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
- Published Date:Oct-2021
- Pages: 111
- Format: PDF
- Report ID: PM2022
- Base Year: 2020
- Historical Data: 2016 - 2019
Report Outlook
The global social media management market was valued at USD 12.08 billion in 2020 and is expected to grow at a CAGR of 23.4% during forecast period. The rapid rise in digitalization in organizational sales & marketing, along with the rising proliferation of cloud solutions adoption, are significant factors driving the demand for the management industry. Increasing focus towards the market and competitive intelligence throughout the world, along with increased availability of social media management solutions by top cloud companies, is also accelerating the growth of the global industry. Apart from this, the huge data generated through these platforms by key businesses to gain real-time insights and drive corporate results in terms of ROI is expected to create significant growth opportunities in the management industry over the forecast period.
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The ongoing COVID-19 pandemic has led to a major boom in the industry. With the pandemic scenario, there are extensive opportunities that have been grown significantly for social media management vendors, such as the huge data generated caused by these media platforms, rising cloud adoption trends, and growth rate of social media management solutions among small and medium-sized enterprises. However, the regulatory and compliance restrictions and limited common standards, as well as complexities in the management workflow, may hamper the growth of the social media management market in the wake of the COVID-19 pandemic.
Industry Dynamics
Growth Drivers
The robust proliferation of social media management is expected to be one of the prominent factors to encourage the adoption of social media management market globally. To better understand the target audience, the global leaders are managing social media management applications, which eventually boost the global industry. Further, the advent of IoT technology has strengthened the productivity of these management applications.
Key manufacturers of such applications are working simultaneously with attractive approaches and schemes to attract consumers. Apart from this, the rise in the growing focus on effective marketing and competitive intelligence strategies and an increased requirement for social media management to improve the customer experience are the additional key growth factors for the industry.
The global industry is also driven by the improved ability of these media management applications to aid organizations in easily reaching their target audience and involving them effectively. Moreover, the United States, the United Kingdom, France, India, China, South Korea, and Brazil are among the few key countries wherein the trend of digitalized sales & marketing has been expanding at an unprecedented rate.
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For instance, as per the report published by Dentsu Aegis Network, the digital advertising industry in India reached USD 1.87 billion in 2019, signifying an increase of 26% from USD 1.5 billion in 2018. It is further witnessed a growth of 27% to reach Rs. USD 2.37 billion by 2020. Therefore, social media management market has observed a significant rise in adoption due to the aim of improving the quality of education over the foreseen period.
Report Segmentation
The market is primarily segmented on the basis of component, deployment mode, application, vertical, and region.
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By Component |
By Deployment Mode |
By Application |
By Vertical |
By Region |
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Insight by Application
Sales & marketing management segment is anticipated to garner largest market share. It includes many activities that sales executives and marketers must employ to engage with the target consumers through several of these media management platforms. Growing usage of social media management in sales & marketing can significantly improve marketing campaigns and sales as well as provide lucrative opportunities to expand the base of the target audience that act as a major driving force to boost the segment growth for Sales & marketing management.
Moreover, most of the solution providers have been stepping up in the business of offering these media platforms for sales & marketing management, which facilitates end-users to expand the sales and eventually develop a broad customer base. For instance, in January 2019, Casino completed the acquisition with TrendKite for USD 225 million, as it continues to work on a new strategy by expanding and diversifying the business of software automation to enhance social media management campaigns.
On the contrary, the competitive intelligence segment is expected to register the fastest CAGR in the social media management market, and hence, is witnessing considerable growth over the forthcoming period. Competitive intelligence encompasses several intrinsic evaluations depending on pricing, attention metrics, service, perception, and reach. It also certifies businesses can interpret the industry trends and rapidly adapt to the changing market settings.
