Social Media Analytics Market Size was valued at USD 8.5 Billion in 2022. The social media analytics market industry is projected to grow from USD 10.05 Billion in 2023 to USD 38.57 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.30% during the forecast period (2023 - 2032).Due to social media's growing influence on corporate strategies and consumer behavior, the market for social media analytics has experienced significant growth, and evolution over the years is the key market driver enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Due to social media's growing influence on corporate strategies and consumer behavior, the market CAGR for social media analytics has experienced significant growth and evolution over the years. An overview of the major trends that have shaped the industry, as well as its present state and potential future developments, are all covered in this article. Businesses are aware of the power of social media as a tool for customer engagement and marketing, thanks to the billions of active users on various social media platforms. Brands now need social media analytics to monitor their online presence, monitor sentiment, and decipher consumer preferences.
Real-time monitoring and sentiment analysis are in high demand because social media conversations occur in real-time. Businesses use analytics tools to monitor brand mentions, spot potential crises, and react quickly to customer feedback. The improvement of customer experience depends heavily on social media analytics. Businesses can pinpoint problems and chances to enhance their goods and services by looking at customer interactions and feedback. Influencer marketing has gained popularity as a key tactic brands use to reach their target audiences. Social media analytics aid in identifying pertinent influencers, evaluating their influence, and evaluating influencer marketing campaigns' efficacy. Artificial intelligence (AI) and machine learning (ML) technologies have revolutionized social media analytics by delivering sophisticated insights and automation. These technologies enable better content recommendations, personalized marketing, and predictive analytics. Privacy and data security issues have surfaced because social media analytics entail collecting and analyzing enormous amounts of user data. Companies must adhere to regulations and implement strict data protection procedures. Businesses need cross-platform analytics because users are active across various social media platforms to fully comprehend their social media efforts' impact. Market research now benefits from the use of social media analytics. By listening to online conversations, businesses can learn about consumer trends, preferences, and rival competitors' activities. Business intelligence (BI) platforms are increasingly integrating social media analytics tools, enabling organizations to combine social media data with other organizational data for more thorough analysis and decision-making.
The emphasis on calculating ROI has increased as social media marketing budgets increase. Social media analytics aid in monitoring the effectiveness of marketing initiatives and evaluating their effects on corporate goals. Social media analytics help crisis management by spotting potential problems or negative sentiments early on, allowing businesses to react quickly and preserve their reputation. Social media analytics tools incorporate predictive analytics capabilities that allow businesses to predict future trends and consumer behavior based on historical data and patterns. Thus, driving the social media analytics market revenue.
The global social media analytics market segmentation, based on type, includes solutions and services. The solutions segment dominated the market. Solutions examine social media data to offer insights into the target audience's characteristics, preferences, and actions. This data enables companies to customize their marketing plans and increase audience engagement. Social media monitoring tools enable businesses to keep track of brand mentions and discussions, analyze their online reputation, and instantly respond to customer comments or complaints. Through solutions, businesses can monitor and analyze their rivals' social media activity, enabling them to spot market trends, compare performance, and gain an advantage. By tracking metrics like reach, engagement, and conversion rates, social media analytics solutions evaluate the success of marketing campaigns. Businesses can improve their campaigns through this evaluation for better outcomes.
Figure 1: Global Social Media Analytics Market, by Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Based on deployment, the global social media analytics market segmentation includes cloud and on-premise. The cloud category generated the most income. Because cloud platforms are easily saleable, you can modify your resources according to demand, ensuring that your social media analytics can effectively handle low and high traffic periods. Pay-as-you-go models are frequently available with cloud services, allowing you to only pay for the resources you use. This can be more economical than maintaining on-premises infrastructure. Cloud-based solutions give users the freedom to access data and analytics from any location, facilitating distributed teams' collaboration and enabling quick access to information.
The global social media analytics market segmentation, based on applications, includes customer segmentation & targeting, competitor benchmarking, and marketing measurement. The customer segmentation &targeting category generated the most income. Social media analytics lets Businesses gather useful demographic and psychographic information about their followers and clients. Businesses can create comprehensive audience profiles that include information on age, gender, location, interests, and preferences by examining user profiles and interactions on social media platforms.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American social media analytics market will dominate this market; modern social media analytics tools and platforms have emerged due to North America's leadership in technological innovation. Businesses seeking to gain a competitive edge by gleaning insightful information from social media data were drawn to these cutting-edge solutions. North America, particularly the United States, has been a major hub for social media platforms and tech behemoths. Social media analytics services are in high demand due to social media's significant impact on people's lives and businesses' widespread use of these platforms.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLOBAL SOCIAL MEDIA ANALYTICS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's social media analytics market accounts for the second-largest market share The General Data Protection Regulation (GDPR), which Europe adopted, has been at the forefront of data privacy laws. To use social media analytics to handle customer data responsibly, businesses in the region had to ensure compliance. Advanced analytics tools that respect user privacy were subsequently adopted as a result. Most European nations had high Internet adoption rates, and businesses and people frequently used social media sites. The demand for social media analytics tools was driven by the need to make data-driven decisions, comprehend customer behavior, and track brand reputation. Europe had a thriving startup scene, with many tech startups specializing in data analytics and social media intelligence. These forward-thinking businesses significantly contributed to market expansion by providing novel and specialized solutions. Further, the German social media analytics market held the largest market share, and the UK social media analytics market was the fastest-growing market in the European region.
