The global social media management software market is anticipated to reach US$5.78 billion in 2024, escalating at a CAGR of 14.52% during the period spanning 2020-2024. Factors such as increasing adoption of social media, expanding urbanization, growing usage of mobile devices, accelerating growth of BFSI sector and rising trend of social media advertising are expected to drive the market. However, growth of the industry would be challenged by continuous requirement to upgrade and associated risks with social media management software. A few notable trends may include surging adoption of cloud-based solutions, upswing in e-commerce penetration, increasing integration with artificial intelligence and surging need for managing social media accounts.
The global social media management software market is segmented on the basis of deployment and application. Based on the deployment, the global social media management software market can broadly be divided into cloud-based and on-premises. Whereas, depending upon the application, the global market can be segmented into small enterprises, medium organizations and large organizations.
The fastest growing regional market is Americas owing to the growing presence of well-established software vendors, extensive usage of the social media management software as it enables organizations to plan their social strategies much faster, engage with customers, shorten the lead generation cycle and monitor their social feeds better. Further, the unprecedented time of the COVID-19 pandemic is leveraging the importance of social media marketing among organizations, which is acting as a vital opportunity for marketers to reach customers and to increase their sales during the pandemic situation and thereby is expected to drive the growth of the social media management software market globally.
Scope of the report:
• The report provides a comprehensive analysis of the global social media management software market segmented on the basis of deployment, application and region.
• The major regional and country markets (Americas, Europe and Asia Pacific) have been analyzed.
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players (Facebook Inc., Oracle Corporation, Twitter, Inc., Sprout Social, Inc., Hootsuite Inc., and Zoho Corporation) are also presented in detail.
Key Target Audience:
• Social Media Management Software Developers
• Industry Software Vendors (ISVs) and Venture Capitalists
• End Users
• Software Consulting Companies