Pune, India., July 27, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Social Media Analytics Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Application, Deployment, Organization Size, Vertical, and Geography”, the global social media analytics market is projected to reach USD 26.29 billion by 2028 from USD 7 billion in 2021; it is expected to grow at a CAGR of 21.5% during 2022–2028. The growing number of tablets and mobile phones with internet access and increasing awareness towards low-priced and better quality products. However, the absence of standard measures and dearth of single solution is expected hinder the growth of the market.
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The US dominates North America's social media analytics market due to several factors. Firstly, the US is home to many large enterprises that have invested heavily in social media analytics tools to gain an understanding of customer behavior, market trends, and other key metrics. The country also has many small and medium-sized businesses increasingly adopting social media analytics tools to improve their marketing and customer engagement efforts. Secondly, the US has a highly developed IT infrastructure and a large pool of skilled professionals, which has helped to drive innovation and growth in the social media analytics market. Many of the leading social media analytics vendors are based in the US, which has helped to create a competitive and innovative market for social media analytics tools.
Thirdly, the US has a large consumer base active on social media platforms, creating a strong demand for analytics tools to help businesses better understand and engage with their customers. This demand has helped to drive innovation and growth in the social media analytics market as vendors compete to develop new and innovative tools to meet the needs of businesses. Finally, the US has a favorable regulatory environment that supports the growth of the social media analytics market and a strong culture of innovation and entrepreneurship. The country's regulatory environment generally supports innovation and new technologies, which has helped create a favorable environment for social media analytics vendors to operate in.
Global Social Media Analytics Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 7.00 Billion in 2021 |
| Market Size Value by | USD 26.29 Billion by 2028 |
| Growth rate | CAGR of 21.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 238 |
| No. of Tables | 169 |
| No. of Charts & Figures | 103 |
| Historical data available | Yes |
| Segments covered | Component, Application, Deployment, Organization Size, and Vertical |
Browse key market insights spread across 238 pages with 169 list of tables & 103 list of figures from the report, "Social Media Analytics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component [Solutions and Services (Professional Services and Managed Services)], Application (Customer Experience Management, Competitive Intelligence, Sales & Marketing Management, and Others), Deployment (Cloud and On-Premise), Organization Size (Large Enterprises and SMEs), and Vertical (BFSI, IT & Telecommunication, Media & Entertainment, Retail & e-Commerce, and Others) and Geography" in detail along with the table of contents: https://www.theinsightpartners.com/reports/social-media-analytics-market/
Global Social Media Analytics Market Analysis: Competitive Landscape and Key Developments
Cision Ltd.; Hootsuite Inc.; IBM Corporation; Meltwater NV; Oracle Corporation; Qualtrics International Inc.; Salesforce.com, Inc.; Sprout Social, Inc.; Talkwalker S.à.r.l.; and Zoho Corporation Pvt. Ltd. are a few of the key companies operating in the social media analytics market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In May 2022: TikTok expanded its Marketing Partners Program, introducing its inaugural group of Content Marketing Partners. The founding member is Brandwatch, and its social suite of the future, which would allow its customers to scale, manage, execute, and optimize the content on TikTok, all while staying within the Brandwatch platform. This officially badged partnership between Brandwatch and TikTok empowers Brandwatch clients to manage, understand, and respond to their community profiles on TikTok in a way that feels native to the world's hottest technology platform.
In April 2022: Digimind collaborated with Facelift to give essential tools for effective social media growth. Facelift is a firm that provides social media management tools. This collaboration benefited both industries in monitoring their brand image and effectively managing all social networks.
In March 2022: Brandwatch acquired Paladin, an influencer marketing platform. With this acquisition, Brandwatch expanded its portfolio to include more influencer marketing features. It also assists brands in establishing significant connections with their customers. The Paladin platform discovers influencers, manages campaigns, and reports across the globe's major social media platforms.
In April 2021: Meltwater acquired Linkfluence to increase AI-driven social media analytics. Linkfluence is a SaaS company based in France that employs artificial intelligence to improve social media intelligence platforms for consumer insights. Through this acquisition, Meltwater can deliver AI-enabled consumer insights to global companies through social listening and analytics.
Growing demand for Real-Time Data Analysis Provides Lucrative Opportunities for Global Social Media Analytics Market:
Real-time data analysis refers to analyzing data as it is generated, providing businesses with up-to-date insights into customer behavior and preferences. Social media platforms develop vast amounts of data, including customer feedback, comments, and reviews. Analyzing this data in real-time allows businesses to quickly identify trends, patterns, and insights to enhance customer engagement, improve customer satisfaction, and drive sales. Real-time data analysis is particularly valuable for businesses operating in dynamic environments like retail and e-commerce. In this industry, customer preferences and behavior can change rapidly, and businesses must respond quickly to stay competitive.
Analyzing social media data in real time allows businesses to quickly identify changing customer preferences and adapt their strategies. Real-time data analysis enables businesses to respond quickly to customer needs and preferences. For example, if a customer posts an unfavorable review on social media, a business can quickly identify the issue and take corrective action to address it. This can help to enhance customer satisfaction and prevent negative reviews from spreading. Moreover, real-time data analysis is becoming increasingly important in today's digital age, where customer expectations are high, and businesses need to be agile and responsive to stay competitive. Social media analytics tools that provide real-time data analysis can help businesses gain a competitive advantage by responding quickly to changing customer needs and preferences.
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Global Social Media Analytics Market: Segmental Overview
Based on component, the market is segmented into solutions and services. The solutions segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. Based on application, the social media analytics market is segmented into customer experience management, competitive intelligence, sales & marketing management, and others. The competitive intelligence segment held the largest share of the social media analytics market in 2020, and customer experience management segment is anticipated to register the highest CAGR in the market during the forecast period.
Based on deployment, the market is bifurcated into cloud and on-premise. The cloud segment held the largest share of the market in 2020 and is estimated to register the highest CAGR in the market during the forecast period. Based on organization size, the social media analytics market is segmented into large enterprises and SMEs. The large enterprises segment held the largest share of the market in 2020, SMEs segment is estimated to register the highest CAGR in the market during the forecast period. Based on vertical, the social media analytics market is segmented into BFSI, IT & telecommunication, media & entertainment, retail & e-commerce, and others. The retail & e-commerce segment held the largest share of the market in 2020 and media & entertainment segment is estimated to register the highest CAGR in the market during the forecast period.
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