The global social media marketing services market was valued at over USD 34 billion in 2016 and is expected to surpass USD 74 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on social media marketing services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the social media marketing services market during the forecast period. Some of the top vendors listed in this industry analysis include Social@Ogilvy, Wunderman, Razorfish, DigitaLBi, and Isobar.
As per the geographical analysis, the Americas is the leader in the global market, with a market share of around 36%. Several brands using social media to increase brand awareness and launch targeted campaigns to interact with customers will help in the growth of the market in this region.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The rise in live streaming of video content will help in the growth of the global social media marketing services market. Live streaming video content helps in targeting a large audience base. Various industry reports predict that by 2020-2021 almost 80% of the internet traffic will be through video consumption through Twitter’s Periscope, Facebook Live, and Instagram or Snapchat stories. Various brands are partnering with influencers to create live videos on Facebook and Snapchat for major sporting, political, and entertainment events.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Growing reliance on peer reviews on social media
The increasing number of social media platforms will result in large volumes of customer data in the form of reviews, complaints, requests, and influencer endorsements. Buyers are relying heavily on peer reviews of products and brand reputation before making a purchase which in turn, will boost the demand for social media marketing. The rising demand for creative campaigns that can help in popularizing and strengthening brand value is gaining popularity in the market. An increase in the word-of-mouth marketing can result in higher brand perception and increased revenues.
Increase in the number of social media users
Different brands are opting to tap a huge market of consumers and help in spreading brand awareness through powerful and relevant campaigns. For instance, Pantene collaborated with Wunderman in China to launch the praise project that invited users to send personalized cards to women they admire. The campaign recorded approximately 28 million engagements on the campaign website along with circulation of 10 million praise cards liked or shared. The rapid growth in the number of social media users across the globe will help in the development of the social media marketing services market.
High growth of technological innovations
The vendors in the market are focusing on the research and development of technological innovations to meet the demands of the increasing consumers for various social media channels. The introduction of live streaming by many platforms has helped brands in creating highly engaging and immersive experiences and target online and offline users simultaneously. The implementation of such innovations will help brands and marketers to define content strategy easily.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Social Media Marketing Services Market – Procurement Market Intelligence Report 2017-2021.’
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