Social media management software market to skyrocket by $35 billion
The social media management software market is projected to grow by a whopping USD 34.62 billion between 2022 and 2027, according to a recent analysis by market research firm Technavio. This growth is primarily being pushed by technological advancements offering new opportunities in this market, which includes end-users spanning across retail and consumer goods, healthcare and life sciences, IT and telecom, government and public sector, among others. The market is operating in various global regions such as North America, Europe, APAC, the Middle East and Africa, and South America.
The expansion of the social media management software market is being be powered by functionalities like content scheduling, multi-platform integration, campaign management, and social listening. These have become central to the way businesses approach social media management. Features such as Customer Relationship Management (CRM) Integration, content curation, and user-generated content management have emerged as important drivers of engagement. Added to these are mobile accessibility, community management, ad management, and video management, which are enhancing efficiency and contributing to the growth of the market.
Automated publishing, AI-powered recommendations, privacy compliance, API and E-commerce integrations, and RFID Technology are among the arsenal of tools the evolving social media management software market is offering businesses in the present times. There is also a strong push for employee engagement with the usage of Employee Advocacy Tools that help to amplify a brand's presence across networks.
A significant trend in the global social media management software market is the increased use of analytics. Engaging with analytics and reporting, tracking engagement, harnessing audience insights, and brand monitoring have become crucial in this market. Features like influencer tracking, hashtag monitoring, sentiment analysis along with performance benchmarks, competitive analysis, and customizable dashboards are driving data-informed decisions and thus paving the way for precise strategies
Keeping up with the rapid changes in social media platforms and regularly upgrading social media management software is a key challenge in this market. As an example, following the partnership between Meta and Adobe in May 2022, a regular upgrade of existing on-premises social media management software has become a requirement.
Technavio's study shows that in the present global market, the retail and consumer goods sector is poised to make a significant contribution to market share growth. With the influence of mobile applications and social media, this sector is witnessing a surge in both offline and online sales. Adding fuel to the fire is the creation of mutually beneficial relationships allowing retailers to effectively engage with larger audiences while cutting down on spam risks associated with online ads on social media platforms. Furthermore, the research predicts that North America alone would contribute up to 29% of the global market's growth during the forecast period.
Some of the key players operating in the social media management software market include Adobe Inc., Agorapulse SAS, eClincher Inc., Emplifi Inc, Hootsuite Inc, HubSpot Inc., International Business Machines Corp., Meltwater NV, NetBase Solutions Inc., Onclusive Inc, Oracle Corp., Platinum Equity Advisors LLC, Qualtrics LLC, Salesforce Inc., Sendible Ltd., Sprinklr Inc., Sprout Social Inc., Talkwalker Sarl, Vista Equity Partners Management LLC, and Zoho Corp. Pvt. Ltd.
