According to our new research study, titled "Social Media Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Deployment, Enterprise Size, Application, Vertical, and Geography," the social media management market size is projected to reach US$ 63,747.4 million by 2028 from US$ 17,315.0 million in 2022. The social media management market share is estimated to grow at a CAGR of 24.3% from 2022 to 2028.
During the forecast period, the social media management market is anticipated to be driven by an increasing focus on competitive intelligence. In today's global business environment, companies are constantly facing competition and seeking technological solutions to boost productivity, reduce costs, and gain an edge over their competitors. To outperform their rivals, businesses need to analyze demographic, competitive, business, and customer data to uncover key insights. Sales and marketing analyses are used to identify gaps in the market, as companies strive to offer lower prices, better quality, and faster delivery of products and services. As a result, advanced social media analytics is being integrated to help organizations achieve their marketing objectives.
Social media management tools assist in analyzing unstructured social data to respond to constantly changing market conditions and achieve high sales and operational profitability. An example is Google Marketing Platform's Ads Creative Studio, which was introduced in June 2021. This unified solution allows for the creation of compelling experiences for audio, display, and video ads. Ads Creative Studio enables users to develop and innovate advertisements using an interactive and user-friendly interface.
Moreover, businesses gather massive amounts of data regarding customer feedback and opinions about their brands to optimize their marketing and sales strategies. Additionally, they utilize social media management solutions to improve their market visibility and gain a competitive advantage by thoroughly examining competitor behavior and consumer patterns on social media channels. As a result, the increased adoption of social media management solutions by organizations is expected to drive the growth of the social media management market during the projected period.
The COVID-19 pandemic significantly impacted North America due to a high number of immigrants traveling through the region, the lack of an initial stage lockdown in North American countries, and a large population, which contributed to the rapid spread of COVID-19 in 2020.
The internet penetration surge supported the social media management market in North America. The IT sector in the region is dominated by two countries: The US and Canada. In 2020, the increase in the unemployment rates hindered the North America market. According to Pew Research Center, the economic downturn across North America resulted in the growth of unemployed citizens by over ~14 million in 2020 (from 6.2 million in February 2020 to 20.5 million in May 2020). As a result, the US unemployment rate grew by 3.8% in February 2020. According to pew research center reports, 46-51% of North Americans increased their use of social media after the onset of the COVID-19 outbreak, and the average amount of time spent on mobile internet has increased by an hour per day.
Moreover, there has been a 20% increase in social media impressions in 2021, indicating that social media users have been watching more advertisements than in the years prior to the pandemic. This trend has contributed to the growing demand for social media management solutions in North America, which is expected to drive the growth of the social media management market. Therefore, the COVID-19 pandemic is anticipated to have a positive impact on the social media management market in North America throughout the forecast period.
Key Findings of Study
The analysis of the global social media management market by geography is divided into five key regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In North America and Europe, the social media management market is witnessing growth due to the rising number of tech-savvy individuals, high levels of internet penetration, and better internet connectivity, which have led to a significant increase in social media platform usage. With such large-scale data generation through social media platforms, enterprises have an opportunity to gather meaningful insights about brand performance, product innovation, product influence, and campaign performance. Therefore, as these factors continue to grow in these two regions, the demand for social media management solutions/services is expected to rise.
The social media management market in APAC is increasing due to the rising banking sector. Several banks are experiencing growth in their market capitalization, including China Merchants Bank Co. Ltd., China Construction Bank Corp., Bank of China Ltd., and Agricultural Bank of China Ltd. Further, the number of banks is increasing considerably. Thus, the growing number of banks creates a huge opportunity for social media management market players.
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