According
to the new market research report "Social Media Management Market by Component, Application (Sales &
Marketing Management, Customer Experience Management, Competitive Intelligence,
& Risk Management), Organization Size, Industry Vertical, Deployment Model,
& Region - Global Forecast to 2023", published by MarketsandMarkets™, the global social media management market size is
expected to grow from USD 9.2 billion in 2018 to USD 17.7 billion by 2023, at a
Compound Annual Growth Rate (CAGR) of 14.1% during the forecast period.
The
key factors driving the social media management market include need to increase
Return on Investment (RoI) on social media strategy, increased focus on the
market and competitive intelligence, and need for social media measurement to
enhance the customer experience.
Banking,
Financial Services, and Insurance (BFSI) industry vertical to account for the
largest market size in 2018
The
BFSI has been a dominant industry vertical across all regions, dealing with
massive volumes of customer data generated on daily basis. The vertical has
observed high adoption of advanced technology solution to manage and analyze
this data. Further, the growth of fintech continues to have a significant
impact on the BFSI industry vertical. Established financial institutions are
collaborating with key innovators in response to customer demands for effective
social media management platforms. BFSI organizations have started monitoring
customer conversations for brand mentions and customer complaints, and started
responding accordingly, using the measuring, monitoring, and analyzing
functionalities present in the social media management solutions.
Browse and
in-depth TOC on "Social Media
Management Market"
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Sales
and marketing application to dominate the market during the forecast period
The
sales and marketing management application in the social media management
market encompasses various activities that marketers and sales executives take
up to directly engage their target audience through social media networks.
Social media management solutions enable companies to analyze the data,
understand customer pain-points, their interests, and enable them to create
targeted communications, which deliver more value. Measuring the effectiveness
of such efforts and optimizing content to be published on social media are the
important activities which fall under the scope of sales and marketing
management.
Medium
organizations segment to account for the largest market size and record the
highest CAGR during the forecast period
In
the social media management market study, organizations with revenue between
USD 10 million and USD 1 billion are considered as medium-sized organizations.
These organizations constitute the largest market size in the global social
media management market. They have been majorly dependent on the proliferation
of mobile devices, IoT, and social media user growth, which demands the need
for managing these digital assets. Medium-sized organizations have been
increasingly investing in social media advertising, and marketing and selling
activities to promote their products and services, as social marketing is
gaining significant demand. This, in turn, has created the need for integrated
social media management solutions to share, collaborate, and manage enterprise
content over social media for revenue generation.
North
America to account for the largest market size during the forecast period
North
America constitutes the largest market size, due to the early adoption of
advanced technology solutions and supporting technologies including governance and
security. Further, a majority of the vendors in the market are based in the
region and have a strong presence across all major industries in the region.
These vendors have taken up several market growth initiatives in the form of
partnerships with different technology players to offer rapid social network
data analytics and processing solutions. In addition, a stable economy,
advanced technological developments, and strict regulations for data protection
are major factors influencing the growth of the social media management market
in the region.
The
report also studies various growth strategies, such as mergers and
acquisitions, partnerships and collaborations, and developments, adopted by the
major players to expand their presence in the market. Major vendors in the HCI
market include Dell EMC (US), Nutanix (US), Cisco (US), HPE (US), Huawei
(China), NetApp (US), VMware (US), Pivot3 (US), Scale Computing (US),
Startoscale (US), DataCore (US), Maxta (US), Microsoft (US), HiveIO (US),
Supermicro (US), Hitachi Vantara (US), Diamanti (US), Lenovo (China), NEC
Corporation (Japan), Riverbed Technology (US), IBM (US), Fujitsu (Japan),
StarWind (US), Sanfor Technologies (China), and StorMagic (UK).
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