Social Media Management Market Growing at 23.6%

The social media management market is expected to grow from $14.4 billion in 2021 to $41.6 billion in 2026 at a compound annual growth rate (CAGR) of 23.6%, offering promising opportunities and powerful tools for businesses—especially small enterprises—to connect with customers.

Small enterprises benefit most from social media management solutions

These statistics are carried in the MarketAndMarkets research report Social Media Management Market by Component, which finds that while social media marketing and customer relationship management (CRM) tools have allowed consumers access to large corporations, small enterprises stand to benefit all the more as they strive to serve niche markets with limited resources.

Small enterprises—organizations with revenue of less than $10 million—struggle to reach a global audience and expand their customer base. Social media marketing tools from tried and trusted suppliers such as are increasingly being adopted, therefore, as effective solutions and essential components of marketing and customer engagement strategies.

Moreover, the number of small enterprises—especially in high growth markets such as Asia-Pacific (APAC) and the Middle East—are increasing exponentially, contributing to the burgeoning market. As a contributor to sales and marketing, social media management tools allow marketers to engage directly with their audiences across different social media platforms.

Sales executives, for example, can use social media management solutions such as analytics, listening, and monitoring to analyze which social media channel generates the most sales leads. They can also survey what followers are most interested in and how campaign content may be engineered for greater sales, better customer retention, and burnishing of brands.

Social media analytics software gels data from a variety of social networking streams—Facebook, Twitter, Linkedin, blogs, etc—delivering vital information that can be used to ameliorate social media marketing campaigns and sales.

North America leads social media management market

The MarketAndMarkets report is projecting that the North American market will maintain the largest market share. This is owing to its growing tech-savvy population, high Internet penetration, and stronger connectivity. Social media platform usage is booming under these conditions.

Data from social media platforms is being generated on a large scale in North America, affording enterprises meaningful insights into how well brands are performing, how products are finding influence, and how well campaigns are performing against expectations. Meanwhile, the travel and hospitality segment of the market is expected to grow at a higher rate during the forecast period, according to the report.

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