CHICAGO, Aug. 3, 2021 /PRNewswire/ -- According to a research report "Social Media Management Market by Component (Solutions (Social Media Marketing, Social Media Asset and Content Management), Services), Deployment Mode, Organization Size, Application, (Sales and Marketing), Vertical - Global Forecast to 2026", published by MarketsandMarkets™, the Social Media Management Market size is projected to grow from USD 14.4 billion in 2021 to USD 41.6 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 23.6% during the forecast period.
The major factors driving the growth of the Social Media Management Market include the Increase in focus on the market and competitive intelligence, increase in need for search ROI for social media strategy, Enhancement of customer experience with social media management, increase in user engagement of social media using smartphones.
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Based on solutions, risk and compliance management solutions segment to grow at a higher CAGR during the forecast period
Social media has become a powerful tool for businesses to use in connecting with their customers. The medium has certainly made major corporations more accessible to the consumer. But with this ease of accessibility comes risk in many forms. Risk and compliance management incorporates platforms and solutions to maintain the integrity and security of content published on social media and sensitive information, including customer data and company contact.
Based on deployment mode, on-premises expected to hold a small part of market size as compare to cloud during the forecast period
On-premises social media management solutions are hosted in the client environment, where the social media management solution is hosted by customers on their own IT infrastructure. In this deployment mode, the customer side manages the supporting IT infrastructure, security patches, maintenance, updates, and monitors physical or virtual servers for data storage. Social media management vendors or their partners work together with the client to install and configure the solution in the client's IT environment. On-premises social media management is offered through license/annual subscription where a client pays a fixed annual fee, including maintenance.
Based on organization size, small organizations is expected to hold the second-highest CAGR in the Social Media Management Market during the forecast period
In the Social Media Management Market study, organizations with revenue less than USD 10 million are referred to as Small Enterprises. These organizations contribute a significant share in the global Social Media Management Market. Their revenue share is expected to grow at a high rate during the forecast period. Small Enterprises serve niche markets; with their limited resources, they continue to struggle to reach a global audience and expand their customer base. Social media provides an effective solution for Small Enterprises forming a crucial part of their marketing and customer engagement strategy, enabling them to reach a global audience easily and cost-effectively. It leads to high demand for social media management solutions in the small enterprises segment. Moreover, the rising number of Small Enterprises, especially in the high growth markets, such as APAC and the Middle East, attribute to the high growth rate of the small enterprises segment in the market.
Based on application, sales and marketing management is expected to hold the highest market size during the forecast period
The sales and marketing management segment in the Social Media Management Market encompasses various activities that marketers and sales executives take to directly engage their target audience across different social media platforms. For example, sales executives can use social media management solutions (such as analytics and listening and monitoring) to analyze which social media channel generates the most sales lead, what the targeted audience is most interested in, and how the content of their interest is relevant to their enterprises. Social media analytics software gets information from various social networking streams, such as Facebook, Twitter, and blogs. The information can be used to improve social media marketing campaigns and sales.
Based on vertical, Travel and Hospitality segment is expected to grow at a higher CAGR in Social Media Management Market during the forecast period
The competition in the travel and hospitality industry vertical is stiff. To stay ahead of the competition, vendors utilize social media management tools to identify new prospects and offer quality services to retain their existing customers. The social media management and analytics tools translate the customer conversations on social networks into actionable insights that illustrate the trends and passions of customers in travel and hospitality brands. Analytics can help maximize the value of services in hospitality by balancing the spending in marketing and sales and staffing.
North America to hold the highest market size during the forecast period
North America is projected to account for the largest market size among other regions in the Social Media Management Market, and the trend is projected to continue until 2026. The presence of a growing tech-savvy population, high internet penetration, and better connectivity has resulted in an enormous usage of social media platforms. Such large-scale data generation, through social media platforms, has offered an opportunity to the enterprises to gather meaningful insights about brand performance, product influence, product innovation, and campaign performance. The majority of the customers in North America have been leveraging social media management for business activities that include, but are not limited to, campaign management, branding, marketing and advertising, and customer perception analysis. The rising popularity and higher reach of social media apps are further empowering SMEs and startups in the region to harness digital media as a cost-effective tool for building and promoting business, growing consumer base, and reaching out to a wider audience without substantial investment into sales and marketing channels.
Major vendors operating in the Social Media Management Market include Adobe (US), IBM (US), Google (US), Oracle (US), Salesforce (US), Sprout Social (US), Hootsuite (Canada), Meltwater (US), Sprinklr (US), Digimind (France), HubSpot (US), Clarabridge (US), Khoros (US), Falcon.io (Denmark), Zoho Corporation (India), NetBase (US), Brandwatch (UK), Talkwalker (Europe), Buffer (US), Agorapulse (France), Sendible (UK), MavSocial (US), Socialbakers (Czech Republic), Synthesio (US), and eClincher (US).
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