The social media management market is anticipated to witness robust growth in the coming years says Fortune Business Insights in their new report. The report is titled,” Social Media Management Market Size, Share and Global Trend by Component (Solution, Services), By Application (Sales and Marketing Management, Customer Experience Management, Competitive Intelligence, Risk Management and Fraud Detection), By Industry Vertical (Telecom and IT, Media and Entertainment, Manufacturing, Travel and Hospitality), By Deployment (Cloud-based, On-premise), and Geography Forecast till 2026”.
Browse Complete Report at https://www.fortunebusinessinsights.com/industry-reports/social-media-management-market-100638
Top Players Overview:
- IBM Corporation
- com Inc.
- Oracle Corporation
- Adobe Inc.
- Sprout Social
- Google Inc.
- Lithium Technologies
Adoption of Social Media Platforms in Multiple Industries to Boost Growth
Social media management software is gaining recognition not just for entertainment and communication purposes but among businesses as well. Various industries such as healthcare, telecom and IT, e-commerce, government and public sector, media and entertainment, BFSI, travel and hospitality, manufacturing, and others are investing in social media management as they focus on adopting newer technologies. This is a major factor boosting the global social media management market growth. The travel and tourism sector also relies on social media management for creating brand awareness, mobile ticketing, community safety applications, hospitality brand awareness, hotel searching and booking, real-time community networking, and other purposes. T
On the flipside, the market may get hampered by issues such as lack of common laws and standards to maintain social medial management for business, and compulsory compliance to certain stringent regulations. In addition to this, the lack of a single solution for managing diverse data sets incarcerated from social media platforms may also cause hindrance to the growth of the global market in the long run.
North America to Emerge Dominant with Largest Number of Social Media Users
North America exhibits the highest rate of adoption of social media management platform. This, coupled with the fact that North America has the largest number of social media platform users, is helping the market in the region stay dominant through the forecast period. With the tremendous growth of the digital world, about 4 billion people worldwide are estimated to become regular internet users. With the implementation of smartphone, the population of internet users is increasing by the day and the percentage of people buying smartphones is anticipated to increase by 30 to 35% towards the end of the year 2020. At present, YouTube and Facebook are the two most active social media platforms at a global level. These platforms are likely to boast 1 billion and 1.5 billion users, respectively in the near future. The market in Asia Pacific is also anticipated to grow exponentially on account of the cut-down prices of smartphones and increasing internet connectivity which allows people from to get access to internet and entertainment on their mobile phones. The percentage of internet usage by people is anticipated to increase by 40 % during the forecast period. Thus, the global social media management market in Asia Pacific is anticipated to register a comparatively higher rate of growth in the coming years.
Popularity of Sprout Social App to Encourage Market Players to Come Up with Innovative Products
Various companies are adopting innovative strategies to stay ahead in the competition. They are investing in research and development to offer a better medium of social connection. For instance, a social medical management app namely, Sprout Social is developed in order to provide excellent customer service through social media and also provide indirect engagement opportunities. Such inventions are likely to bode well for the global social media management market.
View Related Reports:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune – 411045, Maharashtra, India.
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: [email protected]