Share this article Share this article ResearchAndMarkets.com's offering. The global social media management software market is anticipated to reach US$5.78 billion in 2024, escalating at a CAGR of 14.52% during the period spanning 2020-2024. Factors such as increasing adoption of social media, expanding urbanization, growing usage of mobile devices, accelerating growth of BFSI sector and rising trend of social media advertising are expected to drive the market. However, growth of the industry would be challenged by continuous requirement to upgrade and associated risks with social media management software. A few notable trends may include surging adoption of cloud-based solutions, upswing in e-commerce penetration, increasing integration with artificial intelligence and surging need for managing social media accounts.