DUBAI, UAE, Feb. 2, 2024 /PRNewswire/ — As per the recent report published by Kings Research, the global Social Media Management Market size was recorded at USD 16.54 billion in 2022 and is estimated to grow to USD 54.63 billion by 2030, registering a healthy CAGR of 18.60% over the forecast period of 2023-2030. The growing number of social networking sites and the increasing need for companies to effectively manage their online presence are key factors driving the demand for social media management solutions. Besides, integrating advanced technologies such as AI, machine learning (ML), and natural language processing into social media management tools is expected to generate significant growth opportunities for the market in the coming years.
Social media management encompasses the various tasks involved in effectively handling and optimizing content across different social media platforms like Facebook, Twitter, Instagram, and LinkedIn. It includes planning, scheduling, and evaluating content, as well as actively interacting with the audience. It is crucial for businesses, organizations, and individuals seeking to enhance their online visibility and engage with their target audience. Effective social media management contributes to building brand recognition, driving website traffic, generating potential leads, and ultimately increasing sales. Moreover, it can also be utilized for customer support, maintaining reputation, and handling crises.
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Trending Now: Keywords Expands into Social and Online Marketing with Acquisition of Digital Media Management
In March 2023, Keywords Studios, a prominent creative services firm specializing in games and entertainment, acquired Digital Media Management (DMM), a comprehensive digital marketing agency based in Los Angeles. DMM not only features a full-scale digital marketing agency but also encompasses a production studio and the tech platform Creator Lab, which is designed to cater to influencers.
With its headquarters in London, Keywords Studios is renowned for offering outsourcing services to the gaming industry. The integration of DMM was to be within its Engage division, further enhancing Keywords Studios’ portfolio and capabilities.
Competitive Landscape
A number of companies operating in the global social media management market are forming alliances to grow their customer base. For instance, in April 2022, Digimind, a well-known company specializing in social listening and market intelligence software, entered into a strategic partnership with Facelift, a renowned provider of social media management tools. This collaboration aimed to provide a unified platform for effectively managing different social networks and monitoring the key factors that impact brand reputation.
Leading businesses operating in the global social media management market include:
- Sprout Social, Inc.
- Adobe
- Talkwalker
- Brandwatch
- NetBase Quid, Inc.
- Sprinklr, Inc.
- Zoho Corporation Pvt. Ltd.
- Cision US Inc.
- Digimind
- Intuit
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The global Social Media Management Market is segmented as:
By Component
- Solution
- Services
Availability of a Wide Range of Social Media Management Solutions to Fuel Market Progress
On the basis of component, the solution segment led the global social media management market in 2022. There are various social media management options accessible in the market, such as HubSpot, Buffer, Sprout Social, Hootsuite, Agorapulse, and Zoho Social, among others. These solutions aid businesses in efficiently handling their social media presence by offering a wide range of capabilities, including scheduling, publishing, monitoring, reporting, and analytics.
These tools enable businesses to streamline their social media activities and effectively engage with their audience. Additionally, social media management solutions empower businesses to track their performance and utilize data-driven insights to enhance their social media strategy.
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By Deployment
- Cloud-based
- On-premise
Rising Integration of Cloud-based Solutions to Drive Social Media Management Market Growth
Based on deployment, the cloud-based segment accounted for the largest share of the global market in 2022. The increasing popularity of cloud-based solutions is driving the demand for social media management services. Businesses are embracing Software-as-a-Service (SaaS) platforms offered by vendors to simplify their social media activities. This trend has led to a rise in the adoption of cloud-based solutions for social media management tasks.
The use of cloud computing has grown significantly in recent years as more companies choose to forgo the expenses of purchasing, operating, and maintaining their own IT infrastructure in favor of pay-per-use cloud infrastructure. With major players in the media monitoring tools market aiming to introduce cutting-edge social listening systems that leverage cloud-based solutions, the trend toward cloud-based solutions is predicted to continue.
Surging Demand for Solutions to Manage Social Media Networks to Drive Market Expansion
The widespread implementation of work-from-home and remote work policies due to the COVID-19 pandemic has supported the growth of the global social media market. This, in turn, has resulted in a higher demand for solutions to manage social media. Another factor contributing to the growth of the social media management market is the increasing need for easily accessible and shorter forms of entertainment and media. These trends highlight a considerable opportunity for businesses to utilize social media management solutions to extend their reach and effectively connect with their target audience.
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North America to Lead Market Due to Considerable Rise in Social Media User Base
North America emerged as the leading market for social media management in 2022 due to its swift acceptance and substantial increase in the domestic social media user base. The region is foreseen to experience a considerable upsurge in advertising spending on digital and social media platforms, with an estimated growth of 30 to 35% by 2025.
The most popular social media sites in the world are Facebook and YouTube, with user bases of over 1.5 billion and 1 billion, respectively. These emerging trends emphasize the vast opportunities for companies to utilize social media platforms as a means of expanding their target audience and boosting their financial growth. Businesses in North America must prioritize their management approaches for social media in order to maximize the benefits of the increasing popularity of these platforms in the region, which further contributes to the overall industry landscape.
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Key Points from TOC:
1 Introduction of The Global Social Media Management Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Social Media Management Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Social Media Management Market, By Component
7 Global Social Media Management Market, By Deployment
8 Global Social Media Management Market, By Application
9 Global Social Media Management Market, By Vertical
10 Global Social Media Management Market, By Geography
11 North America
12 Europe
13 Asia Pacific
14 Middle East & Africa
15 Latin America
16 Global Social Media Management Market Competitive Landscape
16.1 Overview
16.2 Key Developments
16.3 Key Strategic Developments
16.4 Company Market Ranking
16.5 Regional Footprint
16.6 Industry Footprint
17 Company Profiles
17.1 Sprout Social, Inc.
17.1.1 Key Facts
17.1.2 Financial Overview
17.1.3 Product Benchmarking
17.1.4 Recent Developments
17.1.5 Winning Imperatives
17.1.6 Current Focus & Strategies
17.1.7 Threat from competition
17.1.8 SWOT Analysis
17.2 Adobe
17.2.1 Key Facts
17.2.2 Financial Overview
17.2.3 Product Benchmarking
17.2.4 Recent Developments
17.2.5 Winning Imperatives
17.2.6 Current Focus & Strategies
17.2.7 Threat from competition
17.2.8 SWOT Analysis
17.3 Talkwalker
17.3.1 Key Facts
17.3.2 Financial Overview
17.3.3 Product Benchmarking
17.3.4 Recent Developments
17.3.5 Winning Imperatives
17.3.6 Current Focus & Strategies
17.3.7 Threat from competition
17.3.8 SWOT Analysis
17.4 Brandwatch
17.4.1 Key Facts
17.4.2 Financial Overview
17.4.3 Product Benchmarking
17.4.4 Recent Developments
17.4.5 Winning Imperatives
17.4.6 Current Focus & Strategies
17.4.7 Threat from competition
17.4.8 SWOT Analysis
17.5 NetBase Quid, Inc.
17.5.1 Key Facts
17.5.2 Financial Overview
17.5.3 Product Benchmarking
17.5.4 Recent Developments
17.5.5 Winning Imperatives
17.5.6 Current Focus & Strategies
17.5.7 Threat from competition
17.5.8 SWOT Analysis
Continued……
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