The leading BFSI sectors and increased data volumes are providing new opportunities to the global social media management software market.
Covid-19 Impact & Market Status
The COVID-19 has severely impacted the growth and progress of various industrial sectors. Due to lockdown, many companies had forcefully stopped their work due to the unavailability of transportation, labourers, infrastructure, and other services. In the absence of these services and materials, offline working companies like manufacturing and production departments cannot continue their work. However, COVID-19 has increased the growth of the global social media market because many people have started using social media platforms to cope with their boredom. Hence, an increase in the number of social media users has increased the demand for social media management software platforms so that they can enjoy secure, effective, and efficient networking and data sharing services.
In this way, various social media platforms have increased the networking and connectivity of people from different groups sharing common interests.
The increase in investments in social media is providing new opportunities to the social media management software market.
The increase in the usage of social media platforms calls for an increase in the number of social media management software platforms. The concept of big data provides growth opportunities for the social media management software market by the application of advanced database management systems, testing tools, and maintenance platforms. With the application of these services, the management and maintenance of social media platforms can be done effectively and efficiently.
For this, many potential companies are designing and developing multi-service platforms that can process data generated by the social media platforms, filter the data, categorize the media files, store structured and unstructured data separately, and ensure the security of each transaction. This helps the users to transfer important information via these platforms and ensure data security. Hence, the social media management software market helps various multinational companies to transfer their information to their clients without any data leakage or data corruption. This helps to increase the networking of different communities, business groups, or other groups across the globe.
The trending NoSQL databases and Big Data technologies are driving the social media management software market.
The growing technologies have provided various opportunities to the management, media and marketing sectors. Currently, social media platforms are growing at a tremendous rate as the number of potential users is increasing each day. With this, there is an increase in the development of social media software platforms. Each day, a new social media platform comes into the market to connect people of different regions and interests to share their achievements, lifestyle, etc.
The increased growth and development of social media platforms has increased the amount of data generated which contains both structured and unstructured data. This data needs to be properly retrieved, filtered, encrypted, decrypted, managed, stored, and processed. For all these processes, there is a need for a social media management software platform that can manage all these services efficiently and maintain the working of social media platforms. For this, various potential companies are trying to develop an advanced software platform that can track, store, and update social media data most efficiently.
The Compound Annual Growth Rate (CAGR) of the global social media management software market is expected to be 20.9% with increased market size of USD 27.01 Billion.
With the help of advanced technologies like Big Data Analytics, Deep Learning, and other relevant technologies, there is heavy investment in the development of the social media management software market. These technologies help in the management, storage, retrieval, and processing of data. For example, Hadoop or Cloudera comes with RDBMS and NoSQL data storage platforms that support both structured and unstructured data. In this way, multiple files generated via social media platforms are stored and managed. This helps in the processing of information from the stored data by providing parallel and concurrent access to the databases provided. Hence, these platforms provide a significant approach for storing and retrieving data.
Also, the processing of a huge amount of data requires a complex software platform provided by these advanced tools and technologies which process the data in a short duration. For, this the data needs to be categorized accordingly so that the processing can be done effectively. For this, the social media management software has an inbuilt option to categorize specific media files according to their domain and process them accordingly.
Social media platforms are highly used for advertisements including brand promotions, industrial set-up, and much more. For this, the social media management software platform needs to ensure that all the resources and information are available on time and the quality of content should be high. For this, there are different sectors like content management, advertisement management, networking, etc. subdomains under the social media management market that regulate the working, updating, and maintenance of the social media platforms. In this way, the complete function is performed without any delay as the priority of each sub-module is decided beforehand and all the connections are checked properly.
To manage networking features, many complex connections and linkages are required across the area network so that all the users across the globe or the restricted scope can use all the services provided by the particular social media. In this way, there won’t be any lag in communication or information sharing and this ensures proper transmission of data. Hence, social media platforms maintain the daily data transfer across various social media platforms that may have cross-linkages and operate on parallel servers.
One of the biggest challenges to the social media management market is security as social media platforms are open to all, hence, there is a high chance of data loss or data corruption. Many companies have tried to upgrade the security of social media platforms across the network but many loopholes offer direct attacks by malicious hackers. Hence, there is an urgent requirement to mend these loopholes and provide complete security across the network. For this, the advanced tools and techniques offer a complex approach that is difficult to implement but provides a high scope of security improvement. This is an important issue as there are many cases where users transfer their private or confidential information across the network.
The major players of the global social media management software market are eClincher, Adobe, Synthesio, IBM, Socialbakers, Google, MavSocial, Oracle, Sendible, Salesforce, Agorapulse, Sprout Social, Buffer, Hootsuite, Talkwalker, Meltwater, Brandwatch, Sprinklr, NetBase, Digimind, Zoho Corp., HubSpot, Falcon.io, Clarabridge, Lithium Technologies, Cognizant, Facebook, Twitter, and Khoros.
Latest Innovations in the Global Social Media Management Software Market: a Snapshot
- Twitter, Adobe, Google, and other potential companies aim to increase the CAGR of the global social media management software market by the end of the forecast period.
Social Media Management Software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 27.01 Billion|
|Growth Rate||CAGR of 20.9 % during 2021-2028|
|Segment Covered||Service,Component, Solutions, Deployment, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||eClincher, Adobe, Synthesio, IBM, Socialbakers, Google, MavSocial, Oracle, Sendible, Salesforce, Agorapulse, Sprout Social, Buffer, Hootsuite, Talkwalker, Meltwater, Brandwatch, Sprinklr, NetBase, Digimind, Zoho Corp., HubSpot, Falcon.io, Clarabridge, Lithium Technologies, Cognizant, Facebook, Twitter, and Khoros.|
Key Segments of the Social Media Management Software Market
Component Overview, 2018-2028 (USD Billion)
Solutions Overview, 2018-2028 (USD Billion)
- Social Media Marketing
- Social Media Asset
- Content Management
Services Overview, 2018-2028 (USD Billion)
- Professional Services
- Managed Services
Deployment Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa