Pune, India, Sept. 01, 2022 (GLOBE NEWSWIRE) -- The global social media analytics market size was valued at USD 7.52 billion in 2021 and USD 9.26 billion in 2022. The market is expected to reach USD 41.38 billion by 2029 with a CAGR of 23.8% during the forecast period. Increasing usage of e-commerce channels due to increasing penetration of smartphones is expected to drive market growth. High penetration of the internet and rise in the number of social media users will propel market development. Fortune Business Insights™ shares this information in its report titled “Social Media Analytics Market Forecast, 2022-2029.”
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Key Industry Developments
June 2022- Louisville Athletics signed a multi-year contract with Talkwalker, a consumer intelligence platform. Talkwalker can provide support to Cardinal athletics to react, learn, and understand. This is done to understand the impact of social media channels from influencers, fans, and news.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 23.8% |
| 2029 Value Projection | USD 41.38 Billion |
| Base Year | 2021 |
| Social Media Analytics Market Size in 2021 | USD 7.52 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 173 |
| Segments covered | Deployment, Organization Size, Function, Application, End-user and Geography |
| Social Media Analytics Market Growth Drivers | Increasing Penetration of Internet and Social Media Users to Drive Market Trajectory |
| North America to Lead Market Due to Maximum Social Media Users | |
| Key Players to Expand Market Owing to Partnership Strategies | |
| Retail Segment to Govern Due to Growing Use of E-commerce Channels |
E-Commerce Sales Supported Market Growth Positively During Pandemic
The pandemic of COVID-19 led to increase in digitalization. The pandemic positively impacted the market due increase in e-commerce sales as there was a closure of retail stores. Rise in the market growth was characterized by sharp increase in the market size by 22.7% in 2020 compared to 2019.
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Drivers and Restraints
Increasing Penetration of Internet and Social Media Users to Drive Market Trajectory
High reliance on social media platforms by brands to engage and understand customers is anticipated to drive the social media analytics market growth. Data extracted from social media platforms to generate revenue and for operations is expected to drive market. Increasing penetration of smartphones and the internet has propelled the demand for analytics platforms. Keen interest by audience for rich content, reels, and posts for entertainment and infotainment is estimated to facilitate market development.
However, data security concern in social media analytics is anticipated to hinder market development.
Segments
Cloud Segment to Hold Highest CAGR Due to Increasing Automation
On the basis of deployment, the market is segmented into cloud and on-premise. Cloud segment is expected to hold the highest CAGR in the market due to increasing automation and integration of Software as a Service (SaaS) for their analytics. On-premise deployment is also expected to have a considerable growth due to increasing use of mobile devices, PCs, and laptops during the forecast period.
Small & Medium Size Enterprises to Hold Highest CAGR Owing to Less Investments Required
Based on organization size, the market is segmented into small & medium size enterprises and large enterprises. Small & medium size enterprises to have highest CAGR as it doesn’t require a large capital or investments.
Sentiment Analysis to be the Prime Part of the Segment Due to Increasing Demand from Organizations
According to function, the market is segmented into sentiment analysis, competitive analysis, hashtag analysis, dashboard & visualization, and others. The sentiment analysis segment is anticipated to have the largest share due to rising demand from organizations.
Sales & Marketing Management to Dominate Due to Usage of Social Media Sites
Based on application, the market is divided into sales & marketing management, customer experience management, risk management & fraud detection, and others. Sales & marketing management is anticipated to hold majority share due to increasing use of social media sites by various businesses. Customer experience management is estimated to have a substantial growth owing to customer centered solutions it provides for organizations.
Retail Segment to Govern Due to Growing Use of E-commerce Channels
On the basis of end-user, the market is segmented into BFSI, IT & telecom, media & entertainment, retail, healthcare, government, and others. Retail segment is expected to have largest share due to increasing usage of e-commerce channels and social media platforms.
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Report Coverage
The report provides a detailed analysis of the top segments and latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Regional Insights
North America to Lead Market Due to Maximum Social Media Users
North America is projected to lead the social media analytics market share due to maximum users of social media platforms in the region. The region reached a valuation of USD 3.08 billion in 2021 due to increasing users of social media for enhancing customer experience. According to GlobalStats’ s June 2022, 72.29% of the North America population used Facebook. Companies in the region have been enhancing and increasing their understanding of customer base, which is anticipated to facilitate market progress.
Europe is also expected to have a significant growth due to increasing penetration of smartphones, which is expected to increase the market share. Easy availability of smartphones at low prices is anticipated to drive market growth in the region.
Asia Pacific is anticipated to have a prominent share due to increasing rate of digitalization and adoption of analytics.
List of Key Players Profiled in the Market of Social Media Analytics
- IBM Corporation (U.S.)
- Oracle Corporation (U.S.)
- Clarabridge (Qualtrics International Inc.) (U.S.)
- Sprout Social, Inc. (U.S.)
- Meltwater (Netherlands)
- Hootsuite Inc. (Canada)
- NetBase Quid, Inc. (U.S.)
- Brandwatch (Cision U.S Inc.) (U.K.)
- Digimind (France)
- Talkwalker Inc. (Luxembourg)
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Major Table of Contents:
- Global Social Media Analytics Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By Organization Size (USD)
- Small and Medium-sized Enterprises
- Large Enterprises
- By Function (USD)
- Sentiment Analysis
- Competitive Analysis
- Hashtag Analysis
- Dashboard & Visualization
- Others (Clustering Analysis, etc.)
- By Application (USD)
- Sales and Marketing Management
- Customer Experience Management
- Risk Management and Fraud Detection
- Others (Public Safety, etc.)
- By End User (USD)
- BFSI
- IT & Telecom
- Media & Entertainment
- Retail
- Healthcare
- Government
- Others (Travel & Hospitality, etc.)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Social Media Analytics Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By Organization Size (USD)
- Small and Medium-sized Enterprises
- Large Enterprises
- By Function (USD)
- Sentiment Analysis
- Competitive Analysis
- Hashtag Analysis
- Dashboard & Visualization
- Others (Clustering Analysis, etc.)
- By Application (USD)
- Sales and Marketing Management
- Customer Experience Management
- Risk Management and Fraud Detection
- Others (Public Safety, etc.)
- By End User (USD)
- BFSI
- IT & Telecom
- Media & Entertainment
- Retail
- Healthcare
- Government
- Others (Travel & Hospitality, etc.)
- By Country (USD)
- United States
- By Application
- Canada
- By Application
- Mexico
- By Application
- United States
- Europe Social Media Analytics Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By Organization Size (USD)
- Small and Medium-sized Enterprises
- Large Enterprises
- By Function (USD)
- Sentiment Analysis
- Competitive Analysis
- Hashtag Analysis
- Dashboard & Visualization
- Others (Clustering Analysis, etc.)
- By Application (USD)
- Sales and Marketing Management
- Customer Experience Management
- Risk Management and Fraud Detection
- Others (Public Safety, etc.)
- By End User (USD)
- BFSI
- IT & Telecom
- Media & Entertainment
- Retail
- Healthcare
- Government
- Others (Travel & Hospitality, etc.)
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