Social Media Management Market Size, Share, CAGR Status, Growth, Trends, Analysis

The demand for social media management solutions is expected to grow over the next 5 years, owing to several factors including massive adoption of social media and huge volumes of data generated across major industries, including BFSI, retail and ecommerce, government and public sector, and manufacturing.

A need to realize an increasing ROI on social media strategy, a growing focus on the market and competitive intelligence, and an increasing need for social media measurement to enhance the customer experience are key growth factors for the market.

The social media engagement involves management of the existing and potential customer interactions on various social media networks of a company. Social media advocacy and selling deals with brand development through third-party engagements (employee or existing customers).

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It incorporates all activities that a company undertakes to gain insights into what their competitors are doing, track competitors’ activities, and any conversation that may be happening between a company and its competitors’ customers on social media platforms. Social media platforms can provide a wide variety of information about customers, their experiences, needs, and perceptions.

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.

Major global vendors offering Social Media Management include IBM Corporation (US), Oracle Corporation (US), Salesforce (US), Adobe Systems (US), Hootsuite Inc. (Canada), Sprout Social, Inc. (US), Google, Inc. (US), Sysomos (Canada), Sprinklr, Inc. (US), Digimind (France), Clarabridge (US), Spreadfast (US), Falcon.io (Denmark), Zoho Corporation, (India), and Lithium Technologies, LLC (US).