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Social Media Management Market Size, Share & Industry Analysis, By Deployment (Cloud and On-premise), By Application (Sales and Marketing Management, Customer Experience Management, Risk Management and Fraud Detection, Competitive Intelligence, and Others (Social Media Content Scheduling)), By End User (Retail, Travel & Hospitality, Health & Fitness, Beauty & Fashion, Media & Entertainment, Education, and Others (Real Estate)), and Regional Forecast, 2024 – 2032

Last Updated: June 24, 2024 | Format: PDF | Report ID: FBI100638

 

KEY MARKET INSIGHTS

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The global social media management market was valued at USD 23.50 billion in 2023. The market is projected to be worth USD 28.49 billion in 2024 and reach USD 134.07 billion by 2032, exhibiting a CAGR of 21.4% during the forecast period (2024-2032). Social media management is collecting and analyzing target groups and developing marketing and influence strategies tailored to specific groups of people or target groups. Creating and distributing online social media content, monitoring online conversations with customers and followers, interacting with influencers, providing community service, and monitoring, measuring, and reporting social media performance and ROI are part of social media management.


Rising demand for work-from-home policies during the coronavirus disease (COVID-19) pandemic is driving the growth of the global social media market, thereby increasing the demand for social media management solutions. Additionally, the growing demand for easily accessible short-form entertainment and media is impacting the growth of the market. However,  privacy and sharing challenges in social media management platforms are likely to impact the market. Further, integrating advanced tools, such as machine learning and data analysis, with social media management solution suites is expected to provide valuable opportunities for the expansion of the industry during the forecast period.


The pandemic positively impacted the growth of the social media management market as the use of social media increased drastically. According to the International Journal of Environmental Research and Public Health, over 70% of Spanish adults claimed a rise in social media use during the first wave of the pandemic in 2020. In addition, around 87% of respondents claimed a rise in their social media use during the second wave in 2021. This rise in the use of social media was found across every country globally, which further positively influenced the market.


Social Media Management Market Trends


Growing Adoption of Augmented Reality and Virtual Reality into Social Media to Boost Market Growth


Integrating Augmented Reality (AR) and Virtual Reality (VR) into social media platforms catalyzes a significant transformation within social media management. This innovation is sparking a surge in demand for comprehensive social media marketing solutions that can effectively harness the potential of AR and VR for enhanced user engagement and marketing. Social media networks leverage these technologies to create immersive content, from interactive filters and 3D ads to virtual showrooms and live VR events.


This trend drives the development of analytics tools that track AR and VR engagement metrics and content creation features tailored to these technologies. Additionally, social media managers seek platforms that integrate seamlessly with AR/VR capable networks, enabling them to manage campaigns across multiple platforms efficiently. As the adoption of such technologies continues to grow, marketers and businesses recognize the need for versatile social media marketing and management solutions that can adapt to this evolving landscape, ensuring they stay at the forefront of engaging their audiences and delivering memorable brand experiences.


 



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Social Media Management Market Growth Factors


Integration of AI-driven chat-bots and Machine Learning Capabilities to Enhance the Initiatives toward Social Media Management Solutions


Artificial Intelligence (AI)-driven chatbots are becoming increasingly sophisticated, capable of understanding natural language and context and providing real-time responses. This enables businesses to offer immediate support and information to their social media followers, enhancing customer satisfaction and retention. Furthermore, Machine Learning (ML) algorithms analyze vast amounts of data to derive valuable insights about audience behaviour, content performance, and trends. This data-driven approach empowers businesses to fine-tune their social media strategies for maximum impact and return on investment. As AI and ML continue to evolve, their integration into social media management solutions redefines how brands interact with their audience and extract meaningful insights from the digital noise. For instance,


In April 2023, Sprout Social, a cloud-based social media management software provider, launched new ML and automation features with OpenAI’s GPT model. These enhancements expanded their ML capabilities and integrated Repustate acquisition, enabling organizations to work smarter and maximize their social media impact.


