Social Media Management Market Size & Share, Business Opportunities, Regional Demand, Revenue and Key Manufacturers Forecast to 2028, The Insight Partners

The social media management market is expected to grow from US$ 17,315.0 million in 2022 to US$ 63,747.4 million by 2028; it is estimated to grow at a CAGR of 24.3% during 2022-2028. The use of social media management is increasingly adopted by small and medium enterprises (SMEs) due to the growing number of SMEs and shifting focus toward online marketing, such as social media marketing. Interacting with consumers on social media is an important marketing strategy for small businesses. Using social media helps a company build brand awareness, increase the company's customer base, and connect with current customers.

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The social media management market analysis by component, the market is classified into solutions and services. The market analysis by deployment, the market is bifurcated into cloud-based and on-premises. Based on enterprise size, the market is segmented into SMEs and large enterprises. Based on application, the social media management market is segmented into sales and marketing management, customer experience management, competitive intelligence, and risk management and fraud detection. Based on vertical, the market is segmented into BFSI, retail, healthcare, IT and telecommunications, media and entertainment, and others. Based on geography, the global market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

The Key Players In The Global Social Media Management Market Are:

•Adobe
•IBM Corporation
•Google LLC
•Oracle Corporation
•Salesforce.com, inc.
•HubSpot, Inc.
•Zoho Corporation Pvt. Ltd.
•Meltwater
•Brandwatch
•Sprout Social, Inc.

Impact of COVID-19 Pandemic on Europe Social Media Management Market

The European Commission released a Joint Communication detailing the EU's plans to combat the infodemic that resulted from the emergence of the COVID-19 pandemic in 2020. Cooperation between governments and social media companies is critical in combating false or misleading information, and governments must provide more precise standards to avoid misinformation. Given this report, The European social media management market experienced positive growth in 2020 due to increased internet penetration.

According to a Business Standard article, the European Union's (EU) unemployment rate in December 2020 increased to 7.5% amid the COVID-19 pandemic. As per Statista, the number of monthly active social media users in European nations was 49.6 million in January 2021, with 49.6 million of them living in France and using social media to access online services. Russia has the highest number of social network members, accounting for 99 million, followed by Germany with 66 million social media users. During the pandemic, the majority of individuals spent more time on social media networks. As a result, these social media platforms have become ideal venues for companies to advertise and promote ideas, products, or services. Moreover, social media management systems and solutions are among the leading choices for raising a company's brand recognition, driving inbound traffic, improving customer happiness, and increasing conversion rates. Businesses are adopting social media platforms to operate successfully in the economy and build a social media presence to attract new prospective consumers, which is driving the adoption of social media management solutions among SMEs.

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The Segments and Sub-Section of Social Media Management Market are shown below:

By Component (Solution and Service)

By Deployment (On-Premise and Cloud based),

By Application (Sales and Marketing Management, Customer Experience Management, Competitive Intelligence, and Risk Management and Fraud Detection), and Vertical (IT and Telecom, BFSI, Healthcare, Media and Entertainment, Retail, and Others)

Social media management includes tracking customer activity on social media, which helps an organization plan strategy and gain insights. In addition, it allows companies to track competitors' actions. Further, social media management platforms help users with various information about social media users, including their perceptions, expectations, and needs.

Handling and managing social media also include engaging and interacting with social media users. Social media management functions as a platform for interacting with a target audience and spreading content across social media channels, such as Instagram, Facebook, LinkedIn, YouTube, and Pinterest. Over the next few years, social media management will offer new opportunities for companies to increase their reach and visibility.

Factors, such as an increase in focus on the competitive intelligence, rising need for search return on investment (ROI) for social media strategy, enhancement of customer experience with social media management, and increase in user engagement on social media using smartphones are propelling the market. However, the regulatory and compliance constraints and complexities in the management workflow are restraining the social media management market growth.

According to the Regional Segmentation the Events Market provides the Information covers following regions:

•North America
•South America
•Asia & Pacific
•Europe
•MEA (Middle East and Africa)

Answers that the report acknowledges:

•Market size and growth rate during forecast period.
•Key factors driving the Social Media Management Market.
•Key market trends cracking up the growth of the Social Media Management Market.
•Challenges to market growth.
•Key vendors of Social Media Management Market.
•Detailed SWOT analysis.
•Opportunities and threats faces by the existing vendors in Global Social Media Management Market.
•Trending factors influencing the market in the geographical regions.
•Strategic initiatives focusing the leading vendors.
•PEST analysis of the market in the five major regions.

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