Report : Europe Social Media Management Market Forecast to 2028 – COVID-19 Impact and Regional Analysis- by Component (Solution and Service), Deployment (On-Premise and Cloud-based), Enterprise Size [Small and Medium Enterprises (SMEs) and Large Enterprises], Application (Sales and
At 23.3% CAGR, the Europe Social Media Management Market is speculated to be worth US$ 18168.0 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the Europe Social Media Management Market was valued at US$ 5181.8 million in 2022 and is expected to reach US$ 18168.0 million by 2028, registering an annual growth rate of 23.3% from 2022 to 2028.Increasing focus on competitive intelligence and rising reach of social media and schemes are the critical factors attributed to the market expansion.
The competition continues to affect profit margins for businesses, and companies are constantly looking for technological solutions to maximize their productivity and reduce costs while maintaining an edge in the competition. Businesses need to integrate the demographic, competitive, and business information and customer data to find out the intricacies to outperform their competitors. Organizations focus on analyzing the sales and various marketing aspects to identify the gaps. They demand lower prices, better quality, and faster delivery of products and services. Thus, advanced social media analytics is being incorporated to help achieve market goals. Thus, social media management solution helps analyze unstructured social data to respond to dynamic market conditions and achieve high sales and operational profitability. For instance, in June 2021, Google Marketing Platform introduced Ads Creative Studio, a unified solution to create an advertisement, which allows for building compelling experiences for audio, display, and video ads. Ads creative studio enables customers to develop and innovate advertisements with an interactive, easy-to-use user interface. Further, organizations retrieve huge amounts of information about customer sentiments about their brands and strategize their marketing and sales activities. In addition, businesses use social media management solutions to enhance their market presence and gain a competitive edge by effectively analyzing the competition and consumer behavior from social media platforms. Thus, this results in the growth of the use of social media management solutions for businesses, which, in turn, supports the growth of the Europe social media management market.
On the contrary, challenges faced in issues data privacy concerns with social media hurdles the growth of the Europe social media management market.
Based on component, the Europe social media management market is bifurcated into solution and service. The solution held 76.1% market share in 2022, amassing US$ 3942.71 million. It is projected to garner US$ 14054.67 million by 2028 to expand at 23.6% CAGR during 2022–2028.
Based on deployment, the Europe social media management market is bifurcated into cloud based and on-premise. The cloud based held 64.0% market share in 2022, amassing US$ 3315.66 million. It is projected to garner US$ 11987.18 million by 2028 to expand at 23.9% CAGR during 2022–2028.
Based on enterprise size, the Europe social media management market is bifurcated into small and medium enterprises (smes) and large enterprises. The large enterprises held 64.5% market share in 2022, amassing US$ 3343.27 million. It is projected to garner US$ 11322.47 million by 2028 to expand at 22.5% CAGR during 2022–2028.
Based on application, the Europe social media management market is segmented into sales and marketing management, customer experience management, competitive intelligence, and risk management and fraud detection. The sales and marketing management held 38.8% market share in 2022, amassing US$ 2012.24 million. It is projected to garner US$ 6599.07 million by 2028 to expand at 21.9% CAGR during 2022–2028.
Based on vertical, the Europe social media management market is segmented into BFSI, retail, healthcare, it and telecommunications, media and entertainment, and others. The BFSI held 29.8% market share in 2022, amassing US$ 1543.55 million. It is projected to garner US$ 5264.04 million by 2028 to expand at 22.7% CAGR during 2022–2028.
Based on country, the Europe Social Media Management market has been categorized into the Germany, UK, France. Italy, Russia, and Rest of Europe. Our regional analysis states that UK captured 30.5% market share in 2022. It was assessed at US$ 1581.8 million in 2022 and is likely to hit US$ 5984.5 million by 2028, exhibiting a CAGR of 24.8% during the forecast period.
The key companies operating in the Europe social media management market include Adobe; IBM Corporation; Google LLC; Oracle Corporation; Salesforce.com, Inc.; HubSpot, Inc.; Zoho Corporation Pvt. Ltd.; Meltwater; Brandwatch; and Sprout Social, Inc. Several companies are functioning in the market and are contributing substantial revenues toward the growth of the Europe social media management market, among others.
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