RESTRAINING FACTORS


Growing Skepticism among Consumers Regarding Influencer Authenticity to Hamper Market Expansion


One of the primary reasons for the skepticism toward modern influencers is the lack of credibility. It profoundly impacts businesses and brands that rely on influencer marketing as a core component of their social media strategies. When end users perceive influencers as inauthentic or insincere, it damages their reputation and harms their associated brand. This makes it challenging for social media management tools to measure influencer campaigns' return on investment accurately.


Additionally, as regulatory bodies pay increasing attention to influencer marketing, social media marketing tools may need to evolve to ensure compliance with emerging guidelines and regulations to maintain consumer trust.


Social Media Management Market Segmentation Analysis


By Deployment Analysis


Rise in Cloud-based Solutions Adoption by SMEs to Propel Market Growth 


Based on deployment, the market is divided into cloud and on-premise.


The cloud segment captures the maximum market share among the two types and is expected to grow at the highest CAGR during the forecast period. This dominance is due to the rising adoption of cloud-based solutions and the surge in cloud service deployment by small and medium-scale organizations across the globe.


On the other hand, the on-premise segment is anticipated to grow at a moderate CAGR during the forecast period.


By Application Analysis


Sales and Marketing Management Segment Dominated the Market as it Helps Businesses to Drive Revenue and Growth


Based on application, the market is divided into sales and marketing management, customer experience management, risk management and fraud detection, competitive intelligence, and others, including social media content scheduling.  


Among these, the sales and marketing management segment dominated the market with a maximum share in 2023 as sales and marketing management is essential for driving the business revenue and growth.


However, competitive intelligence is estimated to showcase a high CAGR during the forecast period. Competitive intelligence helps companies track and analyze their competitor's social media activities, market trends, and customer interaction. It also helps reduce the time taken to deliver competitor insight by 50% and helps generate a higher social media engagement rate. 


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By End User Analysis


Growing Popularity of Social Media Management Solutions across Media and Entertainment Sectors to Aid Market Growth


Based on end user, the market is divided into retail, travel & hospitality, health & fitness, beauty & fashion, media & entertainment, education, and others, including real estate. Among these, the media & entertainment segment dominated the market by generating maximum revenue in 2023. The media & entertainment sector uses social media to target audiences and allows leveraging the multiple tools, formats, and features to generate buzz.


On the other hand, the travel & hospitality segment is estimated to showcase the highest CAGR during the forecast period. Revenue Hub shows around 97% of millennials upload photos on social media during their travels. Around 71% of travel agencies report better customer interactions when committed to social media strategy. Therefore, the sector's demand for social media marketing and management is increasing.


REGIONAL INSIGHTS


Based on region, the market is studied across North America, South America, Europe, Middle East & Africa, and Asia Pacific.


North America Social Media Management Market Size, 2023 (USD Billion)

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North America holds the highest market share by region and is expected to continue its dominance in the coming years. This dominance is due to the growing adoption of social media marketing solutions among the region's tech-savvy population. This growing demand has also increased the number of social media users across the region.


On the other hand, Asia Pacific is predicted to showcase the highest CAGR during the forecast period, owing to increasing social media users due to technological developments in the region.


Furthermore, Europe is expected to grow at a moderate CAGR during the forecast period, owing to rapid digitalization and rising investments in digital platforms. Countries such as Germany, the U.K., and France are among the countries that have majorly influenced the market in recent years. However, in the coming years, it is estimated that Spain will register a high CAGR during the forecast period. This estimation is due to the increase in social media users and its effect on digital and social advertising, creating a place of opportunity for any network aiming to invest in the country.


Regarding the Middle East & Africa and South America, both regions are expected to grow at a moderate CAGR and a gradual growth. These regions hold a smaller portion of the overall social media management market share. In addition, these regions are majorly influenced by the growing popularity of social media marketing tools among youth.


