Social Media Analytics Market

Social Media Analytics Market - Global

[341 Pages Report] The Social Media Analytics Market size as per revenue was surpassed $4.8 billion in 2023. Throughout the projection period, the social media analytics industry is poised to increase at a CAGR of 24.9% in between 2023 to 2028 to reach around $14.6 billion in 2028.

Social media analytics is being influenced by various players in the industry adopting advanced technologies. Social media analytics involves the process of collecting and analyzing data from various social networks to make informed business decisions. This process includes tracking, measuring, and evaluating social media metrics and data to understand audience engagement, sentiment, trends, and overall performance. The key elements of social media analytics include data collection, metrics and KPIs, audience analysis, competitor analysis, content optimization, campaign measurement, sentiment analysis, and real-time monitoring. Top companies dominating the social media analytics market include Oracle, Adobe, Salesforce, Inc., Digimind, SAS Institute Inc., Cision US Inc., and IBM. There are several advanced technologies used in social media analytics, such as data collection and storage, sentiment analysis, social network analysis, trend analysis, image and video analytics, analytics dashboards, and growth-driving and restraining techniques. These technologies enable companies to extract insights from social platforms to drive business value.

Technology Roadmap of Social Media Analytics till 2028

The Social Media Analytics Market report covers the technology roadmap till 2028, with insights into short-term, mid-term, and long-term developments.

Short-term roadmap (2023-2025)

• Investigate AR applications for social media analytics, offering innovative ways to analyze and enhance user interactions.
• Implement predictive analytics models to forecast emerging content trends, aiding in proactive content creation and strategy adjustment.
• Explore blockchain solutions to enhance data transparency, build trust, and ensure the authenticity of social media analytics data.

Mid-term roadmap (2025-2028)

• Upgrade natural language processing capabilities to better understand and interpret nuanced user sentiments, improving the accuracy of sentiment analysis.
• Implement state-of-the-art cybersecurity measures to safeguard social media analytics platforms from emerging threats and ensure data integrity.

Long-term roadmap (2029-2030)

• Introduce self-learning systems that continuously adapt and optimize based on evolving user behaviors, market dynamics, and emerging trends.
• Research and develop analytics models inspired by neuroscientific principles to enhance understanding of user behavior, preferences, and emotional responses.

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Social Media Analytics Market Growth Dynamics

Driver: Increased focus on the market and competitive intelligence

Global competition is affecting profit margins, and companies are seeking solutions to reduce their expenses. To outperform their competitors, companies need to integrate demographic, competitive, and business information with customer data. They focus on analyzing sales and various markets to identify gaps and meet customer demands. Advanced analytics is used to achieve market goals. Social media analytics analyzes unstructured social data to respond to dynamic market conditions and achieve high sales and operational profitability. Companies can retrieve customer sentiment information from social media platforms to strategize their marketing and sales activities. Social media analytics solutions have various applications, such as customer experience management, sales and marketing management, performance monitoring, and workforce management. They can help organizations gain a competitive edge by effectively analyzing the competition and customer behavior from social media platforms.

Restraint: Challenges and intricacies involved in the process of analyzing data

Analytical workflows involve several important steps, including data identification, parameter setting, defining business rules, data preparation, execution, data modeling, and visualization. Companies use various analytical methodologies, such as predictive, prescriptive, and descriptive analytics to extract maximum value from social media data. The data obtained from various social media sites is unstructured, and additional functionalities are required to structure and improve insights. This is because data is obtained in terms of comments, social listening, and opinion debates. Social media analytics is still in its early stages, and organizations are striving to create a single robust platform to extract, transform, load, evaluate, and analyze social media data. Analysts must integrate vast amounts of social media data from various social platforms and create efficient models to generate expected outcomes. Vendors must offer flexible options and straightforward workflows to reduce costs, attract SMEs, and encourage them to begin using social media platforms to make valuable insights from a business standpoint and increase the adoption of social media analytics.

Opportunity: Rising trends in cloud adoption

Cloud adoption has increased in recent times as vendors are delivering cloud computing solutions through Software-as-a-Service (SaaS). Business users are always on the lookout for effective yet economical solutions, and cloud computing makes it possible to outsource operational IT work to another company, who then takes on all the risks and burdens associated with it. According to industry experts and cloud vendors, cloud computing is expected to grow at an even higher rate in the coming years due to its range of features, such as flexibility, reliability, scalability, and low costs. Cloud deployment mode provides SaaS, Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS). Vendors are increasingly using the SaaS model to offer social media analytics solutions over the cloud. Although social media analytics is still in its nascent phase and is being adopted only by large enterprises currently due to the high costs involved, SMEs are also looking for cheaper options for social media analytics. Therefore, cloud adoption is expected to drive the growth of the social media analytics market.

Challenge: Lack of a single solution to manage the increasing unstructured data

The rise of social media analytics has led to an increase in unstructured data, making it challenging for organizations to analyze data related to images, videos, and audio content directly. This is because most social media platforms rely heavily on text data. While some platforms can provide useful information from metadata and comments associated with social media content, they cannot make complete sense of non-textual content, which is also an essential source of information. Nowadays, users are creating vlogs to share product reviews and real-life experiences. This means that the growing content on video-sharing sites like YouTube, photo-sharing sites like Instagram and Pinterest, and podcasts and data obtained from Facebook cannot be efficiently analyzed. Although major vendors offer social listening tools, these solutions are not robust enough to handle the increasing amount of unstructured data. Therefore, the lack of a single solution to manage the unstructured data is considered a challenge for the market.

Social Media Analytics Market Ecosystem

By vertical, travel & hospitality accounts for the largest market size during the forecast period.

