Yahoo Finance Social Media Management Market to Hit Sales of 63.63 Billion by 2028 | Spending on Social Media Management Increased By 27% in One Year
Global social media management market was valued at USD 15.19 billion in 2021, and it is expected to reach a value of USD 63.63 billion by 2028, at a CAGR of 22.7% over the forecast period (2022–2028).
Westford, USA, Sept. 29, 2022 (GLOBE NEWSWIRE) -- There is no denying that social media management market has become a powerful communication tool in today’s society. According to a recent study by SkyQuest, more than half of all online adults (65%) use social media sites such as Facebook, LinkedIn, Twitter and Instagram. This represents a significant increase from just three years ago, when only 47% of online adults used social media sites. Moreover, the growth in social media use has not been limited to young adults; 55% of adult women and 78% of adult men use social media.
With the growth of social media management market, businesses have realized the importance of having a social media management plan in place. Not only is it important to have a plan in place to ensure that the company's social media presence is managed effectively and consistent, but it has also become essential to track and analyze social media activity in order to improve marketing strategy. A well-executed social media management plan helps the businesses control the message they are putting out there, as well as identify any potential issues or gaps in their strategies.
Despite this widespread adoption, businesses are still learning how to effectively use social media in the global social media management market. In fact, our recent survey pointed out that only 36% of companies employ a full-time person to manage their social media accounts. In addition, 43% of companies consider outsourcing their social media management duties, and 24% have contracted out their social media management services.
Given the meteoric rise in demand for social media management market, it is no surprise that businesses are scrambling to find an effective way to utilize these platforms. Some businesses are beginning to realize that a mix of traditional marketing methods and social media management is the best approach.
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SkyQuest Survey Reveals 73% Organization are Using or Planning to Use Social Media Management Market
With all of the talk about social media, it's no surprise that more and more businesses are using it to connect with their customers. And one of the most popular means of communication is social media management.
This week, SkyQuest released a survey of 2,500 social media management professionals in North America, Europe, Asia-Pacific, and Latin America. The research found that almost three-quarters (73%) of SMM professionals have implemented or plan to implement an automated Twitter management solution in the next 12 months. Additionally, 70% use social media platforms more than eight hours per day. In terms of top organizational priorities for SMM efforts in social media management market, creating content (68%) and measuring engagement (66%) were the top two. Furthermore, 84% report achieving at least one objective they set for their organization's social media strategy with only 6% reporting a negative experience.
According to the study, while nearly two-thirds (63%) of the respondents have a formal strategy in place for managing social media activities, only 34% feel that their strategy reflects the full breadth of their company’s social media presence.
A lack of alignment with overall corporate goals was cited as the main reason for this mismatch in the social media management market, with 78% of respondents saying it is difficult to track performance against objectives on social media. Additionally, only 38% believe that their employees are using social media effectively in support of company goals.
As per SkyQuest study, the top five areas where companies in the global social media management market can improve their strategy are: developing a clear business case for social media (91%); setting measurable and achievable goals (86%); developing clear lines of authority and responsibility (81%); training employees on how to use social media effectively (68%); and deploying tools and technologies that support effective use of social media (66%).
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AI is Next Big Thing for Social Media Management Market
Artificial intelligence (AI) is revolutionizing social media management, making it easier and faster for companies to keep up with the latest trends and developments in the industry. According to a study by SkyQuest, AI can help social media managers cut down on the time they spend on tasks such as scheduling posts and managing followers.
In addition, AI can help identify which posts are performing well and which ones need revision in the global social media management market. This saves time and energy, as managers no longer have to comb through data to determine which posts are resonating with their audience. AI can also identify potential Issues that need to be addressed on social media platforms, such as content that offends or infringes on copyright laws.
These days, there are a variety of platforms that offer AI-assisted social media management tools. Organizations can also take advantage of these tools to improve their communication strategy.
First, let’s take a look at the most popular AI-assisted tool in global social media management market: Hootsuite. This platform allows users to manage multiple accounts from one location. It also lets users post updates and respond to comments from all of their accounts in one place. Additionally, it provides a dashboard that helps analysts track the progress and performance of each individual account.
Another popular tool for managing multiple accounts is Buffer, perfect fit for small businesses. This platform allows users to easily post updates across all their social media accounts in one place.
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Spending on Social Media Management Increased By 27% in One Year
As businesses in the global social media management market continue to implement and use social media as a marketing tool, spending on social media management services continues to grow. In the past year, spending on such services has increased by an estimated 27%. This substantial increase is likely due to the large number of businesses that have yet to fully embrace social media, and those who have only begun to use it, but need assistance in managing their accounts.
The average cost for single service in the global social media management market ranges from $100 to $50,000, but the costs can go much higher depending on the level of customization and automation desired. 61% of businesses that have used a social media management service say they’ve spent more than $1,000 per month on the service. The most common reasons for spending more are increased engagement (62%), and increased follower growth (61%).
One of the primary reasons for this rapid growth is that social media management services can help businesses save time and energy. For example, if a business has 50 different Twitter accounts, an online social media management service can help them manage all of them more easily and effectively. Additionally, these services can help businesses monitor their social media activity and track how it’s impacting their overall brand image and public relations.
Why is this social media management market being so popular? There are a number of reasons that SkyQuest study suggests. First and foremost, social media platforms are incredibly effective tools for building and maintaining relationships with customers and clients. Additionally, these platforms allow businesses to engage with their customers in a way that is both interactive and engaging. As a result, businesses that understand how to use social media correctly can achieve tremendous success in building brand awareness, generating leads, and generating sales.
Top Players in Social Media Management Market
Adobe Inc. (US)
IBM Corporation (US)
Google LLC (US)
Oracle Corporation (US)
Salesforce Inc. (US)
Sprout Social (US)
Hootsuite (Canada)
Meltwater (Netherlands)
Sprinklr (US)
Digimind (France)
HubSpot (US)
Clarabridge (US)
Khoros (US)
Falcon.io (Denmark)
Zoho Corporation (India)
NetBase (US)
Brandwatch (UK)
Sendible (UK)
MavSocial (US)
Emplifi, Inc. (US)
Synthesio Inc. (US)
eClincher (US)
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