NEW YORK, Aug. 29, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Social Media Analytics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component [Solutions and Services (Professional Services and Managed Services)], Application (Customer Experience Management, Competitive Intelligence, Sales & Marketing Management, and Others), Deployment (Cloud and On-Premise), Organization Size (Large Enterprises and SMEs), and Vertical (BFSI, IT & Telecommunication, Media & Entertainment, Retail & e-Commerce, and Others)", the global social media analytics market size is projected to reach $26.29 billion by 2028 from $7.00 billion in 2021; it is expected to grow at a CAGR of 21.5% during 2022-2028.
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Social Media Analytics Market Report Scope & Strategic Insights:
Report Coverage | Details |
Market Size Value in | US$ 7.00 Billion in 2021 |
Market Size Value by | US$ 26.29 Billion by 2028 |
Growth rate | CAGR of 21.5% from 2022 to 2028 |
Forecast Period | 2022-2028 |
Base Year | 2021 |
No. of Pages | 238 |
No. Tables | 169 |
No. of Charts & Figures | 103 |
Historical data available | Yes |
Segments covered | Component, Application, Deployment, Organization Size, and Vertical |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Social Media Analytics Market: Competitive Landscape and Key Developments
Cision Ltd.; Hootsuite Inc.; IBM Corporation; Meltwater NV; Oracle Corporation; Qualtrics International Inc.; Salesforce.com, Inc.; Sprout Social, Inc.; Talkwalker S.à.r.l.; and Zoho Corporation Pvt. Ltd. are among the key social media analytics market players profiled during this study. In addition, several other important social media analytics market players were studied and analyzed during the course of this market study to get a holistic view of the market and its ecosystem.
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In May 2022, Sprout Social announced its partnership with TikTok as a part of TikTok marketing partner program. It will launch first-of-its-kind integration that allows Sprout users to grow their video strategy.
In February 2021, Cision acquired Brandwatch for US$450 million, which has helped create strong media monitoring and contact databases. This acquisition combines two large players who offer a wide range of services from PR to marketing and social media engagement, making it a PR, Marketing, and social listening giant.
Social Media Analytics Market Analysis: Key Insights
The growing number of mobile phones and tablets with access to the internet, coupled with ever-growing user volume on social media platforms, is boosting the growth of the social media analytics market over the forecast period. The proliferation of AI technologies is anticipated to play a significant role in the Future conducting social media analytics in the coming years. AI can make specific recommendations on what actions need to be taken to maintain the health of the company assets.
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The social media analytics Market is broadly segmented into 5 major regions-North America, Europe, Asia Pacific (APAC), Middle-East and Africa (MEA), and South America (SAM). Europe is pioneering digital transformation. The region has several large enterprises focusing on increasing efficiency through advanced technologies while reducing expenditure on traditional data collection, interpretation, and analysis methods. Decision makers in such enterprises are approaching various analytic service providers to manage their advertising campaigns, increase usage of advanced technologies, and increase market penetration. Such trends are driving the social media analytics market growth. Also, several key technology-based startups providing AI-integrated social media analytic solutions and services are providing great growth opportunities for the social media analytics market in the region.
North America accounted for the largest market share in terms of revenue. This technologically advanced region includes key economies, such as the US, Canada, and Mexico. The North American retail and e-commerce market is one of the largest markets in the world. Amazon, Walmart, Costco, Kroger, eBay, The Home Depot, and Target have their origins in the region. The surge in data volume at such sites is driving the social media analytics market growth. Also, several organizations face challenges in managing this deluge of unstructured data. Banks in the region are acknowledging the importance of social analytics solutions and gradually adopting and implementing these solutions, thus, driving the social media analytics market growth. Another key factor driving the market's growth is the growing adoption of these solutions by law enforcement agencies (LEAs) for better identification of potential threats and averting the same. Recent shootouts in educational institutes, where the shooter vividly expressed their desire on social media to perform such acts, have been promoting such uptake by LEAs. All such factors collectively promote North America's social media analytics market growth.
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Social Media Analytics Market Analysis: Industry Overview
Based on vertical, the social media analytics market is segmented into BFSI, IT & telecommunication, media & entertainment, retail & e-commerce, and others. The retail & e-commerce industry is among the largest adopters of social media analytics. Social media platforms are impacting the way consumers research a product, buy an item, and connect with their favorite brands. Moreover, these digital touchpoints vary how often and quickly consumers share feedback, with their close ones, regarding retail experiences. With increasing digital browsing and purchasing, retail & e-commerce players are increasing their expenditure on data analytics for gaining consumer insights and BI. Social media analytics can provide businesses with detailed information about each consumer, allowing the seller to offer tailor-made products, solutions, or services. Such advantages are expected to promote the growth of this segment during the forecast period.
Media & entertainment industry is anticipated to be the fastest growing in the global social media analytics market. Such growth rate can be attributed to the wide adoption of social media analytics by SMEs and large enterprises. Nowadays, consumers constantly engage with online content by viewing, sharing, or listening. Additionally, there is a rising expectation of constant access to personalized content on many technologically advancing devices at minimum or no fees. Media and entertainment organizations have been utilizing social media analytic solutions and services to cater to such requirements better.
Banking, financial services & insurance (BFSI) is an umbrella term for enterprises providing financial products or services. Strategic social media analytics applications have gained profitable results for several BFSI enterprises, promoting the acceptance of these solutions and services in the sector. Banking institutes are presently facing several major challenges. It includes customer loyalty, gaining new customers, and retaining old ones. To mitigate such challenges, the banking sector is focusing on personalizing customer interactions and providing a better experience. Through social media analytic solutions and services, BFSI sector can perform sentiment analysis to understand the customers' requirements better.
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