The Asia-Pacific Social Media Analytics Market is expected to grow fastest from 2023 to 2032. Social media users have significantly increased in the Asia Pacific region. Some of the most populated social media user bases worldwide are found in nations like China, India, Indonesia, and Japan. Due to the increase in users, companies and organizations now realize how crucial social media analytics are to comprehending consumer behavior and preferences. Many businesses throughout Asia-Pacific were undergoing digital transformation to remain competitive in the global market. These businesses could use social media data for marketing, customer engagement, and brand management with the aid of social media analytics, which was a critical factor. Asia Pacific's e-commerce market was booming, propelled by factors like the region's expanding middle class, rising internet usage, and rising smartphone adoption. E-commerce businesses use social media analytics to understand customer sentiment better, advertise to specific audiences, and provide better customer service. Moreover, China’s social media analytics market held the largest market share, and the Indian social media analytics market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the social media analytics market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The social media analytics industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global social media analytics industry to benefit clients and increase the market sector. In recent years, the social media analytics industry has offered some of the most significant advantages to medicine. Major social media analytics market players, including SAS Institute (U.S.) com (U.S.) GoodData (U.S.) HootSuite Media (U.S.) Tableau Software (U.S.) IBM Corporation (U.S.) Oracle Corporation (U.S.) Adobe Systems (U.S.) SAP SE (Germany) NetBase Solutions (US and others are attempting to increase market demand by investing in research and development operations.
To assist clients in finding solutions to their most pressing business problems, IBM US combines all required technology and services, regardless of where those solutions originate. When clients pursue the digital transformation of the world's mission-critical businesses, IBM integrates technology and expertise, offering infrastructure, software (including market-leading Red Hat), and consulting services. They continued the history of sustainability leadership in 2021 when they declared a net-zero greenhouse gas emissions target across all the nations where they do business by 2030. Customers are putting their aspirations into action with the aid of our data-driven sustainability solutions. IBM is constantly looking for the next big thing. Learn more about IBM Research's team of more than 3,000 scientists and researchers who firmly believe in the ability of the scientific method to create new things.
SAP SE (Germany) redefines ERP and builds networks of intelligent enterprises that provide transparency, resiliency, and sustainability across supply chains to help businesses of all sizes and industries run better. They are the market leader in enterprise application software. The customers can operate profitably, continuously adapt, and make a difference across the globe thanks to the comprehensive suite of applications and services we offer. One of the world's top software developers for business process management, SAP creates products that streamline efficient data processing and information exchange between organizations. The business was founded in 1972 and was initially known as System Analysis Program Development (Systemanalyse Programmentwicklung), later becoming SAP. Since then, it has expanded from a five-person startup to a global corporation with over 105,000 staff members based in Walldorf, Germany.
May 2022: Campaigns is a user-friendly, cross-channel social commerce reporting tool that Dash Hudson introduced to help users calculate ROI. With the help of aggregated insights from owned, earned, and creator media, campaigns are integrated with Google Analytics to give marketers a reliable representation of global campaign results and to show cross-channel performance.
Solution
Services
Cloud
On-Premise
Customer Segmentation &Targeting
Competitor Benchmarking
Marketing Measurement
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 8.5 Billion |
| Market Size 2023 | USD 10.05 Billion |
| Market Size 2032 | USD 38.57 Billion |
| Compound Annual Growth Rate (CAGR) | 18.30% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Deployment, Applications and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | SAS Institute (U.S.) com (U.S) GoodData (U.S) HootSuite Media (U.S) Tableau Software (U.S) IBM Corporation (U.S.) Oracle Corporation (U.S.) Adobe Systems (U.S.) SAP SE (Germany) NetBase Solutions (US) |
| Key Market Opportunities | With growing influence on corporate strategies and consumer behavior, the market for social media analytics has experienced significant growth. |
| Key Market Dynamics | Businesses know the power of social media as a tool for customer engagement. |
Social Media Analytics Market Highlights:
Frequently Asked Questions (FAQ) :
The global social media analytics market size was valued at USD 8.5 Billion in 2022.
The global market is projected to grow at a CAGR of 18.30% during the forecast period, 2023-2032.
North America had the largest share of the global market
The key players in the market are SAS Institute (U.S.) com (U.S.) GoodData (U.S.) HootSuite Media (U.S.), Tableau Software (U.S.), IBM Corporation (U.S.) Oracle Corporation (U.S.) Adobe Systems (U.S.) SAP SE (Germany) NetBase Solutions (US
The solution category dominated the market in 2022.
The cloud had the largest share of the global market.
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
