The rise in demand for work-from-home and remote working policies during the period of the COVID-19 pandemic and the surge in demand for easily accessible and short forms of entertainment and media drive the growth of the global social media management market.
However, data privacy and sharing challenges on social media management platforms hamper the market growth. On the other hand, the integration of advanced tools such as machine learning and data analytics with social media management solutions suites present new opportunities in the coming years.
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Based on components, the solution segment contributed to the highest market share in 2021, contributing to nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period.
This is due to the growing need for effective social media marketing campaigns. However, the service segment is projected to witness the largest CAGR of 24.3% from 2022 to 2031, owing to an increase in digital and internet penetration.
Based on the deployment model, the on-premise segment contributed to the highest market share in 2021, contributing to more than half of the global market, and is expected to maintain its leadership status during the forecast period.
This is due to the security and compliance needs of organizations. However, the cloud segment is projected to witness the largest CAGR of 24.0% from 2022 to 2031, owing to cloud-based social media management solutions’ simplified deployment and operational capabilities.
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Based on enterprise size, the large enterprises segment contributed to the highest market share in 2021, contributing to around three-fifths of the global market, and is expected to maintain its dominance during the forecast period.
This is due to large-scale social media engagements of large enterprises. However, the SMEs segment is projected to witness the largest CAGR of 24.1% from 2022 to 2031, owing to an increase in technological and digital investments by SMEs.
Based on application, the competitive intelligence segment contributed to the highest market share in 2021, contributing to more than one-fourth of the global social media management industry, and is expected to maintain its leadership status during the forecast period.
This is due to the rise in market competition. However, the risk management and fraud detection segment are projected to witness the largest CAGR of 25.5% from 2022 to 2031, owing to a surge in the number of fraud cases.
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Based on industry vertical, the BFSI segment held the highest market share in 2021, accounting for more than one-fifth of the global market, and is expected to maintain its lead position during the forecast period. This is due to a surge in the financial applications of social media platforms.
However, the media and entertainment segment is projected to manifest the fastest CAGR of 26.0% from 2022 to 2031. This is due to promotional and audience engagement activities being hosted on social media websites.
The key players profiled in the social media management market analysis are Adobe, Brandwatch, Clarabridge, Digimind, Falcon.io, Google, Hootsuite Inc., HubSpot, Inc., IBM Corporation, Khoros, LLC, Meltwater, NetBase Quid, Inc., Oracle Corporation, Salesforce Inc., Sprinklr, Inc., Sprout Social Inc., Talkwalker Inc., Zoho Corporation Pvt. Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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