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Social Media Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Deployment, Enterprise Size, Application, and Vertical

Social Media Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Deployment, Enterprise Size, Application, and Vertical

  • June 2022
  • 221 pages
  • ID: 6295702
  • Format: PDF
  • The Insight Partners

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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.

The use of social media management is increasingly adopted by small and medium enterprises (SMEs) due to the growing number of SMEs and shifting focus toward online marketing, such as social media marketing.Interacting with consumers on social media is an important marketing strategy for small businesses.

Social media help a company build brand awareness, increase the company’s customer base, and connect with current customers.Marketing through social media is easy for small business owners as long as the company actively posts on social media pages, and it is a cost-effective marketing approach.

Common social media sites include Facebook, Instagram, Twitter, LinkedIn, and Pinterest.

Further, the number of startups is increasing globally, including in India, Germany, Brazil, and Canada.According to the Times of India, the total number of startups founded in 2021 stood at 3,476 in the India news article of December 2021.

Similarly, in the second quarter of 2021, 140 startup companies were registered in Germany.And compared with the same period in 2020, 35 more startups were registered, according to the E-commerce Germany news.

Therefore, the rising number of SMEs globally and shifting focus towards online marketing for small businesses will create a huge opportunity for market players for business expansion activities over the next few 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.

In 2020, the increase in the unemployment rates hindered the social media management market growth. According to Pew Research Center, the economic downturn across North America resulted in the growth of unemployed citizens by over ~14 million in 2020 (from 6.2 million in February 2020 to 20.5 million in May 2020). As a result, the US unemployment rate grew by 3.8% in February 2020. According to pew research center reports, 46-51% of North Americans have increased their use of social media after the onset of the COVID-19 outbreak, and the average amount of time spent on mobile internet has increased by an hour per day. Further, social media impressions have climbed by 20% y-o-y, implying that more social media users see more advertising than in previous years before the emergence of the pandemic. As a result, the need for social media management in North America is increasing, favorably boosting the market growth. Thus, there will be a positive impact of the COVID-19 pandemic on the market in North America during the forecast period.

The social media management market analysis by component, the market is bifurcated into solution and service.The solution segment led the social media management market with a larger share in 2021.

The social media management market analysis by deployment mode, the market is bifurcated into on-premise and cloud-based.The cloud-based segment led the market with a larger share in 2021.

Based on enterprise size, the market is bifurcated into small and medium enterprises (SMEs) and large enterprises.The large enterprises segment accounted for the largest social media management market share in 2021.

Based on application, the social media management market is segmented into sales and marketing management, customer experience management, competitive intelligence, and risk management and fraud detection. The sales and marketing management segment accounted for the largest social media management market share in 2021. Based on vertical, the market is segmented into IT and telecom, BFSI, healthcare, media and entertainment, retail, and others. The BFSI segment led the market with the largest share in 2021. Geographically, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). The North America segment led the market in 2021.

The social media management market size before the COVID-19 pandemic was US$ 9481.1 million in 2019. During the pandemic, the social media management market was US$ 11463.7 million in 2020. Furthermore, in 2021, the social media management market size was US$ 14123.2 million. Therefore, the overall impact of the COVID-19 pandemic on the social media management market was positive in 2020.

The overall social media management market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the social media management market with respect to all the segments.It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the social media management 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.

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