List of Key Companies in Social Media Management Market


Continuous Investments by Key Players Indicates Positive Growth for the Market


Key players operating in the market are continuously engaged in investments regarding product enhancements, strategic acquisitions, relevant partnerships, and collaborations. These strategies help them enhance their technological expertise and better serve their customers. In addition, companies operating in the market have been investing in emerging technologies, such as Artificial Intelligence (AI) to revolutionize their technological aspects. Furthermore, small businesses in the market secure funds to grow their marketing management platform expertise and expand their global presence.


List of Key Companies Profiled:



KEY INDUSTRY DEVELOPMENTS:



  • September 2023 – Sprinklr introduced an enhanced version 18.8 of its Sprinklr AI+ platform, incorporating OpenAI's GPT models and Google Cloud's Vertex AI. The upgraded version also provides generative AI expertise for customer service, insights, social media management, and marketing.

  • August 2023 – Sprout Social, Inc. acquired Tagger Media, Inc., specializing in delivering its end users with a marketing and social intelligence platform. With this acquisition, the company aimed to strengthen its position in the social media software market. The acquisition also upgrades the platform to deliver comprehensive workflow, reporting, and intelligence.

  • August 2023 - MW Investment B.V., an entity equally controlled by Marlin Equity Partners and Altor, acquired Meltwater. Meltwater provides organizations with a comprehensive suite of solutions that includes media, social, consumer, and sales intelligence. This acquisition brings new opportunities to the company and helps serve its customers better.

  • August 2023 – Disctopia, a specialist in podcast hosting and a streaming platform, partnered with Semrush to leverage the company’s SEO tools for better reach.

  • July 2023 - SOCi Inc. introduced SOCi Surveys to strengthen companies to accumulate continuous first-party feedback from end users. With these surveys, the company could make advancements in its customer experiences.


REPORT COVERAGE


An Infographic Representation of Social Media Management Market

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The research report thoroughly analyzes the market and emphasizes vital aspects such as crucial companies, solution/service types, and principal applications of the solution. In addition, the report provides insights into the ongoing market trends and highlights recent industry developments. Furthermore, the report integrates several factors that contributed to the growth of the market in recent years.


Report Scope & Segmentation










































ATTRIBUTE



DETAILS 



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 21.4% from 2024 to 2032



Unit



Value (USD Billion)



 


 


 


 


 


 


 


 


 


Segmentation



By Deployment



  • Cloud

  • On-premise


By Application



  • Sales and Marketing Management

  • Customer Experience Management

  • Risk Management and Fraud Detection

  • Competitive Intelligence

  • Others (Social Media Content Scheduling)


By End User



  • Retail

  • Travel & Hospitality

  • Health & Fitness

  • Beauty & Fashion

  • Media & Entertainment

  • Education

  • Others (Real Estate)


By Region



  • North America (By Deployment, By Application, By End User, and By Country)

  • South America (By Deployment, By Application, By End User, and By Country)

  • Europe (By Deployment, By Application, By End User, and By Country)

  • Middle East & Africa (By Deployment, By Application, By End User, and By Country)

  • Asia Pacific (By Deployment, By Application, By End User, and By Country)






Frequently Asked Questions

The market is projected to reach USD 134.07 billion by 2032.

In 2023, the market was valued at USD 23.50 billion.

The market is projected to grow at a CAGR of 21.4% during the forecast period.

The sales and marketing management segment is expected to lead the market.

Integration of AI-driven chat-bots and machine learning capabilities to further enhance the initiatives toward social media marketing and management solutions.

HubSpot, Inc., Sprout Social, Inc., Hootsuite Inc., Zoho Corporation Pvt. Ltd., Meltwater, and Sprinklr, Inc. are the top players in the market.

North America is expected to hold the highest market share.

By application, the competitive intelligence is expected to grow with a remarkable CAGR during the forecast period.

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