Global Social Media Analytics Market, By Type (Software Services, and Mode), Deployment Model (On-premises, and Cloud), Organization Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), Analytical Type (Predictive, Prescriptive, Diagnostic, and Descriptive), Application (Sales and Marketing Management, Customer Experience Management, Competitive Intelligence, Risk Management and Fraud Detection, Public Safety and Law Enforcement, and Others), Industry Vertical (Banking, Financial Services and Insurance (BFSI), Telecommunications and Information Technology (IT), Retail and E-commerce, Healthcare and Life Sciences, Media and Entertainment, Government and Defense, Travel and Hospitality, and Others) – Industry Trends and Forecast to 2031.
Social Media Analytics Market Analysis and Size
The social media analytics market is experiencing robust growth, fueled by the widespread adoption of internet-connected tablets and mobile phones. The continuous rise in social media user numbers further contributes to this trend. Organizations are increasingly prioritizing sales evaluation to strengthen their market presence, driven by a growing awareness of affordable, high-quality products, and the demand for swift service delivery. These factors collectively contribute to the anticipated expansion of the social media analytics market in the coming years.
Data Bridge Market Research analyses the global social media analytics market, which was USD 5.71 billion in 2023, is expected to reach USD 58.29 billion by 2031, at a CAGR of 33.70% during the forecast period 2024-2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024-2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Software Services, and Mode), Deployment Model (On-premises, and Cloud), Organization Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), Analytical Type (Predictive, Prescriptive, Diagnostic, and Descriptive), Application (Sales and Marketing Management, Customer Experience Management, Competitive Intelligence, Risk Management and Fraud Detection, Public Safety and Law Enforcement, and Others), Industry Vertical (Banking, Financial Services and Insurance (BFSI), Telecommunications and Information Technology (IT), Retail and E-commerce, Healthcare and Life Sciences, Media and Entertainment, Government and Defense, Travel and Hospitality, and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Orcale (U.S.), IBM (U.S.), SAS Institute Inc. (U.S.), Salesforce, Inc. (U.S.), Adobe (U.S.), Cision US Inc. (U.S.), GoodData Corporation (U.S.), Simplify360 Inc. (India), Quid. (U.S.), Qualtrics (U.S.), Talkwalker(U.S.), Brandwatch (U.K.), Digimind (France)
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Market Opportunities
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Market Definition
Social media analytics involves the systematic analysis of data generated from social media platforms. It encompasses the examination of user engagement, trends, and sentiments to derive actionable insights. Businesses use social media analytics to understand their online presence, customer preferences, and market dynamics, enabling informed decision-making and effective strategies.
Global Social Media Analytics Market Dynamics
Drivers
- Rise in Adoption of Mobile Phones with Internet Access among the Consumers
As more individuals worldwide embrace smartphones equipped with internet connectivity, there is a substantial increase in social media usage. This trend generates a vast pool of data on various platforms, creating a demand for analytics tools to extract valuable insights. Social media analytics tools enable businesses to harness this wealth of information, offering valuable metrics and trends that aid in strategic decision-making, targeted marketing, and understanding consumer preferences.
- Organizations Strengthening Market Impact with the Utilization of Social Media Analytics
Harnessing insights derived from social media platforms, businesses can fine-tune their marketing strategies, understand consumer sentiments, and optimize engagement. The emphasis on data-driven decision-making to enhance market presence is propelling the demand for analytics tools. As companies recognize the pivotal role of social media in shaping brand perception, the strategic utilization of analytics becomes crucial for maintaining a competitive edge. This trend is fueled by a growing awareness of the need to align products and services with consumer expectations, ultimately driving the expansion of the global social media analytics market.
Opportunities
- Real-Time Analytics Manage Crises and Reputation Issues
The rising demand for real-time analytics within the global social media analytics market reflects its pivotal role in the proactive management of crises and preservation of brand reputations. As businesses and individuals navigate the rapid dissemination of information on social platforms, the significance of these analytics tools becomes increasingly apparent. The anticipated surge in demand underscores their critical contribution to effective damage control and rapid response strategies, establishing real-time analytics as an essential component in safeguarding online reputations in today's dynamic digital landscape.
