Report : North America 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 24.5% CAGR, the North America Social Media Management Market is speculated to be worth US$ 25562.7 million by 2028, says Business Market Insights           

According to Business Market Insights’ research, The North America Social Media Management Market was valued at US$ 6874.1 million in 2022 and is expected to reach US$ 25562.7 million by 2028, registering an annual growth rate of 24.5% from 2022 to 2028. Rising reach of social media and schemes and increasing focus on competitive intelligence are the critical factors attributed to the market expansion.                  

Social media are evolving from a way to communicate with friends to the ultimate channel for information, online shopping through social commerce, and business, news, and marketing. Also, due to the COVID-19 pandemic, consumer habits are changing with people using social media to connect, be entertained, find information, and shop. In addition, some industry verticals are experienced massive increases in traffic. Social media is having an enormous impact on businesses. Platforms such as Facebook, Instagram, Twitter, LinkedIn, and YouTube are currently being used to promote brands and advertise new products and are effective media that provide customer service and resolve disputes. While a small business owner does not always need to hire a separate social media team, some staff members should be adept at selecting and using one or more social media platforms. Further, social media and business come together to provide unparalleled branding opportunities for many companies. New and old brands can establish or reinvent themselves online through social media profiles, content sharing, and platform-based advertising. Several businesses are primarily building their following and revenue through social media posts and ads. Therefore, widespread social media penetration positively benefits firms in business expansion, greater reach, and resolving disputes. Thus, widespread social media penetration is acting as a driving factor for the North America social media management market growth.

 On the contrary, challenges faced in issues data privacy concerns with social media hurdles the growth of the North America social media management market.

Based on component, the North America social media management market is bifurcated into solution and service. The solution held 78.8% market share in 2022, amassing US$ 5418.07 million. It is projected to garner US$ 20743.08 million by 2028 to expand at 25.1% CAGR during 2022–2028.    

Based on deployment, the North America Social Media Management market is bifurcated into cloud based and on-premise. The cloud based held 74.2% market share in 2022, amassing US$ 5103.11 million. It is projected to garner US$ 19538.83 million by 2028 to expand at 25.1% CAGR during 2022–2028.  

Based on enterprise size, the North America social media management market is bifurcated into small and medium enterprises (smes) and large enterprises. The large enterprises held 65.7% market share in 2022, amassing US$ 4519.18 million. It is projected to garner US$ 16007.72 million by 2028 to expand at 23.5% CAGR during 2022–2028.

Based on application, the North America 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 34.6% market share in 2022, amassing US$ 2375.30 million. It is projected to garner US$ 7959.07 million by 2028 to expand at 22.3% CAGR during 2022–2028.

Based on vertical, the North America social media management market is segmented into BFSI, retail, healthcare, it and telecommunications, media and entertainment, and others. The BFSI held 27.0% market share in 2022, amassing US$ 1857.86 million. It is projected to garner US$ 6703.89 million by 2028 to expand at 23.8% CAGR during 2022–2028.   

Based on country, the North America social media management market has been categorized into the US, Canada, and Mexico.  Our regional analysis states that US captured 84.3% market share in 2022. It was assessed at US$ 5793.5 million in 2022 and is likely to hit US$ 21830.6 million by 2028, exhibiting a CAGR of 24.7% during the forecast period.            

The key companies operating in the North America 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 North America social media management market, among others.

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