Global Social Media Management Software Market Will Grow at a CAGR of 14% During 2019-2023 | Technavio
LONDON--(BUSINESS WIRE)--Apr 10, 2019--Technavio has announced the release of their research report on the global social media management software market for the forecast period 2019-2023. This global social media management software market analysis report segments the market by deployment (cloud-based and on-premises) and geography (APAC, Europe, MEA, North America, and South America).
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The global social media management software market will register a CAGR of 14% during 2019-2023 (Graphic: Business Wire)
Global social media management software market size will grow by almost USD 789.43 million, at a CAGR of 14%. Use of analytics in social media management software helps enterprises to track trends and measure growth. The solution also helps them customize dashboards or templates and provides information about their account holders engagement with their content. Many vendors are offering social media management software solutions backed with analytics. For example, eClincher Inc. offers solutions that include powerful analytics for each profile and all the tweets and posts of the enterprise. This helps the enterprises to understand the performance of their posts and their followers’ trends. This growing trend of the use of analytics can lead to an increase in demand for global social media management software during the forecast period.
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Increasing social media advertising
Social media advertising expenditure is increasing every year, and positively affecting the growth of social media platforms such as Facebook and Twitter. Several e-commerce companies are spending on social media management software solutions to reach consumers. Vendors such as Buffer are offering solutions that help enterprise marketing teams to schedule posts, analyze performance, and manage social media accounts at one place. Such developments will drive the growth of the global social media management software market.
“The increased use of social media in the North American region is encouraging many vendors to develop advanced social media management software solutions. The market is expected to grow in this region as many enterprises are embracing social media management software as an important platform to connect with their customers. The APAC region will witness a faster growth due to the growing adoption of social media platforms by enterprises in countries such as China, Japan, and India. The increased use of social media platforms will boost the growth of global social media management software market over the forecast period,” says an analyst at Technavio.
Many vendors are forming strategic alliances to help the enterprises enhance product offerings and increase their online presence. For instance, Lithium Technologies LLC recently merged with Spredfast to deliver enhanced customer services across diverse channels. Sprout Social received funding from Goldman Sachs to help to expand its operations internationally as well as to improve its social media management software.
View snapshot of the reportfor a more detailed overview of the market and the segmentation covered in this report
This global social media management software market industry research report provides an in-depth analysis of the primary drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several social media management software solution providers including -
- Hootsuite Inc.
- Sprout Social, Inc.
- Twitter, Inc. (TweetDeck)
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Technavio’s report library consists of more than 10,000 reports covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.
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SOURCE: Technavio Research
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