Why the Social Media Management Market is set to explode? Top Companies: IBM Corporation, Salesforce.com, Inc., Oracle Corporation, Cognizant, Adobe Inc., Hootsuite, Sprout Social, Google Inc., Sysomos, Sprinklr, Digimind, Clarabridge, Spreadfast, Falcon.
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/social-media-management-market-100638
Top Players Overview:
o IBM Corporation
o com Inc.
o Oracle Corporation
o Adobe Inc.
o Sprout Social
o Google Inc.
o Lithium Technologies
Popularity of Sprout Social App to Encourage Market Players to Come Up with Innovative Products
Various companies are adopting innovative strategies to stay ahead in the competition. They are investing in research and development to offer a better medium of social connection. For instance, a social medical management app namely, Sprout Social is developed in order to provide excellent customer service through social media and also provide indirect engagement opportunities. Such inventions are likely to bode well for the global social media management market.
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Adoption of Social Media Platforms in Multiple Industries to Boost Growth
Social media management software is gaining recognition not just for entertainment and communication purposes but among businesses as well. Various industries such as healthcare, telecom and IT, e-commerce, government and public sector, media and entertainment, BFSI, travel and hospitality, manufacturing, and others are investing in social media management as they focus on adopting newer technologies. This is a major factor boosting the global social media management market growth. The travel and tourism sector also relies on social media management for creating brand awareness, mobile ticketing, community safety applications, hospitality brand awareness, hotel searching and booking, real-time community networking, and other purposes. T
On the flipside, the market may get hampered by issues such as lack of common laws and standards to maintain social medial management for business, and compulsory compliance to certain stringent regulations. In addition to this, the lack of a single solution for managing diverse data sets incarcerated from social media platforms may also cause hindrance to the growth of the global market in the long run.
1. By Component
2. By Application
o Sales and Marketing Management
o Customer Experience Management
o Competitive Intelligence
o Risk Management and Fraud Detection
3. By Industry Vertical
o Banking, Financial Services, and Insurance
o Retail and E-commerce
o Government and Public Sector
o Healthcare and Life Sciences
o Telecom and IT
o Media and Entertainment
o Travel and Hospitality
4. By Deployment
5. By Geography
o North America (USA and Canada)
o Europe (UK, Germany, France, Scandinavia and Rest of Europe)
o Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)
o Latin America (Brazil, Mexico and Rest of Latin America)
o Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
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North America to Emerge Dominant with Largest Number of Social Media Users
North America exhibits the highest rate of adoption of social media management platform. This, coupled with the fact that North America has the largest number of social media platform users, is helping the market in the region stay dominant through the forecast period. With the tremendous growth of the digital world, about 4 billion people worldwide are estimated to become regular internet users. With the implementation of smartphone, the population of internet users is increasing by the day and the percentage of people buying smartphones is anticipated to increase by 30 to 35% towards the end of the year 2020. At present, YouTube and Facebook are the two most active social media platforms at a global level. These platforms are likely to boast 1 billion and 1.5 billion users, respectively in the near future. The market in Asia Pacific is also anticipated to grow exponentially on account of the cut-down prices of smartphones and increasing internet connectivity which allows people from to get access to internet and entertainment on their mobile phones. The percentage of internet usage by people is anticipated to increase by 40 % during the forecast period. Thus, the global social media management market in Asia Pacific is anticipated to register a comparatively higher rate of growth in the coming years.
Key Market Driver -
o Focus on enhancing customer experience, branding and spreading awareness
o Emergence of more direct and indirect interactions between customer, consumer and stakeholder
o Need to increase ROI on social media strategy
o Increasing daily active users on social media and high adoption of social media application platforms
Key Market Restraint -
o Government regulations and customer data breach issues restricts its growth
Key Industry Developments
o March 2020: Hootsuite along with Adobe Experience Platform announced its plan to unite social data with omni-channel Campaigns. This combination will carry insights from social action to Adobe's Real-Time Customer Profile, empowering Adobe clients to convey omni-channel for promoting activities that is expected to educate their clients' online behaviour
o May 2020: Insights utilizes Sprinklr's AI abilities called Sprinklr Intuition AI in order to naturally classify client remarks across over online life, audit locales (counting Amazon, Walmart, and Best Buy), and possessed information. For instance, surveys, focus groups and emails on product feedback related to design, packaging, performance or features.
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