Several verticals have often begun evaluating data to gain a competitive edge over their rivals. For instance, in August 2021, Xiaomi took the lead in selling its new product launch, Redmi Note 10 JE, over its rival Apple based on competitive intelligence typically collected through social media responses. Therefore, such an initiative offered by the industry verticals to gain a leading edge in their respective industry will be a key factor in driving market growth worldwide.
Insight by Vertical
In 2020, the BFSI segment is expected to witness a large revenue size in the global market, owing to the extensive implementation of social media management in banking processes because of the proliferation of digital transformation strategies to improve the customer base and expand sales. Industry is also gaining wide popularity in banking as it brings a lot of opportunities to financial institutions. These institutions are required to support this shift to reap the benefits, such as strengthen the relationship with clients, improve brand purpose and build community development, reduce efforts and costs, etc. Therefore, such benefits are projected to gain a significant profit share that accelerates the segment’s growth.
On the flip side, the travel & hospitality segment is expected to gain the fastest CAGR in the global market during the forecast period. It is used to increase the value of services in hospitality by offsetting the spending in marketing and sales. This is anticipated to generate a higher demand for the market in travel & hospitality and significantly contributed to the rapid segment’s growth over the study period.
Geographic Overview
Geographically, North America is leading the global market in 2020 and is estimated for the largest share in terms of revenue due to the early adoption of advanced technology solutions coupled with the increased participation of the population in distinct social media platforms. Several companies, such as Amazon, IBM, and Oracle, have further been implementing social media management analytics to create insights and gain an improved awareness about the consumer behavior that guides their business and strategic decision-making process, which also contemplates the region’s growth.
Additionally, countries such as the United States and Canada are further estimated to register the high proliferation of advanced technologies, such as data analytics, coupled with the increased number of product launches and partnership agreements that will expand the application and usage of such solutions to manage a better quality of sales & marketing across these countries. According to the Pew Research Center, the social media adoption in 2005 was just estimated at 5% in the United States. By 2011, the share had increased to half of all Americans and reached up to 72% in 2021. Thus, the strong proliferation of social media management opted by the individuals in the key countries of the particular region is expected to bolster the region’s growth.
Moreover, Asia Pacific is expected to witness a high CAGR in the global industry in 2020. The demand for social media management in the region is expected to rise over the forecast period, owing to the widespread adoption of digital solutions in the sales and competitive intelligence market, as well as the increased use of sophisticated online media strategies as a result of the region's rapid smartphone adoption. For instance, South Korea reported the highest active users in the Asia Pacific region as of January 2021, which stood at 89.3%. This was closely followed by Malaysia, with about 86% penetration rate, and Indonesia accounts for 61.8% social media penetration.
Competitive Insight
Major players in the industry includes Adobe, Agorapulse, Brandwatch, Buffer, Clarabridge, Digimind, Eclincher, Falcon.io, Google, Hootsuite, HubSpot, IBM, Khoros, Mavsocial, Meltwater, NetBase, Oracle Corporation, Salesforce, Sendible, Socialbakers, Sprinklr, Sprout Social, Synthesio, Talkwalker, Zoho.
Social Media Management Market Report Scope
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Report Attributes |
Details |
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Market size value in 2016 |
USD 12.08 billion |
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Revenue forecast in 2028 |
USD 62.65 billion |
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CAGR |
23.4 % from 2016- 2028 |
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Base year |
2020 |
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Historical data |
2016 - 2019 |
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Forecast period |
2021 - 2028 |
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Quantitative units |
Revenue in USD million and CAGR from 2021 to 2028 |
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Segments covered |
By Component, By Deployment Mode, By Application, By Vertical, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
Adobe, Agorapulse, Brandwatch, Buffer, Clarabridge, Digimind, Eclincher, Falcon.io, Google, Hootsuite, HubSpot, IBM, Khoros, Mavsocial, Meltwater, NetBase, Oracle Corporation, Salesforce, Sendible, Socialbakers, Sprinklr, Sprout Social, Synthesio, Talkwalker, Zoho. |
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