social media management Market

The global social media management market is expected to grow from US$ 17,315.0 million in 2022 to US$ 63747.4 million by 2028. It is estimated to grow at a CAGR of 24.3% during 2022-2028.

Small and medium enterprises (SMEs) are increasingly adopting social media management due to the growing number of SMEs and a shift toward online marketing, particularly social media marketing. Interacting with consumers on social media is an important marketing strategy for small businesses as it helps build brand awareness, expand the customer base, and connect with existing customers. Marketing through social media is easy for small business owners as long as they actively post on social media pages, and it is a cost-effective approach to marketing. Popular social media platforms include Facebook, Instagram, Twitter, LinkedIn, and Pinterest.

The global startup count is increasing, with countries like India, Germany, Brazil, and Canada seeing a surge in new companies. For instance, in December 2021, the Times of India reported that 3,476 startups were founded in India in 2021. In Germany, 140 startups were registered in Q2 2021, with 35 more than the same period in 2020, according to E-commerce Germany News. As a result, the growing number of SMEs worldwide and the shift towards online marketing present a significant opportunity for market players to expand their business in the coming years.

Impact of COVID-19 Pandemic on North America Social Media Management Market

The COVID-19 pandemic has had a significant impact on 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 IT sector in the region is dominated by two countries-the US and Canada. Thus, the rising need for internet penetration supported the social media management market growth in North America.

The growth of the social media management market was hindered in 2020 due to the rise in unemployment rates. Pew Research Center data reveals that the economic downturn in North America caused the number of unemployed individuals to increase by over 14 million, from 6.2 million in February 2020 to 20.5 million in May 2020, resulting in a 3.8% surge in the US unemployment rate in February 2020. Despite this setback, the COVID-19 outbreak has led to a significant increase in social media usage among 46-51% of North Americans, with an average daily mobile internet usage increase of one hour. Social media impressions have also risen by 20% year-on-year, indicating that more users are viewing advertising than in previous years. As a result, the need for social media management in North America is on the rise, which will positively impact market growth during the forecast period despite the pandemic's challenges in 2020.

The social media management market can be analyzed by its components, which are divided into solutions and services. In 2021, the solution segment held a larger market share and led the social media management market. The market can also be analyzed by deployment mode, which is classified into on-premise and cloud-based segments. The cloud-based segment had a larger market share in 2021. Furthermore, based on enterprise size, the market is divided into small and medium enterprises (SMEs) and large enterprises, with the latter accounting for the largest market share in 2021. The social media management market can also be segmented by application, such as sales and marketing management, customer experience management, competitive intelligence, and risk management and fraud detection, with the sales and marketing management segment holding the largest market share in 2021. Additionally, the market can be segmented by vertical, including IT and telecom, BFSI, healthcare, media and entertainment, retail, and others. The BFSI segment led the market with the largest market share in 2021. Finally, the market can be divided geographically into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM), with the North America segment leading the market in 2021.

In 2019, the social media management market was valued at US$ 9481.1 million prior to the COVID-19 pandemic. However, in 2020, during the pandemic, the market grew to US$ 11463.7 million. In 2021, the market continued to expand, reaching US$ 14123.2 million. Therefore, the overall effect of the COVID-19 pandemic on the social media management market was favorable, with positive growth experienced in 2020.

The social media management market size has been determined through a combination of primary and secondary research methods. The research process began with a comprehensive secondary research effort, utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This effort aimed to provide an overview and forecast of the social media management market, as well as to segment the market by region, including North America, Europe, Asia Pacific, Middle East & Africa, and South America. Additionally, primary interviews were conducted with industry experts, including VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders, who specialize in the social media management market. This was done to validate the data obtained through secondary research and to gain more analytical insights into the market.

Key companies operating in the social media management market are Adobe; IBM Corporation; Google LLC; Oracle Corporation; Salesforce.com, inc.; HubSpot, Inc.; Zoho Corporation Pvt. Ltd.; Meltwater; Brandwatch; and Sprout Social, Inc.