Global Social Media Management Market to Reach $70.6 Billion by 2027: Players Include Adobe, IBM, Oracle, Cognizant and Hootsuite
Tuesday, April 25, 2023
DUBLIN, April 17, 2023 /PRNewswire/ -- The "Global Social Media Management Market Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
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The Global Social Media Management Market was valued at USD 16.2 bn in 2021, estimated to reach USD 70.6 bn in 2027, with a CAGR of 26.17%.
Companies Mentioned
-- Adobe Inc.
-- IBM
-- Salesforce.com Inc.
-- Oracle Corporation
-- Cognizant
-- Hootsuite
-- Sprout Social
-- Google Inc.
Social media management solutions assist in the analysis of unstructured social data. By successfully assessing the competition and customer behavior from social media platforms, businesses may use social media management systems to increase their market presence and achieve a competitive edge. Applications for social media management tools include engagement, CRM, publishing, advertising, monitoring, and real-time analytics.
Market Drivers
The need for companies to stay ahead of their competition, the increasing use of the internet, the widespread application of analytics, and the increase in social media users are significant factors driving the growth of the Social Media Management Markets.
To survive global competition, companies are looking for advanced technological solutions to maintain a competitive edge. Businesses are seeking to combine customer data with business, competitive, and demographic information to learn the subtleties of outperforming their rivals. Understanding customers and their behavior patterns is key to unlocking insights that can lead to successful business ideas.
For this reason, the use of advanced analytics is becoming more widespread. Moreover, the increasing use of the internet and social media sites are enabling companies to track customer behavior patterns. This is where social media management enters the picture. Huge volumes of client feedback regarding their brands and activities carried out by consumers on social networking sites can be retrieved by businesses, which can then use that information to plan their marketing and sales initiatives.
Market Restraints
Privacy concerns among users and the increasing cases of data breach activities are the main challenges to the growth of the social media management market. Many users are now rethinking their social network activities and the security of their personal information because of data breaches that have disturbed them. Social media users are concerned about businesses and advertisers viewing and using their posts on social media.
Key Developments
In May 2022, Hootsuite, a leading social media management company, announced its collaboration with the Content Marketing specialty within TikTok's Marketing Partner Program to enable marketers to promote their content on TikTok.
Market Segmentation
By Component
-- Solution
-- Service
By Deployment
-- On-Premises
-- Cloud
By Application
-- Sales and Marketing Management
-- Customer Experience Management
-- Competitive Intelligence
By Industry
-- BFSI
-- Retail and E-Commerce
-- Healthcare and Life Sciences
-- IT and Telecom
-- Media and Entertainment
-- Manufacturing
-- Others
By Size
-- Large Enterprises
-- SMEs
By Region
-- North America
-- Latin America
-- Europe
-- Asia Pacific
-- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/8kv7ne
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SOURCE Research and Markets
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