Pune, India, May 29, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global social media analytics market size was valued at USD 8.97 billion in 2022 and is projected to grow from USD 10.99 billion in 2023 to USD 46.46 billion by 2030, exhibiting a CAGR of 22.9% during the forecast period. Rising Use of SaaS Model and Artificial Intelligence (AI) to boost the market. Fortune Business Insights, provide this information in its report titled, Global Social Media Analytics Market Forecast, 2023-2030.
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Social media analytics is a technique to gather data from social media platforms and incorporate the gathered data to make important decisions in business. These analytical tools provide help to businesses with customer experience, operational efficiency, product development, and market and competitive intelligence.
Key Industry Development:
January 2022: Netbase Quid, Inc., in partnership with Twitter, to deliver insights and prepare a report on Twitter talks around personal care.
Key Takeaways
- Social media analytics market size in North America was USD 3.59 Billion in 2022
- Rising Popularity of Cloud-based Analytics among Organizations to Impel the Market Growth
- Large Enterprises Anticipated to Hold Maximum Market Share Due to Great Consumer Base
- Rapidly Increasing Use of Social Media by Businesses Led to the Segmental Growth
Discover the Leading Players Featured in the Report:
“Companies leading the global social media analytics market are IBM Corporation (U.S.), Oracle Corporation (U.S.), Sprout Social, Inc. (U.S.), Meltwater (Netherlands), Hootsuite Inc. (Canada), NetBase Quid, Inc. (U.S.), Brandwatch (Cision US Inc.) (U.K.), Digimind (France), Qualtrics (Australia), Talkwalker Inc. (Luxembourg)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 22.9% |
| 2030 Value Projection | USD 46.46 Billion |
| Base Year | 2022 |
| Social Media Analytics Market Size in 2022 | USD 8.97 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 173 |
| Segments covered | Deployment, Enterprise Type, Function, Application, End User and Geography |
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Drivers & Restraints:
Increased Diffusion of the Internet and Number of Social Media Users to Propel the Market
Brands depend on social media platforms to understand and engage with their customers. The data extracted from social media interactions aids businesses in fueling their operations and generating revenue. The increasing use of social media and rising internet diffusion globally are projected to drive the market.
The lack of security and data and the provision of secured networks might hinder the market growth.
Segmentation:
By Deployment
- Cloud
- On-premise
By Enterprise Type
- Large Enterprises
- Small and Medium-sized Enterprises
By Function
- Sentiment Analysis
- Competitive Analysis
- Hashtag Analysis
- Dashboard & Visualization
- Others (Clustering Analysis)
By Application
- Sales & Marketing Management
- Customer Experience Management
- Risk Management & Fraud Detection
- Others
By End User
- BFSI
- Media & Entertainment
- Retail
- IT & Telecom
- Healthcare
- Government
- Others (Travel & Hospitality, etc.)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Hold Maximum Share Due to Increasing Social Media Users in the Market
The largest market share is estimated to hold by the North American region globally. The growth is due to the maximum number of social media users in this region. In this region, companies are using social media to enhance their businesses. The companies are maximizing the benefits of data received from social media by tracking user interactions and online behavior.
Europe's market is propelling due to increasing smartphone diffusion in the region. With the availability of smartphones at a lower price, access to social media has increased. The World Bank stated that Germany has the highest number of active internet users.
Asia Pacific market is projected to grow with the highest CAGR due to the rising adoption of digitalization and the urge to opt for advanced analytics. The market is gaining momentum in this region due to consumer inclination towards automation.
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Competitive Landscape:
Innovative Launch Operations by Key Players to Boost Market Growth
Players in the market have launched new techniques in the market to boost the market growth with their solutions and to elevate the competition in the market. It includes the launching of new patterns, such as investments, and the launch of new and advanced products in the market. Companies have been applying new plans, such as partnerships and mergers, to support their position in the market.
FAQs
How big is the social media analytics market?
Social media analytics market size was USD 8.97 billion in 2022. It is expected to reach USD 46.46 billion by 2030.
How fast is the social media analytics market growing?
The social media analytics market will exhibit a CAGR of 22.9% during the forecast period, 2023-2030.
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