III. Industry Analysis
[Company Name] competes against small, individually owned social media marketing agencies and major regional and national chains. The social media marketing industry reached $11 billion last year and is expected to grow 25.4% over the next five years. There are about 5,607 registered and licensed social media marketing companies in the US, and they are responsible for employing about 66,623 people. Last year, 90% of US marketers in companies with more than 100 employees used social media for marketing purposes.
The growing number of social media users day by day, coupled with the surge in advertising campaigns on social media platforms, are propelling the demand for the social media management market.
The growing trend which makes it easier for people to spend more time on the internet, especially on social networking sites, is a major boost in the revenue generated by social networking marketing companies.
