Global Social Media Management Software Market Overview
The key driver impacting the social media management software market is the widespread penetration of social media. The Digital marketing organization's recent report shows that 3.96 billion people use social media in 2020, which accounts for roughly half (51%) of the global population. On average, global internet users spent 144 minutes on social media sites every day. Facebook is found to be the most popular and highly used social media platform. The average user spends 38 minutes each day on Facebook. It has around 1.79 billion active users every day. With approximately 500 million active daily users sharing 250 million stories every day, Instagram ranks second most popular platform globally. Also, the growing, rising trend of social media advertising is estimated to create huge market demand. Moreover, the rising need for social media measurement to enhance the customer experience contributes to social media management software market demand in the forthcoming years.
According to Value Market Research, the global social media management software market size was valued at about USD 12.14 billion in 2020 and is expected to grow at a CAGR of around 14% during the forecast period 2021 to 2027.
The increasing constant government support toward renewable resources like social media management software will likely augment the need for social media management software in the forecast period. However, regulatory and compliance restriction hinders the market in the long run. In addition, the absence of common standards and laws is negatively impacting the market growth. Even so, the industry trends such as rising integration with artificial intelligence, massive adoption of cloud-based solutions, and rising need for managing social media account might provide tremendous market opportunities to the market's key players.
The Social media management software market is huge, with several local and global players. The market leaders use diverse strategies to strengthen their market, such as acquisitions, extending product portfolio, contracts, product upgrades, amalgamation, contracts to raise their market share globally. The key players taken in the report are Agorapulse SAS, Buffer Inc., Hootsuite Inc, Oracle Corp., IBM, Salesforce, Sprout Social, Sysomos, Digimind, Sprinklr, Clarabridge, Zoho, and Spreadfast.
In this research report, the Social media management software market is segmented by component, application, deployment mode, industry vertical, and region.
Analysis by Component:
By component, the report is divided into solutions and services. The solution segment is further segmented into Social Media Marketing, Social Media Listening, Monitoring, and Analytics, Social Media Asset and Content Management, Social Media Risk and Compliance Management. Social Media Marketing solution dominates with the highest market share in 2020. It is because of the widespread adoption of the solution across organizations in many industry verticals. Moreover, It proves to be a vital tool for marketers to easily and quickly reach their targeted audience and engage them effectively, contributing to the solution segment's growth in the forecast period.
Analysis by Application:
By application, the report is segmented into sales and marketing management, customer experience management, competitive intelligence, risk management and fraud detection, and others. The Competitive intelligence segment dominates the application segment with the highest share in 2020. It needs to have market intelligence to gain a competitive edge. Moreover, Social media platforms can provide a wide variety of information related to customers, such as their needs, experiences, and perceptions, contributing to the high market demand for the competitive intelligence application segments in the forecast period.
Analysis by Deployment Model
By deployment model, the report is segregated into cloud and on-premise. The cloud segment dominates the deployment model segment with the highest share in 2020. Due to the vast adoption of Cloud-based social media management software helps enterprises deploy solutions at lower costs than on-premise social media management software. Moreover, the presence of many companies such as Oracle and Facelift are providing cloud-based social media management software to meet the growing demand for this software, contribute to the cloud-based social media marketing software segment's growth in the forecast period.
Analysis by Industry Verticals:
By Industry Verticals, the report is categorized into BFSI, Retail and eCommerce, Healthcare and Life Sciences, Government and Public Sector, Telecom and IT, Media and Entertainment, Manufacturing, Travel and Hospitality, and Others. The BFSI segment dominated with the highest market share in the forecast period. It is due to the rising use of social media, as it helps enhance customer service and allows users to send money to others through online platforms. Moreover, BFSI organizations have started using the measuring, monitoring, and analyzing functionalities present in the social media management solutions to monitor customer conversations for brand mentions and customer complaints, and responding accordingly, contributes to the BFSI industry segment growth.
Analysis by Region:
In the regional overview of the global social media management software market, the North America region dominates by holding the highest market share in 2020. The augmented adoption of advanced technologies, including social media monitoring and analytics across the U.S. and Canada, is majorly driving the region. Moreover, early adoption of advanced technology solutions and significant initiatives taken by industry players via partnerships and mergers with several technology players contribute to the tremendous market demand across North America.Market Segmentation covered in the Report:
- Social Media Marketing
- Social Media Listening, Monitoring, and Analytics
- Social Media Asset and Content Management
- Social Media Risk and Compliance Management
- Professional Services
- Managed Services
By Deployment Model
By Industry Verticals
- Sales and Marketing Management
- Customer Experience Management
- Competitive Intelligence
- Risk Management and Fraud Detection
- Retail and eCommerce
- Healthcare and Life Sciences
- Government and Public Sector
- Telecom and IT
- Media and Entertainment
- Travel and Hospitality
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.