The Social Media Management market size is projected to grow from USD 14.4 billion in 2021 to USD 41.6 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 23.6% during the forecast period. The major factors driving the growth of the Social Media Management market include the rise in need in focus on the social media management market and competitive intelligence, need to drive search RoI for social media strategy, enhancement of customer experience with social media management, the shift of people toward virtual realm due to COVID-19 and the increase in user engagement of social media using smartphones.
Based on solutions, risk and compliance management solutions segment to grow at a higher CAGR during the forecast period
Social media has become a powerful tool for businesses to use in connecting with their customers. The medium has certainly made major corporations more accessible to the consumer. But with this ease of accessibility comes risk in many forms. Risk and compliance management incorporates platforms and solutions to maintain the integrity and security of content published on social media and sensitive information, including customer data and company contact.
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Based on deployment mode, on-premises expected to hold a small part of market size as compare to cloud during the forecast period
On-premises social media management solutions are hosted in the client environment, where the social media management solution is hosted by customers on their own IT infrastructure. In this deployment mode, the customer side manages the supporting IT infrastructure, security patches, maintenance, updates, and monitors physical or virtual servers for data storage. Social media management vendors or their partners work together with the client to install and configure the solution in the client’s IT environment. On-premises social media management is offered through license/annual subscription where a client pays a fixed annual fee, including maintenance.
Major Social Media Management vendors include Adobe (US), IBM (US), Google (US), Oracle (US), Salesforce (US), Sprout Social (US), Hootsuite (Canada), Meltwater (US), Sprinklr (US), Digimind (France), HubSpot (US), Clarabridge (US), Khoros (US), Falcon.io (Denmark), Zoho Corporation (India), NetBase (US), Brandwatch (UK), Talkwalker (Europe), Buffer (US), Agorapulse (France), Sendible (UK), MavSocial (US), Socialbakers (Czech Republic), Synthesio (US), and eClincher (US). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2019 to 2021, which helped companies innovate their offerings and broaden their customer base.
Adobe (US), is one of the leading vendors in the Social Media Management market. The company is one of the prominent players focusing on developing multimedia and creativity software products and services. Since its inception, the company has been offering social media management solutions. It partnered with social media management platforms to support brands delivering personalized and relevant experiences across the entire customer journey. The company offers Adobe Experience Cloud products. It is a collection of applications and services. It comes with various functionalities which help gather insights for audience, content management, campaign management, customer engagement, advertisement management, channel management, and more. It allows measuring the success of campaigns, which helps predict and understand customer behavior. Adobe integrates with ML to optimize and test web and mobile applications.
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IBM (US) is another provider of Social Media Management solutions and services across the globe. It caters to the latest technologies and services to its clientele across the globe. The company offers a vast portfolio of social media marketing and social media management products and solutions for helping its clients in enhancing their decision-making. It is constantly upgrading its capabilities for assisting its customers in improving their brands with the help of intelligent media marketing and media management solutions. It integrates technologies, such as AI and blockchain, to expand social media management and cloud platform. For instance, in 2021, IBM acquired myInvenio to enhance the hybrid-cloud and AI capabilities of the company and further enable its clients to optimize business processes. In 2018, IBM acquired IRIS.TV to increase viewer engagement with the help of a new solution, Video Recommendations. IBM is a reputed IT company and has a very strong and widely scattered customer base across the globe.
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