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Major Players in Social Media Management Market are Adobe Inc., Clarabridge, Digimind, Falcon.io, Google Inc., Hootsuite Inc, HubSpot, Inc, IBM Corporation, Meltwater, NetBase Quid, Oracle Corporation, Salesforce Inc, Sprinklr, Inc, Sprout Social Inc, Talkwalker Inc, Zoho Corporation and Khoros.
NEW YORK, June 9, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the 2023 Social Media Management Global Market Report – https://www.reportlinker.com/p06466687/?utm_source=GNW
The global social media management market is forecast to grow from US$18.26 billion in 2022 to US$22.75 billion in 2023 at a compound annual growth rate (CAGR) of 24.55%. The war between Russia and Ukraine has hurt the chances of a global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has resulted in economic sanctions against several countries, a surge in commodity prices and supply chain disruptions, which has caused inflation in goods and services and has affected many markets around the world. The social media management market is expected to reach US$54.03 billion in 2027 at a CAGR of 24.1%.
The social media management market includes revenue generated by creating and disseminating information, tracking mentions and engagements, growing a network of followers and influencers, and summarizing and evaluating results. Market value includes the value of related goods sold by the service provider or included in the service offering.
Only goods and services traded between businesses or sold to end consumers are included.
Social media management is the continuous process of developing and planning content for various online platforms with the aim of nurturing and growing an audience. It is used for various purposes such as community management, online reputation management and content creation for social media strategies.
North America was the largest region in Social Media Management Market in 2022. The regions covered in Social Media Management report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of social media management are solutions and services. Social media management solutions refer to software tools that help individuals, companies or organizations to manage their social media presence on different platforms.
These solutions are used to provide businesses with a centralized platform to manage and monitor their social media activity, e.g. B. posting updates, replying to messages and comments, analyzing performance metrics, and engaging with followers. It is used in small and medium sized companies, for competitive intelligence, sales and marketing management, customer experience management, risk management and others.
It is used in banking, financial services & insurance, retail & e-commerce, government & public sector, healthcare & life sciences, telecom & IT, media & entertainment, manufacturing, and travel & hospitality.
The increasing prevalence of social media is expected to drive the growth of the social media management market in the future. Social media are internet-based communication services that enable people to exchange text and multimedia via virtual networks and communities and to create web content.
“The scope and impact of social channels increased, and social media management advertising strategies became more standardized across major platforms, bringing significant commercial benefits.” According to a study by the University of Maine, one in the US resident public land grant research university, for example, as of September 2022, 4.48 billion people worldwide use social media, more than double the 2.07 billion in 2015. Additionally, according to We Are Social, a socially-led creative company based in the United States 2.14 billion active social media users in Asia-Pacific in 2020, an incredible 50% penetration rate. It grew by 9.8% between April 2019 and January 2020, reaching 190 million more active social media members. Hence, the increasing prevalence of social media is driving the growth of the social media management market.
Product innovation is a major trend that is gaining popularity in the social media management market. Companies operating in the social media management market are innovating their products to maintain their position in the market.
For example, Hookle, a Finland-based, AI-powered, all-in-one social media management platform for small businesses, launched AI-powered social media posting software in March 2023 that supports the Leverages OpenAI’s ChatGPT technology to allow business owners to post to social media with ease. These include scheduling social media posts on multiple platforms, AI-powered content production and the ability to publish to many channels simultaneously, available for iOS and Android platforms.
With this launch, it is possible to create premium social media posts specifically tailored to the user’s business needs by integrating the ChatGPT engine with Hookle’s patented social media monitoring technology.
In August 2021, Traject, a US-based software development company that provides a marketing technology suite, acquired Loomly for an undisclosed amount. Through this acquisition, Traject will empower any marketing team to build a successful brand online.
Loomly is a US-based social media management company that empowers marketing teams to manage all facets of their social media interactions.
The countries covered in the Social Media Management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and the US.
Market value is defined as the revenue earned by businesses from the sale of goods and/or services within the specified market and region through sales, grants or donations in the applicable currency (in USD unless otherwise noted).
The revenue for a given region is consumption values, which is revenue generated by organizations in the specified region within the market, regardless of where it is produced. This does not include proceeds from resales along the supply chain, neither further down the supply chain nor as part of other products.
The Social Media Management market research report is one of a series of new reports that provide statistics on the Social Media Management market including global Social Media Management industry market size, regional shares, competitors with a social media Management Market Share and detailed Social Media Management market segments, market trends and opportunities plus all other data you might need to plan a success in the Social Media Management industry. This Social Media Management market research report provides a complete overview of everything you need with detailed analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466687/?utm_source=GNW
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