The social media management market size is projected to reach US$ 122.23 billion by 2031 from US$ 21.27 billion in 2023. The market is expected to register a CAGR of 24.4 % during 2023–2031. The increasing focus on video content and social commerce is likely to remain a key trend in the market.
Small and medium enterprises (SMEs) are increasingly adopting social media management due to the growing number of SMEs and shifting focus to online marketing, such as social media marketing. Interacting with people on social media is an important marketing strategy for small businesses. Utilizing social media helps a company increase its brand awareness, increase the company's customer base, and engage with current customers. It is easy for small business owners to engage in marketing through social media, as long as the company posts on social media pages, and it is a cost-effective marketing approach. Facebook, Instagram, Twitter, LinkedIn, and Pinterest are all popular social media platforms.
Social media management is a process that involves scheduling its publication, creating content, interacting with users, developing a strategy, monitoring performance, and increasing the visibility of a company's accounts on social media. It facilitates you to establish relationships with subscribers, and publish relevant posts. Social media management is a catalyst for a positive business outcome. A strong social media presence enhances a brand's awareness, promotes customer service, and extends its reach to new audiences. Influencer collaborations can provide lasting audience connections. Creative visuals and copy can alter the perception of individuals in an organization.
Over the past few years, numerous social media studies have emphasized Instagram's superiority in performance over Facebook. Instagram has proven to be the best choice for marketing purposes, regardless of its increased reach, engagement, and other KPIs. At the beginning of 2023, Instagram had an average reach rate of 9.34%, while Facebook's average reach rate of 4.32% was 3.2%. Over the course of 2023, the average reach rate for Instagram decreased, reaching 7.60% at the beginning of 2024. Therefore, the demand for social media management software is increasing.
There are many reasons for the adoption of cloud technologies. The most common benefits include improved flexibility, efficiency, and scalability. Furthermore, the pay-as-you-go model of many cloud services can save you money on upfront costs and help you manage your resources. In recent years, the cloud has become increasingly popular as more and more businesses adopt cloud-based solutions. Thus, the increasing adoption of smartphones as an attack vector is creating more opportunities for the market.
Key segments that contributed to the derivation of the social media management market analysis are component, deployment, application, and vertical.
The geographic scope of the social media management market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The social media management market is experiencing rapid growth in the APAC region. Various factors are driving the market in APAC, such as increasing use of social media, internet penetration, and the growing digital landscape. Thus, the adoption of endpoint security is increasingly growing in the country.
The regional trends and factors influencing the Social Media Management Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Social Media Management Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 21.27 billion |
| Market Size by 2031 | US$ 122.23 billion |
| Global CAGR (2023 - 2031) | 24.4% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Social Media Management Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Social Media Management Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The social media management market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the social media management market are listed below:
The “Social Media Management Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
APAC dominates the social media management market.
The rising reach of social media and Increasing adoption of cloud-based trends are the major factors that propel the global social media management market.
The increasing focus on video content and social commerce is anticipated to play a significant role in the global social media management market in the coming years.
The key players holding majority shares in the global social media management market are Adobe, IBM Corporation, Google LLC, Oracle Corporation, Salesforce.com, inc., HubSpot, Inc., Zoho Corporation Pvt. Ltd., Meltwater, Brandwatch, and Sprout Social, Inc.
The global social media management market is expected to reach US$ 122.23 billion by 2031.
The expected CAGR of the global social media management market is 24.4 %.