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. Emerging economies across APAC and other regions are expected to offer new opportunities to the solution providers. The increasing use of social media has transformed banking relationships with customers in significant ways, from improving customer service to enabling users to send money to others via online 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. 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. The US and Canada are witnessing increased adoption of advanced technologies, including social media monitoring and analytics.

The social media management market comprises major vendors, such as 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). The study includes in-depth competitive analysis of these key players in the global market with their company profiles, recent developments, and key market strategies.

Social media marketing solution segment to hold the largest market size during the forecast period. The social media marketing solution segment is expected to constitute the largest market size during the forecast period with the wide-spread adoption of the solution across organizations in many industry verticals. It proves to be a vital tool for marketers to easily and quickly reach their targeted audience and engage them effectively. Social media engagement and social media advocacy are 2 major components of social media marketing. 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).

Competitive intelligence application to grow at the highest CAGR during the forecast period. An increasing need to have market intelligence to gain a competitive edge is expected to drive the competitive intelligence application in the social media management market. 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 global 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 demand for cloud 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.

Based on Solution Type, the market has been segmented as follows: Social Media Marketing, Social Media Listening, Monitoring, and Analytics, Social Media Asset and Content Management, Social Media Risk and Compliance Management. Based on Application, the market has been segmented as follows: Sales and Marketing Management, Customer Experience Management, Competitive Intelligence, Risk Management and Fraud Detection.