Social Media Management Global Market Report 2024

The social media management market has grown exponentially in recent years. It will grow from $22.75 billion in 2023 to $28.27 billion in 2024 at a compound annual growth rate (CAGR) of 24.3%. The expansion observed in the historical period can be attributed to the emergence of social media platforms, increased adoption of social media by businesses, the use of analytics and data insights, the rise of influencer marketing, and a heightened focus on customer engagement. These factors collectively played a significant role in driving growth during that period.

The social media management market is expected to see exponential growth in the next few years. It will grow to $67.92 billion in 2028 at a compound annual growth rate (CAGR) of 24.5%. The anticipated growth in the forecast period can be attributed to several key factors, including the dominance of video content, increasing concerns about privacy and data security, cross-platform integration, and the integration of social commerce. Major trends expected during this period encompass the integration of artificial intelligence (AI) and automation, the rise of ephemeral content, real-time engagement and customer service, a greater emphasis on social listening, and technological advancements in the field of social media. These trends collectively indicate the evolving landscape of social media and its continued impact on user engagement and business strategies.

The anticipated growth in the social media management market is expected to be propelled by the rising widespread penetration of social media. Social media, as an internet-based communication service, enables individuals to share text and multimedia across virtual networks, fostering the creation of web content and virtual communities. The increasing scope and impact of social channels have led to more standardized advertising strategies across major platforms, resulting in significant commercial benefits. Notably, a study by the University of Maine in September 2022 revealed a global surge in social media users, reaching 4.48 billion people, more than double the figure recorded in 2015 (2.07 billion). In the Asia-Pacific region, We Are Social reported a remarkable 50% penetration rate, with 2.14 billion active social media users in 2020, representing a 9.8% increase between April 2019 and January 2020. This data underscores the driving force of the rising widespread penetration of social media in fostering the growth of the social media management market.

The anticipated surge in the social media management market is attributed to the rising proliferation of content creators. These creators, whether individuals or entities, generate and disseminate original content across diverse platforms, including social media, websites, blogs, videos, podcasts, and various digital channels. Their pivotal role in enhancing social media engagement, expanding outreach, ensuring a consistent online presence, and contributing to the overall efficacy of social media management strategies underscores their significance. As of November 2023, data from Exploding Topics, a US-based review company specializing in trend analysis, reveals a global population of over 200 million content creators. This substantial increase in content creators is identified as a driving force behind the growth of the social media management market.

The social media management market is witnessing a prominent trend focused on product innovation, as companies strive to fortify their market positions. Notably, in March 2023, Hookle, a Finland-based AI-powered all-in-one social media management platform tailored for small businesses, unveiled an innovative social media posting software leveraging AI, specifically OpenAI's ChatGPT technology. This technology enables seamless social media posting for company owners, incorporating features such as multi-platform scheduling, AI-driven content generation, and simultaneous publishing across various channels, accessible on both iOS and Android platforms. This launch empowers users to create tailored premium social media content by integrating ChatGPT with Hookle's patented social media monitoring technology.

Major companies are actively pursuing product innovation strategies to boost market revenues. These cutting-edge solutions offer brands and agencies a versatile toolkit for every facet of social media campaigns, encompassing omnichannel creative production at scale, automated ad personalization, cross-platform campaign management, centralized reporting, and optimization. For example, in February 2022, Mediaocean, a US-based advertising company, introduced new creative solutions for paid social media, enhancing creative production scalability and overall campaign performance. The platform's centralized digital asset library facilitates swift production of thousands of personalized social media ads, leading to improved workflow efficiencies and heightened campaign performance for users of Mediaocean's social solutions.

In August 2021, Traject, a US-based software development company specializing in marketing technology, completed the acquisition of Loomly, a social media management company based in the US, for an undisclosed amount. This strategic move positions Traject to empower marketing teams in building successful online brands, leveraging Loomly's capabilities for comprehensive social media interaction management.

Major companies operating in the social media management market report are Adobe Inc., Clarabridge Inc., Digimind Inc., Falcon.io, Google LLC, Hootsuite Inc., HubSpot Inc., IBM Corporation, Meltwater Group ASA, NetBase Quid Inc., Oracle Corporation, Salesforce.com Inc., Sprinklr Inc., Sprout Social Inc., Talkwalker Inc., Zoho Corporation, Khoros LLC, Cognizant Technology Solutions Corporation, Sysomos Inc. , Spreadfast Inc., Lithium Technologies Inc., Qualtrics International Inc., Cision Ltd., Buffer Inc., Agorapulse Inc., Sendible Social Media Marketing Software, MavSocial Inc., Emplifi GmbH, Synthesio SA, Eclincher Inc.

North America was the largest region in the social media management market in 2023. The regions covered in the social media management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the social media management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key components of social media management encompass both solutions and services. Social media management solutions refer to software tools designed to assist individuals, businesses, or organizations in effectively overseeing their presence on various social media platforms. These solutions offer a centralized platform, enabling businesses to efficiently manage and monitor their social media activities. This includes tasks such as posting updates, responding to messages and comments, analyzing performance metrics, and engaging with followers. Social media management is employed by both small and medium-scale enterprises, as well as large enterprises, for a range of purposes including competitive intelligence, sales and marketing management, customer experience management, risk management, and more. This practice finds applications across various industries such as banking, financial services, and insurance retail and e-commerce government and public sector healthcare and life sciences telecom and IT media and entertainment manufacturing and travel and hospitality.

The social media management market research report provides social media management market statistics, including social media management industry global market size, regional shares, competitors with a social media management market share, detailed social media management market segments, market trends and opportunities, and any further data you may need to thrive in the social media management industry. This social media management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The social media management market includes revenue earned by producing and disseminating information, keeping track of mentions and engagement, expanding a network of followers and influencers, and summarizing and evaluating the outcomes. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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