The Social Media Management Market size is expected to grow from USD 9.2 billion in 2018 to USD 17.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.1% during the forecast period. The key factors driving the social media management market include an increased focus on the market and competitive intelligence, and a growing need to realize an increased RoI on social media strategy.
Banking, Financial Services, and Insurance (BFSI) industry vertical to account for the largest market size in 2018
The BFSI has been a dominant industry vertical across all regions, dealing with massive volumes of customer data generated on daily basis. The vertical has observed high adoption of advanced technology solution to manage and analyze this data. Further, the growth of fintech continues to have a significant impact on the BFSI industry vertical. Established financial institutions are collaborating with key innovators in response to customer demands for effective social media management platforms. BFSI organizations have started monitoring customer conversations for brand mentions and customer complaints, and started responding accordingly, using the measuring, monitoring, and analyzing functionalities present in the social media management solutions.
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Sales and marketing application to dominate the market during the forecast period
The sales and marketing management application in the social media management market encompasses various activities that marketers and sales executives take up to directly engage their target audience through social media networks. Social media management solutions enable companies to analyze the data, understand customer pain-points, their interests, and enable them to create targeted communications, which deliver more value. Measuring the effectiveness of such efforts and optimizing content to be published on social media are the important activities which fall under the scope of sales and marketing management.
Major global vendors offering social media management include IBM (US), Oracle (US), Salesforce (US), Adobe (US), Hootsuite (Canada), Sprout Social (US), Google (US), Sysomos (Canada), Sprinklr (US), Digimind (France), Clarabridge (US), Spreadfast (US), Falcon.io (Denmark), Zoho (India), and Lithium Technologies (US). They have executed different growth strategies to expand their global presence and increase their market shares. New product launches and upgradations; and partnerships, agreements, and collaborations, have been major strategies adopted by the key players, which helped them innovate their offerings and expand their reach.
Adobe is one of the major providers of social media management solutions. The company provides its offerings to a diverse customer base. It adopts both organic and inorganic growth strategies to sustain its leading position in the market. Adobe also invests heavily in R&D activities to strengthen its capabilities and competencies in its core business. In October 2018, it acquired Marketo, a B2B marketing engagement company. The combination of Adobe Experience Cloud and Marketo’s Engagement platform provides an unrivaled set of solutions for delivering transformative customer experiences across industries and companies of all sizes.
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Sprinklr is another key player in the market providing social media marketing and management solutions. The company has adopted new product launches, partnership, and collaboration strategies to upgrade its product portfolio and expand its market reach. For instance, in January 2018, Sprinklr launched a new product, Sprinklr Gallery to help customers curate, formalize, and embed shoppable social content directly on their websites and mobile apps. In October 2018, Sprinklr partnered with Havas Media, a media division of the Havas Group. Under the partnership, Sprinklr combined its social listening, content management, influencer marketing, and data intelligence capabilities, with Havas’ strategic social media expertise to deliver better customer experiences.
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