The global social media management market is anticipated to witness notable growth in the 2020—2028 timeframe. Rising adoption of social media tools for marketing by various businesses is driving the growth of the market. The engagement sub-segment, small & medium enterprise sub-segment, and healthcare sub-segment are projected to lead the market. The Asia-Pacific market is anticipated to be at the forefront.
New York, USA, Dec. 08, 2021 (GLOBE NEWSWIRE) -- A new report on the global social media management market has been added by Research Dive to its repository. According to the report, the global social media management market is expected to hit $18,197.8 million by 2028, rising at a CAGR of 21.2% from 2020 to 2028. This report in an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
Factors Impacting the Market Growth:
The key factors boosting the growth of the global social media management market are the rising implementation of digital marketing techniques in business growth strategies and growing enhancement of customer experience by businesses using social media management. Moreover, growing awareness among businesses about the benefits of social media management for gaining real-time insights and increasing revenue is projected to open doors to beneficial opportunities for the growth of the social media management market in the forecast period. However, data manipulation and privacy issues while using social media platforms are expected to obstruct the market growth.
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Impact of COVID-19 Pandemic on the Market:
The abrupt rise of COVID-19 pandemic in 2020 has had an optimistic impact on the growth of the global social media management market. The implementation of lockdown restrictions during the pandemic has ceased the normal functioning of several businesses. Many businesses have opted for social media platforms to reach their potential customers during the lockdown period. Hence, growing adoption of social media marketing techniques is likely to fuel the market growth in the coming years.
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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 Hold a Foremost Market Position
The engagement sub-segment of the type segment is anticipated to grow significantly and garner $5,998.5 million during the forecast period. This growth is chiefly owing to the rising implementation of social engagement tools like social CRM, automation tools, social monitoring & alerts, and customer service tools by various businesses.
Small & Medium Enterprise Sub-Segment to Observe Accelerated Growth
The small & medium enterprise sub-segment of the enterprise size segment is anticipated to grow rapidly and garner $5,172.6 million during the forecast period. This growth is chiefly owing to the rising adoption of social media analytics and social CRM tools by small & medium enterprises.
End Use: Healthcare Sub-Segment to Experience Fast-Paced Growth
Based on end use segment, the global social media management market is divided into BFSI, healthcare, retail, real estate, media & entertainment, manufacturing, and others.
The healthcare sub-segment was valued at $486.1 million in 2020, and is anticipated to observe speedy growth and garner $2,607.3 million during the forecast period. This is chiefly owing to the rising use of social media platforms by healthcare facilities and hospitals to reach their patients directly and offer beneficial information to help them in making the best decisions regarding their health.
The BFSI sub-segment of the end use segment was valued at $935.0 million in 2020, and is anticipated to grow significantly and garner $4,235.3 million during the forecast period. This growth is chiefly owing to the rising adoption of social media platforms by financial institutions for increasing as well as retaining their customer base.
Asia-Pacific Market to Observe Rapid Growth
The report analyzes 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 estimated to observe remarkable growth and hit $5,603.7 million in the forecast period. The growth of the region market is mainly because of the growing volume of data, surging penetration of smartphones and the internet, rising developments in technologies such as artificial intelligence and big data, and growing awareness about the need for valuable insights amongst businesses in this region.
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Key Market Players
The report lists some of the foremost players operating in the global social media management market including
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 September 2020, Facebook, a leading online social media and social networking service, launched Facebook Business Suite to make it easier for businesses to manage their pages and accounts across Instagram, Facebook, and Messenger in a single place.
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
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