is expected to drive the sub-segment's growth by 2028.
Based on enterprise size, the small & medium enterprise sub-segment is expected to witness fastest growth and register a revenue of $5,172.6 million by 2028. This is mainly because social networks have become essential for SMEs for its marketing strategy to help the brand positioning and service or product differentiation. Besides, the increasing utility of social CRM tools and social media analytics is likely to boost the sb-segment's growth in the forecast period.
Based on end-use, the healthcare sub-segment is projected to grow at a significant rate and generate a revenue of $2,607.3 million by 2028. This growth is majorly because social media platforms allow hospitals as well as healthcare facilities to connect with prospective patients one-on-one, and also offers valuable information to help them in best decision making for their health.
Based on region, the Asia-Pacific market for social media management is expected to surpass $5,603.7 million and experience fastest growth during the forecast period. The increasing smartphone & internet penetration and advancements in big data and AI technologies in the region are major factors projected to accelerate the regional market growth in the coming years. Besides, the increasing volume of data and the growing desire of valuable insights among businesses in the region are other factors expected to fuel the demand for social media management in the Asia-Pacific region.
These players are focusing on product launches, technological advancements, and strategic collaborations to gain a competitive in the global market.
For instance, in November 2020, Ayrshare, the leading providee of the core infrastructure for social media management, posting, and analytics, announced the launch of the Ayrshare API or Application Programming Interface, to automate social media posting. The new API addresses the increasing needs of platforms and companies that programmatically post content to numerous social media networks.
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.