- Integration of Social Media in E-commerce for Tracking Consumer Preferences
As consumers increasingly utilize social platforms in their shopping journey, analytics solutions play a crucial role in tracking and decoding consumer preferences. Businesses can gain actionable insights into customer behavior, product preferences, and market trends by analyzing social media interactions. This opportunity allows social media analytics tools to empower e-commerce businesses in tailoring their strategies, optimizing product offerings, and enhancing the overall customer experience, thereby driving growth and competitiveness in the evolving digital marketplace.
Restraints/Challenges
- High Cost of Homomorphic Encryption Solutions
Implementing robust encryption mechanisms, particularly fully homomorphic encryption (FHE), involves substantial expenses in terms of both technology acquisition and deployment. Small and medium-sized enterprises, in particular, may find the financial burden prohibitive, limiting their ability to leverage advanced encryption for social media analytics. The cost factor hinders widespread adoption across the market, creating a barrier for businesses aiming to enhance data security in social media analytics.
- Lack of Technical Expertise Constrains the Implementation of FHE Solutions
The complex nature of FHE technology demands specialized knowledge and skills, posing a barrier for organizations looking to adopt these encryption methods for securing social media analytics data. The shortage of professionals proficient in FHE implementation acts as a restraint, limiting the market's potential growth.
This global social media analytics market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on global social media analytics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In 2021, Cision's acquisition of Brandwatch for USD 450 million fortified its position in the Social Media Analytics Market by combining robust contact databases and effective media monitoring. This strategic merger established a social listening powerhouse, enhancing PR and marketing services through synergies
- In 2021, TikTok's milestone of surpassing 1 billion users solidified its standing as a major player in the Social Media Analytics Market. As the seventh most popular global social network and fourth excluding messaging platforms, TikTok's vast user base underscored its significance for data analytics and marketing insights
- In 2021, Salesforce's expansions to Marketing Cloud, Commerce Cloud, and the integration of WhatsApp reflected its commitment to the evolving Social Media Analytics Market. Strengthening customer engagement through diverse communication channels, Salesforce aimed to enhance analytics capabilities within its suite of services
- In 2021, Oracle's announcement of AI-powered capabilities and UX updates for Analytics Cloud showcased its dedication to innovation in the Social Media Analytics Market. The advancements underscored Oracle's commitment to staying at the forefront of technology, offering sophisticated analytics solutions to meet evolving market demands
Global Social Media Analytics Market Scope
The global social media analytics market is segmented on the basis of type, deployment model, organization size, analytical type, application and industry vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Software
- Software as a service (SaaS)
- On-premise
- Services
- Professional
- Managed
- Mode
- Social Media Measurement/Listening and Analytics
Deployment Model
- On-Premises
- Cloud
Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
Analytical Type
- Predictive
- Prescriptive
- Diagnostic
- Descriptive
Application
- Sales and Marketing Management
- Customer Experience Management
- Competitive Intelligence
- Risk Management and Fraud Detection
- Public Safety and Law Enforcement
- Others
Industry Vertical
- Banking, Financial Services and Insurance (BFSI)
- Telecommunications and Information Technology (IT)
- Retail and E-commerce
- Healthcare and Life Sciences
- Media and Entertainment
- Government and Defense
- Travel and Hospitality
- Others
Global Social Media Analytics Market Regional Analysis/Insights
The global social media analytics market is analyzed and market size insights and trends are provided by country, type, deployment model, organization size, analytical type, application and industry vertical as referenced above.
The countries covered in the global social media analytics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the social media analytics market in revenue and market share, propelled by extensive research and development efforts in technology, particularly in network expansion. The region's emphasis on technological advancements contributes significantly to the growth of the social media analytics sector.
The Asia-Pacific is expected to maintain the highest compound annual growth rate, driven by escalating development initiatives in emerging markets such as India and China. The robust growth in these economies contributes to an increased demand for various products and services, fostering a favorable environment for market expansion and sustained economic development.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Social Media Analytics Market Share Analysis
The global social media analytics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global social media analytics market.
Some of the major players operating in the global social media analytics market are:
- Orcale (U.S.)
- IBM (U.S.)
- SAS Institute Inc. (U.S.)
- Salesforce, Inc. (U.S.)
- Adobe (U.S.)
- Cision US Inc. (U.S.)
- GoodData Corporation (U.S.)
- Simplify360 Inc. (India)
- Quid. (U.S.)
- Qualtrics (U.S.)
- Talkwalker(U.S.)
- Brandwatch (U.K.)
- Digimind (France)
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