Effective engagement with customers across various social media channels is crucial for brand engagement in the travel and hospitality industry. Hotels are actively managing multiple social platforms to address guest concerns on Twitter, respond to queries on Facebook Messenger, share captivating visuals on Instagram, or create unique filters on Snapchat, as part of their branding strategy. The service-oriented nature of this industry demands a proactive approach in leveraging social media tools to streamline content creation, facilitate posting on diverse platforms, engage in social listening, and integrate advanced analytics. Talkwalker has highlighted the dominance of airline brands, exemplified by Hong Kong Airlines, in the social conversation surrounding travel and hospitality. Their strategic focus on developing engaging content and expanding target audiences exemplifies how businesses in this industry can utilize social media tools to enhance their brand presence and resonate with their customer base.

Based on the business functions, customer services holds the highest CAGR during the forecast period.

Businesses are increasingly using social media analytics to improve their customer service and engage with their customers. This entails using social media platforms to respond to customer queries, provide support, and build stronger relationships. Companies such as Nike, Spotify, Wendy's, and Starbucks are great examples of organizations that harness the power of social media to interact with customers, resolve concerns, and offer timely solutions. Social media analytics allows businesses to identify problems and opportunities on social channels, gather and analyze data from social media platforms, and evaluate the effectiveness of their strategies on various business activities.

By deployment mode, the cloud accounts for the largest market size during the forecast period.

Social media analytics providers are increasingly using cloud-based solutions to leverage big data and improve their services. The convergence of social, mobile, analytics, and cloud (SMAC) technologies has brought a revolutionary change in the business landscape by providing new ways to reach and interact with customers. Social media platforms, such as Twitter, Facebook, and Instagram, have become valuable sources of data, enabling businesses to understand customer behavior and preferences. Mobile devices have facilitated the generation of vast amounts of data, while cloud computing has provided the infrastructure to efficiently store and analyze this data.

North America to account for the largest market size during the forecast period.

Social media analytics has a significant impact on North America by providing businesses with real-time insights into customer emotions, trends, and challenges. This enables timely decision-making, proactive consumer interaction, and efficient crisis management. The market is driven by the increasing importance of social media platforms, rising smartphone penetration, and the adoption of advanced technologies like natural language processing, artificial intelligence, machine learning, and augmented reality. The media and entertainment vertical is also benefiting from social media analytics as it helps them better understand how their content connects with viewers and make data-driven decisions. Due to the region's focus on real-time social media analytics and the need to comply with privacy rules like GDPR and CCPA, there is a growing demand for such services.

Social Media Analytics Companies

The top Social Media Analytics companies have implemented various types of organic and inorganic growth strategies, such as partnerships and agreements,  new product launches, product upgrades, business expansions, and mergers and acquisitions to strengthen their offerings in the market. The major vendors in the global market for Social Media Analytics include IBM (US), Google (US), Oracle (US), Salesforce (US), Adobe (US), SAS (US), Qualtrics (US), Digimind (France), Talkwalker (Luxembourg), Hootsuite (Canada), GoodData (US), Meltwater (Norway), Khoros (US), Sprout Social (US), Cision (US), Dash Husdson (Canada), Brand24 (US), Sotrender (Poland), Rival IQ (US), Facelift (Germany), Emplifi (US), SocialPilot (US), Agorapulse (France), Keyhole (Denmark), Sendible (UK), Buffer (US), Hubspot (US), Databox (US), Tailwind (US), Semrush (US), Awario (US), Oktopost (Israel), Simplify360 (US), Frrole (India), Mavsocial (US), Heuritech (France), Mnemonic Ai (US), Konnect Insights (India), Lucidya (Saudi Arabia), and Catalytics Datum (India).

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Scope of the Report

This research report categorizes the Social Media Analytics Market based on Offering, Analytics Type, Business Functions,  Verticals, and Region.

By Offering:

• Solution
  • By Software Type
    • Social Listening and Monitoring
    • Social Media Marketing
    • Social Media Advertising Software
    • Social Media Management Software
    • Others
  • By Deployment Mode
    • Cloud
      • Public
      • Private
      • Hybrid
    • On-Premises
• Services
  • Professional Services
    • Consulting Services
    • Deployment And Integration
    • Support And Maintenance
• Managed Services

By Security Type:

• Descriptive Analytics
• Predictive Analytics
• Prescriptive Analytics
• Diagnostic Analytics

By Business Function:

• Marketing
• Sales and Lead Generation
• Finance
• Operation
• Human Resources
• Customer Service

By Vertical:

• BFSI
• Retail & eCommerce
• Government & Defense
• Travel And Hospitality
• Healthcare & Life Sciences
• Media & Entertainment
• Telecommunications
• Energy & Utilities
• Education
• Other Verticals

By Region:

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • ANZ
  • Rest of Asia Pacific
• Middle East & Africa
  • UAE
  • Kingdom of Saudi Arabia
  • Qatar
  • Turkey
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America

Recent Developments in Social Media Analytics Industry:

• IBM partnered with American Tower to deploy a hybrid multi-cloud computing platform at the edge for enhanced innovation and customer experience.
• Agorapulse recently added Google Analytics 4 (GA4) to its Social Media ROI dashboard. This integration helps businesses measure how social media affects sales, leads, and traffic more accurately. Users can track customer engagement across multiple devices with ease and make data-driven decisions with precision.
• Oracle has expanded its cloud CX ecosystem by integrating with Sprinklr. This integration will help marketers to keep engaged on social media channels and enhance the customer experience.
• Sprout Social and X have extended their strategic partnership, enabling Sprout customers to implement a comprehensive social strategy that incorporates advanced listening, analytics, and reporting capabilities at a larger scale.
• Khoros and Talkwalker have partnered to offer brands a comprehensive social media management and intelligence experience. This partnership enables brands to stay responsive and adaptable to market trends.

Frequently Asked Questions (FAQ):

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