Pune, July 13, 2024 (GLOBE NEWSWIRE) -- Social Media Analytics Market Size & Growth Analysis:
“According to SNS Insider Research, The Social Media Analytics Market size was valued at US$ 8.08 billion in 2023 & is estimated to reach US$ 61.52 billion by 2032 with a projected CAGR of 25.3% Over the Forecast Period of 2024-2032.”
Growing Demand for Social Media Analytics
Increasing use of social media, with over 5 billion users globally, drives the social media analytics market, which helps businesses track user activity, understand trends, and make better decisions. Tools like Sprout Social collect data from platforms like Facebook and YouTube to reveal customer needs and market potential. The industry is growing as more companies, especially small and medium ones, adopt these tools. The rise of smartphones with constant internet access further fuels social media use and the need for analytics. This analysis allows for quicker responses to feedback from customers, proactive identification of potential crises, and the improvement of target marketing campaigns. Companies use social media analytics for networking, marketing, market research, and improving operational effectiveness. AI-powered innovations such as IBM Watson and Sprout Social, along with cloud-based resources provided by companies like Qualtrics, are driving the expansion of the market.
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Major Players Analysis Listed in this Report are:
The key players are SAS Institute, Salesforce.com, GoodData, HootSuite Media, Tableau Software, IBM Corporation, Oracle Corporation, Adobe Systems, SAP SE, NetBase Solutions, SocialPilot, Agorapulse, Keyhole, Sendible, Buffer, Hubspot, Databox, Tailwind, Semrush, Awario, Oktopost, Simplify360, Frrole, Mavsocial, Heuritech, Mnemonic Ai, Lucidya, and others players
Social Media Analytics Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 8.08 Bn |
| Market Size by 2032 | US$ 61.52 Bn |
| CAGR | CAGR of 25.3 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers | • An increasing number of people are using social media • Increased market awareness and competitive knowledge |
Market Analysis
This growth is attributed to different factors, along with the substantial adoption of smartphones, with over 6.84 billion customers globally in 2024, which has been driven by increasing usage of social media, producing huge amounts of data. Businesses are increasingly depending on social media analytics to pay attention to customer conversations, understand brand perception, and become aware of areas for improvement. The demand for influencer analytic tools is increasing because of the growing social media influencers, which allow organizations to identify the more impactful partner for their marketing campaigns. The growing demand for cloud-based social media analytics and AI and ML integration for streamlining statistics processing, enabling real-time insights, and fostering the growth of the market.
Recent Developments
In January 2024, Sprinklr launched an enhanced version of its social media analytics tool, touting quicker data processing, improved sentiment analysis, and the capability to forecast upcoming trends. This enables companies to obtain more in-depth customer perspectives and improve their social media tactics. This release cements Sprinklr's place as a frontrunner in the quickly changing social media analytics sector.
The audience, a well-known audience intelligence platform, acquired Tweet Binder, a tool used for analyzing Twitter In May 2023. This strategic decision combines compatible services, allowing both firms to broaden their product range and solidify their position in the Twitter analytics market.
In June 2022, the Louisville Athletics Department partnered with Talkwalker, a consumer intelligence platform, to benefit from insights from social media discussions and make strategic decisions based totally on fan and influencer comments.
In June 2022, Digimind released Digimind.Org, an application imparting loose social media listening equipment to non-profit businesses and faculties, empowering them to reveal and analyze media insurance.
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Segment Analysis
By Component, The software segment dominated the market and captured more than 57% share due to its emphasis on real-time monitoring capabilities and AI and ML use for data processing and pattern recognition.
By Function, the Sentiment analysis segment dominated the market and held the 36.5% share in 2023, because it allows companies to recognize the feelings of human beings in social media conversations. The dashboard and visualization section is anticipated to witness a significant annual growth rate of 28% because of the growing need for actual-time records visualization for fast selection-making.
In 2023, Based on Application, Risk management and fraud detection held the largest share 31%, as AI-powered algorithms enable real-time analysis of huge amounts of social media data to identify various threats. Social media analytics additionally plays an important role in product development assisting corporations in knowing customer needs and alternatives.
In terms of Vertical, the media and entertainment sector accounted for the largest revenue share, more than 24.3% in 2023, as these industries use social media analytics to gauge content success and optimize strategies based on audience sentiment and engagement metrics. Social media analytics is also valuable in the healthcare sector for tracking discussions about medications and medical devices, and in identifying potential safety concerns.
Social Media Analytics Market Key Segmentation:
By Component
- Software
- Services
By Analytic Type
- Predictive Analytics
- Prescriptive Analytics
- Diagnostic Analytic
- Descriptive Analytics
By Function
- Sentiment Analysis
- Competitive Analysis
- Hashtag Analysis
- Dashboard & Visualization
- Others
By Application
- Sales And Marketing Management
- Customer Experience Management
- Competitive Intelligence
- Risk Management and Fraud Detection
- Public Safety and Law Enforcement
By Vertical
- BFSI
- IT And Telecommunications
- Retail And Consumer Goods
- Healthcare And Lifesciences
- Government And Public Sector
- Media And Entertainment
- Travel And Hospitality
- Others
Key Regional Developments
The North America region is driven by the widespread use of social media platforms and businesses' growing need for real-time analytics to detect trends and address concerns of customer. NA held the largest share of the social media analytics market more than 34% share, Strict privacy laws such as GDPR (General Data Protection Regulation) and CCPA (California Consumer Privacy Act) also drive the adoption social media analytics platforms. The U.S. social media analytics market is booming due to high social media platform penetration, with 71.6% of adults using at least one site, driving demand for advanced analytics tools.
Europe is the second largest region with a significant market share, driven by the need for compliance with data privacy regulations such as GDPR, European companies are more and more using sophisticated analytics tools that prioritize user privacy. Asia Pacific is projected to witness rapid growth because of the region's growing number of social media users and continuous digital transformation efforts. The increasing e-commerce market in this area is driving the need for social media analytics to analyze customer behaviour and target advertising.
Regional Coverage
- North America (US, Canada, Mexico)
- Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe])
- Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific)
- Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa])
- Latin America (Brazil, Argentina, Colombia Rest of Latin America)
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Key Takeaways
- The report offers a detailed analysis of the social media analytics market, presenting comprehensive information on market size, growth trends, and main factors driving market progression.
- The research involves a thorough analysis of market sectors based on components, functions, uses, and industries. An analysis is conducted on the performance, dominance, and growth prospects of every segment.
- The report examines significant regional progress, focusing on market trends in North America, Europe, Asia-Pacific, and other parts of the world.
- Utilizing SWOT analysis and examining market opportunities, the report offers strategic insights into competition, growth areas, and new trends.
- The report includes recent market updates, such as technological progress, new product releases, and strategic collaborations. it helps decision-making by providing precise market information, recognizing important patterns, and showcasing potential areas for growth.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Social Media Analytics Market Segmentation, By Component
8. Social Media Analytics Market Segmentation, By Analytic Type
9. Social Media Analytics Market Segmentation, By Function
10. Social Media Analytics Market Segmentation, By Application
11. Social Media Analytics Market Segmentation, By Vertical
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Use Case and Best Practices
16. Conclusion
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