SMM to Have The Highest CAGR By 2022: Report



A recent report by ‘Markets And Markets’ revealed that the value of the Digital Marketing software market will grow up to $74.96 billion by the year 2022, and the biggest contributor in this growth will be Social Media Marketing!

This report has actually discretised the amount of the evident growth in social media marketing. Trends have already shown that social media platforms, including Facebook, Instagram, YouTube, Reddit Twitter, and LinkedIn have become the modern global courtyard, where people spend most of their time. In fact, despite initiatives such as Screen Time by Apple and Digital Wellbeing by Google, people are still spending 5.9 hours per day with digital media, as per the Mary Meeker’s 2018 Internet Trends Report. So whether it’s about creating B2B or B2C relationships, or maintaining these with your client or customer base, marketing on these channels is bound to create the best outputs than alternative channels because the probability of getting the attention of the target audience is optimised.

Social media marketers are also evolving with this insight to make better use of their skills and fulfill other requirements of their organisations. In fact, a recent blog published by Emily Nhaissi, CEO at the start-up Craft & Root has shown that using hyperlinks on social media has a greater impact on employee retention and recruitment procedure optimisation than anything else.

Evolution of Social Media Marketing
With the ever-growing use of AI and data analytics and ever-decreasing resistance amongst the public over the application of the two technologies, the industry is bound to evolve. Moreover, the impact of growing reliance on mobile devices which, considering the huge potential in IoT adoption is yet to see further growth, also opens more areas for marketers to explore and utilise data for improved targeting.
Indeed, the scope of social media marketing is becoming more expansive and it is becoming apparent where personalised data-clutter can be used to create personalised solutions for the customers. So, by using their preferred channels, the right solution can be presented when most appropriate. This optimisation of demand-and-supply is unimaginably convenient. But now, with technology evolving at an impressive pace, such solutions have become not only possible but more feasible as well.
This is where tools like Salesforce Marketing Cloud, Zoho Social, and Hootsuite enter the equation. They can efficiently open an ecosystem where marketing efforts can be streamlined by taking valuable inputs from inbuilt data science algorithms. No doubt, the market is estimated to grow the fastest in the coming years!
It is noteworthy that social media, in itself, is quite a new occurrence too. It is still in the development phase and yet to reach maturity. The unprecedented and forecasted growth in the industry can also be accounted to the evolution of technologies such as IoT and Deep Learning. In short, technology and the internet is building a world that is more transparent and efficient. This could finally be a world where meritocracy is the primary factor for winning competitions.

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