Chicago, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The global Social Media Analytics Market size is expected to grow from $4.8 billion in 2023 to $14.6 billion by 2028, at a CAGR of 24.9% during the forecast period 2023 to 2028, according to a new report by MarketsandMarkets™.
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Social media analytics involves the collection, measurement, and analysis of data from various social platforms, providing insights into audience behavior, campaign performance, and the impact on business results. It goes beyond counting likes and shares, delving into understanding sentiments, trends, and conversations shaping a brand’s online presence. Key aspects include data collection, insights, performance tracking, competitive analysis, cost optimization, content management, customer engagement, informed decisions, integration, and continuous improvement. Social media analytics tools help businesses make data-driven decisions, understand audience sentiments, and optimize their social media strategies for better outcomes.
Social Media Analytics Market Dynamics:
Drivers:
- Increased focus on the market and competitive intelligence
Opportunities:
- Rising trends in cloud adoption
Restraints:
- Challenges and intricacies involved in the process of analyzing data
List of key players in Social Media Analytics Market:
- IBM (US),
- Google (US),
- Oracle (US),
- Salesforce (US),
- Adobe (US),
- SAS (US)
- Qualtrics (US)
- Digimind (France)
- Talkwalker (Luxembourg)
- Hootsuite (Canada)
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Social Media Analytics Market Based on the offering, it is further segmented into solutions, and services. The solution segment of the report is sub-segmented into software type and by deployment mode. The software type segment of the report is sub-segmented into Social Listening and Monitoring, Social Media Marketing, Social Media Advertising Software, Social Media Management Software, and Others. Deployment mode has been segmented into cloud and on-premises. The cloud is further bifurcated into public, private, and hybrid. The services segment is bifurcated into professional and managed services. The professional services section is segmented into consulting, training & integration, and support & maintenance.
Social Media Analytics Market Based on the Analytics Type, the market is segmented into descriptive analytics, predictive analytics, prescriptive analytics, and diagnostic analytics. Advanced analytics plays a crucial role in several industries such as retail, healthcare, travel, media, BFSI, government, defense, and IT. With the incorporation of social media analytics, these capabilities can analyze behavior and sentiment which helps brands in creating effective marketing and branding strategies. The main aim of advanced analytics is to reduce decision-making risks rather than just focusing on the data. While many organizations are still adapting to basic reporting, the next wave of investments will be in advanced analytics to improve decision-making.
Social Media Analytics Market Based on the business function, the market is segmented into marketing [audience segmentation and targeting, social media campaign performance analytics, competitive analysis, influencer marketing analysis, trend analysis and forecasting, social media advertising, and others] sales and lead generation [conversion rate optimization analysis, sales funnel tracking and optimization, customer acquisition cost analysis, competitive sales intelligence, geo-targeted lead generation, social media data mining, and others] finance [fraud detection, credit risk assessment, customer financial behaviour analysis, regulatory compliance monitoring, real-time crisis response, ROI measurement, and others] operation [quality control, supply chain risk assessment, sustainability tracking, demand forecasting, customer network value optimization, and others] human resources [employer branding analysis and perception monitoring, employee engagement metrics, training and development assessment, employee sentiment analysis, and others] customer service [chatbot optimization, service performance metrics, customer feedback analysis, customer retention strategies, and others].
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Social Media Analytics Market Based on verticals, the Social Media Analytics market is segmented into BFSI, retail & e-commerce, government & defence, travel and hospitality, healthcare & life sciences, media & entertainment, telecommunications, energy & utilities, education, and other verticals. The widespread use of digital technologies and social media platforms has led to an increase in their adoption. Businesses are now utilizing social media analytics to gain valuable insights into their audience demographics, campaign performance, industry influencers, customer sentiment, and share of voice. Moreover, these tools are also used to track competitors, analyze brand sentiment and understand customer demographics in real time. By using social media analytics, organizations make data-driven decisions, optimize their social media strategies, and enhance their online presence and engagement. This trend highlights the importance of leveraging social media data to understand customer needs and improve overall performance across various industry verticals.
The Social Media Analytics Market has been segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Social media analytics has become a widespread tool used globally, indicating a significant shift in business strategies. In North America and Europe, where digital technology is well-established, companies have integrated social media analytics to conduct market research, customer engagement, and competitive intelligence while abiding by data privacy regulations. The Asia-Pacific region is seeing a growing trend in the use of analytics to better understand diverse consumer behaviors due to digitalization. Latin America, Africa, and the Middle East are also increasingly adopting this tool, focusing on market insights and targeted customer engagement. In summary, the global adoption of social media analytics demonstrates its universal recognition as a vital tool in modern business operations.
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