The rise in the advertisement spending over social media platforms is one of the primary growth drivers for this market.
social media IT spending market to grow at a CAGR of 22% during the forecast period.
Software companies such as Salesforce and HubSpot are shifting their focus towards marketers and chief marketing officers (CMOs) because many companies are set to spend the majority of the marketing spending over social media platforms such as Facebook, Instagram, Snapchat, and Twitter.
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It also emphasizes the evolution of social media and advances in digital marketing and SEO techniques, which is a major factor driving market growth, that have altogether changed the way buyers seek products and services.
This development has revolutionized the way businesses generate sales leads and thus inspiring content and application providers to make huge investments in setting up and running data centers on a large scale.
Product segmentation and analysis of the social media IT spending market
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Hardware spending segment held the largest market share, which accounted for more than 54% share of the overall market. Most of the companies are investing in integrated infrastructure to enhance the service delivery platform, security, and compliance control while offering value-added services associated with cloud-based technology.
Geographical segmentation of the social media IT spending market
The global social media IT spending market was dominated by the Americas in 2014, accounting for over 52% of the market share, which is triggered by the traction toward converged infrastructure among large and medium social media platforms, related to data hosting.
Competitive landscape and key vendors
The global social media IT spending market is dominated by the hardware suppliers. These vendors are taking up joint ventures and strategic partnerships to innovate and reinforce their position in the market.
However, the market also marks the presence of some prominent vendors who are undertaking partnerships with big MNCs to provide server, storage, and networking components for converged infrastructure.
The leading vendors in the market are -
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