Key Findings & Highlights:

The global social media CX services market is approximately 6.5% of the overall industry and is growing above the average market rate at 6.9% CAAGR through 2024. The U.S. represents ~31% of the global market today, with the German market expanding the fastest of the large markets. The industry is highly fragmented, with social media services typically forming less than 10% of a vendors’ total CX services revenues. Social media customer care is the most widely used service, with clients targeting improved customer satisfaction as a top priority, and most valuing vendors’ capabilities in analytics, reporting and BI, and the use of lower cost locations. Key vendor capabilities include the use of social media command hubs to optimize the traditionally disjointed care, marketing, and analytics functions; experience in developing and deploying semantic technology to analyze the customer voice and brand perception online; and proprietary multichannel engagement platforms with social channel connectors. In content moderation and trust and safety, vendors offer best practices in talent recruitment, training, onboarding, resilience building, and wellbeing development. Investment areas are automation to augment agent performance, integrate marketing and support tools for automated ORM, and develop predictive analytics in VOC and sentiment analysis.