Social Media Management Market Worth $63.74Bn by 2028 at 24.3% CAGR Led by Cloud-Based Deployment, Deep Dive Analysis of 18+ Countries across 5 Key Regions, 50+ Companies Scrutinized in New Research Report by The Insight Partners

NEW YORK, June 21, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Social Media Management Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component (Solution and Service), Deployment (On-Premise and Cloud based), Enterprise Size [Small and Medium Enterprises (SMEs) and Large Enterprises], Application (Sales and Marketing Management, Customer Experience Management, Competitive Intelligence, and Risk Management and Fraud Detection), and Vertical (IT and Telecom, BFSI, Healthcare, Media and Entertainment, Retail, and Others)", the global social media management market size is expected to grow from $17.31 billion in 2022 to $63.74 billion by 2028; it is estimated to grow at a CAGR of 24.3% during 2022–2028.

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Social Media Management Market Strategic Insights:

Social Media Management Market: Competitive Landscape and Key Developments

Adobe; IBM Corporation; Google LLC; Oracle Corporation; Salesforce.com, inc.; HubSpot, Inc.; Zoho Corporation Pvt. Ltd.; Meltwater; Brandwatch; and Sprout Social, Inc. are the key players profiled during the study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global social media management market and its ecosystem.

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In 2021, HubSpot and Envato, an online community for creative assets, entered into partnership and launched 250 plus high-quality website themes.

Social Media Management Market: Key Insights

The social media management market growth driven by the rising widespread penetration of social media and rising focus on market and competitive intelligence among others. The key future trend impacting the market are continuous improvement in internet technologies and rapid roll out of 5G.

The world is abuzz with news of 5G, which is the next step in cellular network technology. As 5G provides consumers with a faster connection and is more affordable, people will lose less time waiting for videos to load and buffer. Further, mobile will surpass broadband and Wi-Fi as the popular means of video consumption. Ultimately, social media marketers must consider audiovisual content as a central component of a digital media marketing strategy. For the individual, social media will continue to be the beating heart of marketing, personal branding, and networking online, but in more ways than before.

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The European Commission released a Joint Communication detailing the EU's plans to combat the infodemic that resulted from the emergence of the COVID-19 pandemic in 2020. Cooperation between governments and social media companies is critical in combating false or misleading information, and governments must provide more precise standards to avoid misinformation. Given this report, The European social media management market experienced positive social media management market growth in 2020 due to increased internet penetration.

According to a Business Standard article, the European Union's (EU) unemployment rate in December 2020 increased to 7.5% amid the COVID-19 pandemic. As per Statista, the number of monthly active social media users in European nations was 49.6 million in January 2021, with 49.6 million living in France and using social media to access online services. Russia has the highest number of social network members, accounting for 99 million, followed by Germany with 66 million social media users. During the pandemic, most individuals spent more time on social media networks. As a result, these social media platforms have become ideal venues for companies to advertise and promote ideas, products, or services.

Moreover, social media management systems and solutions are among the leading choices for raising a company's brand recognition, driving inbound traffic, improving customer happiness, and increasing conversion rates. Businesses are adopting social media platforms to operate successfully in the economy and build a social media presence to attract new prospective consumers. This is driving the adoption of social media management market solutions among SMEs.

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Rising Reach of Social Media to Boost Social Media Management Market:

Social media is having an enormous impact on businesses. Platforms, such as Facebook, Instagram, Twitter, LinkedIn, and YouTube, are currently being used to promote various brands and advertise new products. They are highly efficient in providing customer service and resolve disputes. While a small business owner does not always need to hire a separate social media team, some staff members should be adept at selecting and using one or more social media platforms.

Further, social media and business come together to provide unparalleled branding opportunities for many companies. New and old brands can establish or reinvent themselves online through social media profiles, content sharing, and platform-based advertising. Several businesses are primarily building their following and revenue through social media posts and ads. Therefore, widespread social media penetration benefits firms in business expansion, greater reach, and resolving disputes. 

Social Media Management Market: Sector Overview

Social media management market analysis by vertical, the social media management market is segmented into BFSI, retail, healthcare, IT & telecommunications, media & entertainment, and others. The BFSI segment led the social media management market in 2021. Most financial institutions have tapped into the power of social media to some degree, but few have managed to leverage its full potential. Social media is an ever-changing landscape that requires ongoing management to achieve results and establish the company brand's online presence. Social media marketing strategies help the bank's brand recognition and local social engagement to the next level. Moreover, social media allows customers to see their community bank or credit union as a friendly and approachable local resource rather than a faceless institution.

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