Social Media Management market to cross $118 billion globally by 2031: Allied Market Research

According to an Allied Market Research report, the global social media management industry is projected to reach $118.03 billion by 2031, witnessing a CAGR of 22.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, critical investment pockets, value chain, regional landscape, and competitive scenario. The industry generated $15.24 billion in 2021.

Allied Market Research published a report titled, “Social Media Management Market by Component (Solution, Service), by Deployment Model (On Premise, Cloud), by Enterprise Size (Large Enterprises, SMEs), by Application (Sales and Marketing Management, Customer Experience Management, Competitive Intelligence, Risk Management, and Fraud Detection, Others), by Industry Vertical (BFSI, Retail and E-Commerce, Government and Public Sector, Healthcare and Life Science, IT and Telecom, Media and Entertainment, Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.”

“The social media management market was positively affected by the COVID-19 pandemic and showcased a positive growth rate. The dramatically increased screen time and online social media presence of people during COVID-19-induced lockdowns and social distancing policies contributed to the growth of the social media management solutions market during the period,” the report mentioned.

Drivers and Opportunities

The rise in demand for work from home and remote working policies during the COVID-19 pandemic and the surge in demand for easily accessible and short forms of entertainment and media drive the growth of the global social media management market. However, data privacy and sharing challenges on social media management platforms hamper market growth. On the other hand, integrating advanced tools such as machine learning and data analytics with social media management solutions presents new opportunities in the coming years.

Covid-19 Scenario

• The COVID-19 pandemic positively impacted the social media management market due to the high implementation of work from home and remote working policies.
• The period saw increased screen time and online social media presence among consumers, which positively contributed to the market growth.

The solution segment to rule the roost during the forecast period

Based on component, the solution segment contributed to the highest market share in 2021, contributing to nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. However, the service segment is projected to witness the most significant CAGR of 24.3% from 2022 to 2031, owing to increased digital and internet penetration. This is due to the growing need for effective social media marketing campaigns.

North America to maintain its dominance in terms of revenue by 2031

Based on region, North America contributed the highest market share in revenue in 2021, accounting for nearly two-fifths of the global social media management market, and is expected to maintain its dominance in revenue by 2031. This is due to a high concentration of social media companies in the region. However, Asia-Pacific is projected to manifest the fastest CAGR of 25.4% during the forecast period. This is attributed to the ongoing digital transformation within the region. The other areas discussed in the report are Europe and LAMEA.

Leading Market Players

1. Adobe
2. Brandwatch
3. Clarabridge
4. Digimind
5. Falcon.io
6. Google
7. Hootsuite Inc.
8. HubSpot, Inc.
9. IBM Corporation
10. Khoros, LLC
11. Meltwater
12. NetBase Quid, Inc.
13. Oracle Corporation
14. Salesforce Inc.
15. Sprinklr, Inc.
16. Sprout Social Inc.
17. Talkwalker Inc.
18. Zoho Corporation Pvt. Ltd.

The report analyzes these critical players in the global social media management market. These players have adopted strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, product portfolio, and developments of every market player.

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