With the number of active social media users reaching 2.32 billion, social media has emerged as a promising platform bubbling with potential to be tapped into by businesses and brands. Along with the development of social media as a marketing channel, social media management also has established a stronghold. Social media management tools are playing a pivotal role in managing multiple accounts over a unified dashboard.
In 2018, the market size of social media management was 9.2 billion USD. Going by the expanding trends, it is projected that the market for social media management tools will touch a Compound Annual Growth Rate (CAGR) of a whopping 14.1% by the year 2023. This can be translated to USD 17.7 billion.