Dublin, March 05, 2024 (GLOBE NEWSWIRE) -- The "Global Social Media Analytics Market by Offering (Solution and Services), Analytics Type, Business Function (Marketing, Sales and Lead Generation, Finance, Customer Service, Human Resource, Operations), Vertical and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global market for Social Media Analytics is projected to grow from USD 4.8 billion in 2023 to USD 14.6 billion by 2028, at a CAGR of 24.9%
The market study covers Social Media Analytics across segments. It aims to estimate the market size and the growth potential across different segments, such as offering, analytics type, business function, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Social media analytics plays a significant role in the world of social media listening and monitoring. It allows businesses to track their performance in real time, making it easier to respond promptly to emerging trends and issues. By providing crucial performance metrics such as engagement rates and conversion data, analytics helps businesses refine their strategies for optimal results.
Furthermore, it enables businesses to compare their performance against industry standards and gain valuable insights for improvement. Audience analysis is also made more effective through demographic and preference insights, enabling tailored content and engagement approaches.
North America is actively investing in the social media analytics market, reflecting a growing emphasis on leveraging data for strategic insights. The North American region is playing a significant role in the expansion of the market, as businesses across various industries are investing heavily. The trend is being driven by the increasing demand for advanced analytics tools that can extract actionable intelligence from social media platforms.
Companies are allocating substantial budgets to enhance their capabilities in sentiment analysis, customer behavior tracking, and market trend identification. This shift highlights the importance of data-driven decision-making in the rapidly evolving landscape of social media analytics.
The report also provides a in-depth assessment of market shares, growth strategies, and service offerings of leading players such as IBM (US), Oracle (US), Google (US), SproutSocial (US), Salesforce (US), and others in the Social Media Analytics market
The media & entertainment vertical is projected to hold the largest CAGR during the forecast period
The Media and Entertainment (M&E) sector is undergoing robust growth through the integration of social media analytics. By using these tools, companies gain valuable insights into audience preferences, enabling personalized content creation and targeted marketing campaigns. Social media analytics empower M&E firms to assess the effectiveness of promotions in real time, optimize monetization strategies, and identify global trends. This data-driven approach not only enhances content strategies but also facilitates quick adjustments to meet audience expectations.
Among business functions, Marketing to account for the largest market during the forecast period
Businesses are increasingly adopting social media analytics within their marketing functions to enhance strategic decision-making and campaign effectiveness. Marketers utilize analytics to finely segment their target audience based on demographics, interests, and behavior, allowing for tailored campaigns.
Real-time monitoring of campaign performance through analytics enables quick adjustments to ad creatives and budgets, optimizing overall impact. Influencer marketing is amplified as analytics assist in identifying influencers aligned with the target market and tracking their impact on brand visibility. Competitor analysis is streamlined through analytics, aiding marketers in benchmarking their strategies and identifying content gaps. The adoption of social media analytics in marketing enables businesses to engage with customers more effectively by responding promptly to feedback, ultimately enhancing customer satisfaction and loyalty.
Among analytics type, descriptive analytics is anticipated to account for the largest market share during the forecast period
The integration of social media analytics has catalyzed the growth of descriptive analytics across industries. This centered on analyzing historical data, proves invaluable in evaluating past social media performance. Organizations leverage descriptive analytics to assess engagement metrics, optimize content creation, and segment audiences based on demographics and preferences. It plays a crucial role in refining marketing strategies by analyzing the success of previous campaigns, benchmarking against competitors, and identifying trends in user behavior.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 343 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $4.8 Billion |
| Forecasted Market Value (USD) by 2028 | $14.6 Billion |
| Compound Annual Growth Rate | 24.9% |
| Regions Covered | Global |
Premium Insights
- Rising Demand for Enhanced Customer Experience and Understanding Customer Sentiments to Drive Market
- Customer Service Segment to Register Highest CAGR During Forecast Period
- Marketing Segment Accounted for Largest Market Share in North America
- North America Accounted for Largest Market Share in 2023
Case Study Analysis
- Use Case 1: Tdecu Used Clarabridge Interaction Analysis to Enhance Customer Experience and Sort Soiled Data
- Use Case 2: Sky Used Clarabridge Engagement to Enhance Customer Experience
- Use Case 3: Nh Group Used Digimind Social Monitoring and Listening to Understand Consumer Behavior
- Use Case 4: Carrefour Used Digimind Social for Brand Reputation, Monitoring, and Understanding Consumer Preferences
- Use Case 5: World Business Chicago (Wbc) Used Sprout Social's Analytics Features to Expand Its Digital Presence
- Use Case 6: Bbc Used Khoros Platform to Track Performance of Its Content and Drive More Traffic to Its Website
- Use Case 7: Carin Oil Used Meltwater Platform to Improve Upon Online Reputation Management
- Use Case 8: Fortis Used Meltwater Platform to Raise Brand Awareness and Monitor Real-Time Engagement with the Audience
- Use Case 9: Hong Kong Airlines Used Talkwalker and Hootsuite Platform for Monitoring and Social Listening
- Use Case 10: Hydro-Quebec Used Talkwalker Platform to Engage with Customers and Analyze Monitoring
Market Dynamics
Drivers
- Rising Number of Social Media Users
- Growing Focus of Organizations to Gain Competitive Intelligence
- Rising Need for Social Media Measurement to Enhance Customer Experience
Restraints
- Complexities in Analytical Workflow
- Lack of Analytical Skillsets
Opportunities
- Voluminous Data Generation Through Social Media Platforms
- Rising Cloud Adoption Trends
Challenges
- Lack of Standard Measures for Social Media Analytics
- Lack of Single Solution to Manage Increasing Unstructured Data
Technology Analysis
Key Technologies
- Artificial Intelligence (AI)
- Blockchain
- Edge Computing
- Big Data
Complimentary Technologies
- IoT
- Robotic Process Automation (RPA)
- Ar/Vr
Adjacent Technology
- Quantum Computing
- Cloud Computing
Company Profiles
- IBM
- Oracle
- Salesforce
- Adobe
- Sprout Social
- Sas
- Digimind
- Talkwalker
- Hootsuite
- Gooddata
- Meltwater
- Sendible
- Agorapulse
- Keyhole
- Khoros
- Socialpilot
- Cision
- Qualitrics
Other Players
- Tailwind
- Brand24
- Sotrender
- Rival Iq
- Facelift
- Emplifi
- Oktopost
- Simplify360
- Frrole
- Mavsocial
- Heuritech
- Konnect Insights
- Buffer
- Hubspot
- Databox
- Semrush
Startups/SMEs
- Awario
- Mnemonic AI
- Lucidya
- Catalytics Datum
- Dash Husdson
For more information about this report visit https://www.researchandmarkets.com/r/57n1d
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