The global social media management market size is expected to reach USD 62.65 billion by 2028 according to a new study by Polaris Market Research. The report “Social Media Management Market Share, Size, Trends, Industry Analysis Report, By Component (Solution, Services); By Deployment Mode; By Application; By Vertical; By Region; Segment Forecast, 2021–2028” gives a detailed insight into current industry dynamics and provides analysis on future market growth.
Major factors responsible for the industry growth include the surging need for search ROI for social media strategy, improvement of customer experience with these platforms, and rise in user engagement of online media utilizing smartphones. Companies make effective use of these solutions as it helps analyze the competition and consumer behavior. Besides, these solutions often have various other applications, such as customer engagement, CRM, advertisement, monitoring, publishing, and real-time analytics, contributing substantially to growth.
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Based on the deployment type segment, the cloud segment is expected to witness considerable CAGR in the global industry during the foreseen period. This is due to the extensive adoption of cloud-based solutions. Whereas, on-premise segment holds the largest share, owing to improved security and reduced cost of ownership in comparison to the cloud system.
Major participants such as Adobe, Agorapulse, Brandwatch, Buffer, Clarabridge, Digimind, Eclincher, Falcon.io, Google, Hootsuite, HubSpot, IBM, Khoros, Mavsocial, Meltwater, NetBase, Oracle Corporation, Salesforce, Sendible, Sprinklr, Synthesio, Talkwalker, Zoho are some of the key players operating in the global industry.
Several market vendors are often backing to opt for varied marketing strategies to expand their business operations globally. For instance, in August 2021, Aramex entered into a partnership with Salesforce to digitize former’s customer services. The partnership is mainly focused on the innovation for logistics solutions during the pandemic and gains insights into the evolving needs of customers. Such initiatives drastically contribute towards the higher growth of the global industry.
Polaris Market Research has segmented the social media management market report on the basis of component, deployment, application, vertical, and region:
Social Media Management, Component Outlook (Revenue – USD Billion, 2016 – 2028)
- Asset and Content Management
- Managed Services
- Professional Services
Social Media Management, Deployment Mode Outlook (Revenue – USD Billion, 2016 – 2028)
Social Media Management, Application Outlook (Revenue – USD Billion, 2016 – 2028)
- Sales & Marketing
- Customer Experience Management
- Risk Management and Fraud Detection
- Competitive Intelligence
Social Media Management, Vertical Outlook (Revenue – USD Billion, 2016 – 2028)
- IT & Telecom
Social Media Management, Regional Outlook (Revenue – USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa