Social media analytics market is anticipated to grow at a considerable CAGR of 23.5% during the forecast period. Social media analytics has the ability to gather and find meaning in data gathered from social channels to support business decisions and measure the performance of actions based on those decisions through social media. The growing adoption of social media analytical tools to deal customers in a better manner is driving the growth of the global market.
Additionally, the rising analytics spending and a growing interest in competitive intelligence are further promoting the market development. In addition, rising SME adoption rates and rising cloud use indicate significant market development prospects. According to Forbes, in 2023, an estimated 4.9 billion people use social media around the globe. The most used social media platform in the world is Facebook, with 2.9 million monthly active users across the world. 77.0% of small businesses use social media to connect with their customers. In addition to building brand awareness (44.0%), a significant number of small businesses 41.0% also depend on social media as a revenue driver. Such huge statistics shows the high demand for global social media analytics market.
Segmental Outlook
The global social media analytics market is segmented based on type, application, and end-user industry. Based on type, the market is segmented into software (SaaS and on-premises), and services (professional & managed). Based on application, the market is segmented into sales & marketing management, customer experience management, competitive intelligence, risk management & fraud detection, and others which includes public safety & law enforcement. Further, based on end-user industry, the market is sub-segmented into BFSI, retail & consumer goods, healthcare, hospitality, transport & logistics, IT & telecom, media & entertainment, and others including government.
Media & Entertainment Held Considerable Share in Global Social Media Analytics Market
Social media analytics plays a vital role in digital marketing, providing insights into customer behavior and campaign effectiveness. Social media analytics involves the collection, measurement, and analysis of data obtained from various social media platforms. It encompasses a wide range of metrics, including engagement rates, reach, impression, click-through rates, sentiment analysis, and demographic information. Through the use of specified tools and algorithm, marketers can extract meaningful patterns and trends from this data, enabling them to make informed decisions, and optimize their digital marketing campaigns.
Regional Outlook
The global social media analytics market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, Asia-Pacific is anticipated to exhibit fastest growth in the global market. The growing social media users, and high internet penetration rate across India, China, Indonesia, and Japan has driven the demand for the social media analytics solutions across the region to analyze the data generated from these platforms. Businesses can make better decisions using social media analytics to acquire insights into customer behavior, sentiment analysis, and market trends. This trend is driving the use of social media analytics solutions in several sectors across the region.
Global Social Media Analytics Market Growth, by Region 2023-2030
North America Held Considerable Share in the Global Social Media Analytics Market
The high adoption rate of real-time social media analytics to keep on top of the newest trends, customer emotions, and developing challenges across the region is a key factor driving the regional market growth. The proactive use of real-time data aids in making timely decision, proactive consumer interaction, and efficient crisis management. The regional end-user industries are highly focusing on these tools for maintaining compliance and preserving user data in social media analytics. The shifting environment of privacy rules, such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) promoted these industries to do so. The ongoing investments in solutions that comply with strict privacy laws to provide strong data security protection across the region is further contributing to the growth of this market segment.
Market Players Outlook
The major companies serving the global social media analytics market including IBM Corp., SAS Institute Inc., GoodData Corp., Oracle Corp., and Salesforce.com Inc., among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in December 2022, Salesforce entered into partnership with Sprout Social on its social media management solution for their customers. This partnership will enable Salesforce customers to make an enhanced transition to manage their full social media presence and social customer care operations through Sprout’s award-winning social suite.
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global social media analytics market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
