Is social media essential for SEO

Hey guys, I want to know what you think of Social media with relation to SEO in B2B domain.

Do you think a company should absolutely have a social media profile to improve their SEO or can you grow your site’s rank without that at all?

Especially in B2B domain where it’s super hard to get any sort of engagement on social media, is it essential to have a good following to get good SEO results?