Social Media Management Market to Generate Revenue of US$ 125.15 billion by 2031 – Astute Analytica

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New Delhi, Jan. 17, 2023 (GLOBE NEWSWIRE) — Global number of social media users by 2025 is projected to surpass 6 billion by 2027 from 4 billion in 2021. In line with this, the social media management market is growing at a rapid pace, with Astute Analytica estimating that the Global Social Media Management Market is projected to be worth US$ 125 billion by 2031 from US$ 13.18 billion in 2022. This growth is being driven by the need for businesses to better understand and engage with their customers online.

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The report provides an overview of the industry, including market size and growth, major players, and key trends. The social media management market is growing at a CAGR of 29.1% in the years to come. We attribute this growth to the increasing importance of social media in marketing and communications, as well as the need for businesses to effectively manage their online reputation.

The report also identifies three major players in the social media management industry: Hootsuite, Sprout Social, and Buffer. These companies are all leaders in providing software and services to help businesses manage their social media presence. As per our study the market is fragmented, with more than 1,000 companies offering social media management solutions. The top 10 companies account for less than 50% of the market, leaving plenty of room for smaller players to grow. Looking ahead, we believe that the industry will consolidate around a few large players that can offer comprehensive solutions across multiple platforms. These companies will also invest in artificial intelligence and machine learning to help brands better understand and engage with their customers on social media.

Top Trends in Global Social Media Management Market

Our analysis of the social media management market highlights the key trends that are driving this market growth.

  • Firstly, the increasing importance of social media in customer decision-making is resulting in businesses placing greater importance on having a strong online presence.
  • Secondly, the rise of mobile devices and social media usage on these devices is resulting in more businesses needing to manage their online reputation across multiple platforms.
  • Increasing use of artificial intelligence (AI) in social media management, the rise of micro-influencers, and the trend towards more transparency in social media marketing.
  • Finally, the increased focus on data analytics is enabling businesses to better understand their customers and tailor their engagement accordingly. Each of these trends presents opportunities for social media management companies to help businesses better navigate the ever-changing landscape of online customer engagement.

Top 5 Players Generates Over 23% Revenue of Social Media Management Market

As the social media landscape continues to evolve, so do the tools and platforms that social media professionals use to manage their accounts and campaigns. While there are many different options out there, the Adobe, Hubspot, Sprinklr, Hootsuite and Sprout Social platforms are widely considered to be the top five players in the market. These players are collectively holding over 23% market share as of 2022. Each platform has its own unique features and capabilities that can make it a good fit for certain types of businesses or organizations.

Adobe, for example, is known for its robust set of tools for creative professionals, while Hubspot is geared more towards inbound marketing and sales. Sprinklr is a comprehensive platform that offers a wide range of features for enterprise-level businesses, while Hootsuite is a popular option for smaller businesses and individual users. And Sprout Social provides an intuitive platform with advanced features for managing social media campaigns.

Sproutsocial is a leading player in the social media management market. The company provides tools and services that help businesses grow their online presence and engage with their customers. Sproutsocial’s platform provides businesses with the ability to create and manage their social media accounts, track their performance, and measure their results. The company also offers a suite of tools to help businesses with their customer engagement, including Sprout Insights, which provides insights into customer behavior, and Sprout Social CRM, which helps businesses manage their customer relationships.In addition to its platform and tools, Sproutsocial also offers a range of services to help businesses grow their social media presence. These services include social media marketing, content creation, and community management.

Sproutsocial is a key player in the social media management market because of its platform, tools, and services. The company’s platform provides businesses with everything they need to grow their online presence and engage with their customers. And its suite of tools and services helps businesses with their customer engagement.

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Social Media Management Market is Witnessing Strong Demand for Professional Services

Growing adoption of social media management for professional services is a trend that has been observed in recent years. Professional services firms, such as law firms, consulting firms, and accounting firms, are majorly using social media to build their brand, attract new clients, and stay connected with existing clients. As per our study, most of the end users are making use of this service to share industry news, thought leadership, and case studies, as well as to provide clients with updates on firm developments and upcoming events. In addition, social media management can help professional services firms to establish their expertise and thought leadership in their respective areas of practice. In addition to this, some of these tools are being used to track metrics, such as engagement and follower growth, which can help professional services firms optimise their strategies.

More than 43% of Global Social Media Management Market Revenue Comes from North America

North America has always been a leader in the social media management market, and that trend is set to continue in the coming years. According to a new report from Astute Analytica, more than 43% of global social media management market revenue will come from North America in the coming years. Wherein, the US is the largest market for social media management solutions, followed by Canada. The high adoption of social media platforms, such as Facebook, Twitter, and LinkedIn, among businesses in the US is driving the growth of the social media management market in North America.

The report attributes this continued dominance to a number of factors, including the high penetration of social media platforms in the region and the presence of many well-established vendors. North American companies are also early adopters of new technologies, which gives them a competitive edge. Some of the key players in the North American social media management market include Hootsuite, Sprout Social, Sendible, Buffer, Falcon.io, SocialBee, CoSchedule, MeetEdgar, Sprinklr, and HubSpot.

Looking ahead, the report predicts that the North American social media management market will grow at a healthy CAGR during the forecast period. This growth will be driven by factors such as the increasing use of social media for marketing and customer service, the growing popularity of digital marketing, and the rising demand for real-time insights into customer behavior.

Some of the Top Market Players Are:

  • Adobe
  • HootSuite
  • Sprout Social
  • Buffer
  • Google
  • Hubspot
  • IBM
  • Netbase Quid
  • Oracle
  • Sprinklr
  • Later
  • Talkwalker
  • Other Prominent players

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About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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