New York, USA, Nov. 15, 2021 (GLOBE NEWSWIRE) -- A new report on the global social media management market has been added by Research Dive to its repository. As per the report, the market is expected to garner $18,197.8 million by 2028, growing at a CAGR of 21.2% from 2021 to 2028. This report provides thorough insights into the present condition and future outlook of the global industry. The report is drafted by professional market analysts and assures to be a reliable source of data and detailed market insights for new players, investors, prevailing market players, stakeholders, shareholders, etc.
Factors Impacting the Market Growth:
Increasing use of smartphones and tablets and growing number of users of social media platforms across the globe are boosting the growth of the global social media management market. Furthermore, the growing adoption of social media marketing platforms and strategies by various businesses to create brand awareness is projected to give rise to profitable opportunities for the market growth during the forecast period. However, the data manipulation and privacy leaks in social media platforms are anticipated to hinder the market growth.
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COVID-19 Pandemic Impact on the Market:
The outbreak COVID-19 pandemic has positively impacted the growth of the global social media management industry. The pandemic has surged the use of social media platforms by businesses and customers to promote as well as buy products and services. In addition, during the lockdown, people greatly opted to spend time on social media platforms, which is boosting the volume of data generated through user activities. All these factors are boosting the market growth significantly.
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The report segments the global social media management market into type, enterprise size, end use, and region.
Engagement Sub-Segment to Dominate the Market
Among type segment, the engagement sub-segment is projected to observe significant growth by garnering $5,998.5 million in the projected period. The growth of this sub-segment is mostly because of the growing adoption of social media tools for boosting engagement, such as automation tools, social monitoring & alerts, social CRM, and customer service tools.
Small & Medium Sub-Segment to Observe Accelerated Growth
Among enterprise size segment, the small & medium sub-segment is expected to observe rapid growth and garner $5,172.6 million during the forecast period. The growth of this sub-segment is mostly because of the growing adoption of social media marketing platforms by small & medium businesses for building brand awareness and boosting sales.
Healthcare Sub-Segment to Witness Improved Growth
Among end use segment, the healthcare sub-segment is projected to observe speedy growth by garnering $2,607.3 million in the projected period. The growth of this sub-segment is mostly because social media platforms help healthcare centres to directly connect with the patients and help them in taking ideal decisions regarding their health.
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Asia-Pacific Region Market to Grow Rapidly
The report analyses the global social media management market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia Pacific region market is expected to garner a revenue of $5,603.7 million during the estimated timeframe. The growth of this region market is mainly owing to the growing data generation through social media platforms, rising use of smartphones and the internet, increasing advancements in artificial intelligence and big data technologies, and rising demand for insightful data among businesses in this region.
Major Players in the Market:
The report lists some of the leading players functioning in the global social media management industry including
- Oktopost
- Meltwater
- Falcon.io
- HubSpot
- Salesforce
- Social Flow
- Social Hub
- Sprinklr
- Spredfast
- Likeable Hub, and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in October 2021, a social media management firm, Sprinklr, introduced the 2nd iteration of its customer service solution - Sprinklr Modern Care. This service includes advanced AI and automation, and allows businesses to merge case management as well as agent engagement in a single contact center software solution.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
Related Article Links:
- Growing Need for Digital Brand Awareness Expected to Boost the Social Media Management Market Growth
- How do Social Media Management Tips Assist Businesses and Organizations to Escalate their Productivity?
