Social Media Analytics Market

Social Media Analytics Market Size & Growth (2023 - 2028):

The size of the global Social Media Analytics Market was around USD 6.2 Billion by revenue, at the end of 2022. It is expected to grow at a CAGR of 30.14% to reach close to USD 21.42 Billion by the end of 2028. The growth is mainly attributed to the advantages it provides to the growing competition in different industrial sectors.

Drivers and Restraints

The main drivers of the social media analytics market are the demand from various industries for this data helps in the advancement of these companies in different segments of this competitive world. The need to have a cumulative analysis of the public opinion of a particular situation which in turn helps the proper solution of the situation is explicitly the driver to the market. However, factors like lack of enough number of people to do the job and the level of estimated data in the analysis are the restraints to the market. 

SOCIAL MEDIA ANALYTICS MARKET REPORT COVERAGE:

Social Media Analytics Market Segmentation Analysis:

Social Media Analytics Market By Application:

• Sales and Marketing Management

• Customer Experience Management
• Competitive Intelligence.

Competitive intelligence is calculated to have significant growth in the years to come. The trending technique to strategically understand the intrinsic values of social media to gain an edge over the competitors is the massive reason for the projected growth of this segment.

Social Media Analytics Market By Component:

• Software

• Service

The software segment is anticipated to lead the market in the forecast as mentioned earlier period, due to the escalating demand from the user end.

Social Media Analytics Market By Analysis Type:

• Prescriptive analysis

• Predictive analysis
• Descriptive analysis
• Diagnostic analysis

The predictive analysis is predicted to be the fastest-growing type of analysis in the market for social media analysis. This is majorly due to the need to predict the customer’s sentiments and project them in the form of graphs that help the publishers to understand the trends in social media better.

Social Media Analytics Market By Deployment:

• On-premises

• Cloud

Cloud deployment is the fastest-growing segment of the social analytics market due to the ease and flexibility associated with the use of cloud computing.

Social Media Analytics Market By Industry Vertical:

• BFSI

• Retail and eCommerce
• Defense
• Healthcare
• Telecommunications and IT
• Others.

The retail and eCommerce segment is anticipated to lead the market for the period mentioned as the forecast period. The swiftly advancing field of the retail industry and the need for social media analysis solutions is the sole reason for the projected growth in this industry vertical.

Social Media Analytics Market Geographical Analysis:

By geography, the Social Media Analytics Market is segmented as

• Latin America
• Europe
• Asia Pacific
• North America
• Middle-East & Africa.

North America leads the Social Media Analytics market by both value and volume, as per the statistics in 2018. The situation of all the market key players in this region is an added advantage to its significant market position. Europe is second in the lead in the market for Social Media Analytics. The presence of a considerable customer base in and around this region is helping in the growth of the market in Europe. Also, the technological supremacy of these regions over the rest of the world allows them to develop in this newly emerging field, causing the eye-catching performance in the Social Media Analytics market.

The Asia Pacific follows Europe the lead in the market in the estimated forecast period. This region is anticipated to have the highest growth rate in the market for Social Media Analytics owing to the interest shown from the top leading software companies in the Asia Pacific region, mainly towards India, China, and Japan, causing for the high hopes of growth rate. The growth in the Asia Pacific region is also attributed to the high future opportunities in fast-developing economies like India, and Japan.

Although the Asia Pacific region will not be leading the market for Social Media Analytics, it is expected to attract major market giants towards expansion into the region. The regional advantages offered in this region, such as ease of setup and cheap resources, are the sole reason for this region’s advancement in the market. On the other hand, the Middle East & Africa and Latin America regions, being in the low developing countries due to the contribution of low GDP countries, have fewer chances for industry growth. Hence, the Social Media Analytics Market in these regions is slow-growing in nature.

Key Market Players

By the end of 2018 Cision US Inc. (US), Brandwatch (UK), Lithium Technologies, Inc. (US), IBM Corporation (US), Simply Measured, Inc. (US), GoodData Corporation (US), Clarabridge, Inc. (US), Salesforce (US), Talkwalker Inc., (Luxembourg), Sprinkler, Inc. (US), Sysomos (Canada), Oracle Corporation (US), Netbase Solutions, Inc. (US), Spredfast, Inc. (US), Meltwater (US), Tableau Software Inc. (US), Crimson Hexagon, Inc. (US), Unmetric Inc. (US), Simplify360, Inc. (India), Hootsuite Media Inc. (Canada), Adobe Systems Incorporated (US), Germinait Solutions Private Limited (India), SAS Institute Inc. (US), Digimind (US), Synthesio (US), and Socialbakers (US) are the leading shareholders of the market for Social Media Analytics. There is a constant competition between these companies regarding the pricing and quality of the service and product. They are currently focused on providing expansion strategies to improve their market value and position.