“Global Social Media Management Market to reach a market value of 96.8 Billion by 2031 growing at a CAGR of 22.4%”
The Global Social Media Management Market size is expected to reach $96.8 billion by 2031, rising at a market growth of 22.4% CAGR during the forecast period.
Consumers increasingly expect personalized and relevant interactions with brands. Customer experience management (CXM) solutions assist businesses in customizing their social media content and responses according to individual preferences and behaviors, resulting in a more engaging and satisfying customer experience. The expectation for prompt and effective responses to customer inquiries and issues has risen. Thus, the customer experience management segment acquired 27% revenue share in the market 2023.
The major strategies followed by the market participants are Partnership as the key developmental strategy to keep pace with the changing demands of end users. For instance, In, June, 2024, IBM Corporation teamed up with WPP, a British telecommunications company, to launch a new B2B marketing solution powered by IBM's AI platform watsonx, aimed at enhancing how marketers identify and engage buying groups.The collaboration would help brands deliver personalized, consistent messages across channels, improving ROI and optimizing marketing strategies with AI-driven insights and governance. Additionally, In 2024, Apr, Oracle Corporation entered a partnership with Palantir, a global software company, to offer secure cloud and AI solutions globally. This partnership enhances data integration, decision-making, and sovereignty compliance for businesses and governments, particularly in defense and intelligence sectors.
Based on the Analysis presented in the KBV Cardinal matrix; Microsoft Corporation and Google LLC are the forerunners in the Social Media Management Market. Companies such as Oracle Corporation, IBM Corporation and Adobe, Inc. are some of the key innovators in Social Media Management Market. In April, 2024, Oracle Corporation entered a partnership with Palantir, a global software company, to offer secure cloud and AI solutions globally. This partnership enhances data integration, decision-making, and sovereignty compliance for businesses and governments, particularly in defense and intelligence sectors.
The rapid growth and diversification of social media platforms (e.g., Facebook, Twitter, Instagram, TikTok, LinkedIn) have led businesses to establish a presence across multiple channels. Managing and coordinating content across these diverse platforms requires centralized tools that can handle various accounts and profiles from one place.
Additionally, businesses can leverage comprehensive performance insights to make more informed decisions by consolidating data from various social media channels. This capability drives the demand for sophisticated social media management solutions. In conclusion, the market's expansion is being fueled by the increasing proliferation of social media worldwide.
The high costs of advanced social media management tools can pose a significant barrier for small and medium-sized enterprises (SMEs). These businesses often have limited budgets and may find it challenging to justify or afford the investment in premium tools. SMEs may prioritize spending on core business functions rather than advanced social media management solutions. The high costs can lead to focusing on more basic, cost-effective tools rather than investing in high-end solutions with advanced features. Thus, the high costs of advanced tools and solutions are hindering market growth.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
On the basis of deployment, the market is segmented into on-premises and cloud. In 2023, the on-premises segment attained 28%revenue share in the market. On-premises solutions provide organizations with complete control over their data and IT infrastructure.
Based on organization size, the market is categorized into SMEs and large enterprises. The large enterprises segment witnessed 45% revenue share in the market in 2023. Large enterprises often operate across numerous social media platforms, including Facebook, Twitter, LinkedIn, and Instagram.
On the basis of function, the market is bifurcated into business processes and product development. The product development segment held a 38% revenue share in the market in 2023. Social media platforms provide an immediate and direct way for companies to gather customer feedback on their products.
By application, the market is divided into sales & marketing management, customer experience management, competitive intelligence, risk management & fraud detection, and others. In 2023, the sales & marketing management segment registered 33% revenue share in the market. Sales and marketing management solutions enable businesses to target specific audience segments precisely.
Based on vertical, the market is divided into BFSI, retail & consumer goods, government & public sector, healthcare & life sciences, IT & telecommunications, media & entertainment, manufacturing, travel & hospitality, and others. The IT & telecommunications segment attained 17% revenue share in the market in 2023. Maintaining a strong brand presence is crucial in a competitive IT and telecom landscape.
The services segment is further subdivided into professional services and managed services. The managed services segment procured a remarkable market revenue share. In 2023, the professional services segment garnered 63% revenue share in the market. Creating engaging and high-quality content is essential for social media success. Professional services produce visually appealing and impactful content, including graphics, videos, and copywriting, ensuring that content resonates with audiences and enhances brand presence.
The solution segment is further subdivided into social media marketing, social media listening, monitoring, & analytics, social media asset & content management, and social media risk & compliance management. The social media asset and content management segment attained 22% revenue share in the market in 2023. Businesses generate vast content for social media platforms, including images, videos, infographics, and blog posts.
Based on component, the market is divided into solution and services. In 2023, the services segment acquired 22% revenue share in the market. Effective social media management often requires a deep understanding of platform-specific nuances, content strategies, and audience behavior.
Free Valuable Insights: Global Social Media Management Market size to reach USD 96.8 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region generated 28% revenue share in the market. As businesses in Asia Pacific recognize the importance of digital marketing, there is a corresponding increase in budgets allocated to social media strategies.
The Social Media Management Market is highly competitive, featuring key players like Hootsuite, Sprout Social, and Buffer. Competition centers around offering comprehensive features such as analytics, scheduling, content management, and customer engagement tools. Attributes driving competition include ease of use, integration capabilities with various platforms, and advanced analytics. Companies strive to differentiate themselves by incorporating AI-driven insights, automation, and user-friendly interfaces to attract and retain clients across diverse industries and business sizes.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 20 Billion |
| Market size forecast in 2031 | USD 96.8 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 22.4% from 2024 to 2031 |
| Number of Pages | 496 |
| Number of Tables | 843 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Component, Deployment, Organization Size, Function, Application, Vertical, Region |
| Country scope |
|
| Companies Included | Adobe, Inc., IBM Corporation, Oracle Corporation, Salesforce, Inc., Microsoft Corporation, Google LLC (Alphabet Inc.), Zoho Corporation Pvt. Ltd., Onclusive, Inc., HubSpot, Inc., and Sprinklr, Inc. |
By Component
By Vertical
By Deployment
By Organization Size
By Function
By Application
By Geography
This Market size is expected to reach $96.8 billion by 2031.
Rapid proliferation of social media platforms are driving the Market in coming years, however, High costs of advanced tools and solutions restraints the growth of the Market.
Adobe, Inc., IBM Corporation, Oracle Corporation, Salesforce, Inc., Microsoft Corporation, Google LLC (Alphabet Inc.), Zoho Corporation Pvt. Ltd., Onclusive, Inc., HubSpot, Inc., and Sprinklr, Inc.
The expected CAGR of this Market is 22.4% from 2024 to 2031.
The Solution segment is leading the Market by Component in 2023; thereby, achieving a market value of $71.4 billion by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $33.8 billion by 2031.
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 