CHICAGO, Jan. 25, 2024 /PRNewswire/ -- The future of the Social Media Analytics Market is expected to include AI/ML integration, real-time analytics, and cross-platform analysis. Privacy, customer experience analytics, and breakthroughs in visual and speech analytics are all expected, as are influencer marketing metrics and the introduction of newcustomised, scalable solutions through strategic partnerships.
The global Social Media Analytics Market is projected to grow from USD 4.8 billion in 2023 to USD 14.6 billion by 2028, at a CAGR of 24.9% during the forecast period, according to a new report by MarketsandMarkets™. The social media analytics market is expanding due to the increasing usage of social media, higher smartphone penetration, and other developments in digital technology. The market growth is further boosted by the impact of technologies such as natural language processing, artificial intelligence, machine learning, and augmented reality. Social media analytics enables businesses to maximize the impact of their social media marketing efforts. Future trends that will shape the landscape of social media analytics include artificial intelligence and machine learning.
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350 - Tables
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400 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2019–2028 |
Base year considered | 2022 |
Forecast period | 2023–2028 |
Forecast units | USD Billion |
Segments Covered | Offering, Analytics Type, Business Functions,Verticals, and Region |
Geographies covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
Companies covered | 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) |
Solution segment to account for the largest market size during the forecast period.
Based on the offering segment, the solution is anticipated to hold the largest market size during the forecast period. In today's constantly evolving digital landscape, businesses need innovative tools to overcome the challenges of online interactions. These cutting-edge solutions help organizations extract valuable insights, monitor trends, and measure their online impact. From sentiment analysis to audience segmentation, these offerings enable businesses to make informed decisions, refine marketing strategies, and enhance customer engagement. As the demand for comprehensive analytics continues to rise, providers are continuously developing advanced solutions, driving the evolution of this dynamic market.
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Managed service toaccount for higherCAGR during the forecast period.
Based on the services, managed services are anticipated to hold the highest CAGR during the forecast period. Managed service providers are playing a crucial role in the field of social media analytics. They offer a wide range of services to businesses to help them optimize their social media presence and gain valuable insights from their social media data. These services include advanced social media analytics tools that can track user traffic, measure customer experience, and identify trends and patterns in social media data. Additionally, managed service providers offer social media management services to maintain a consistent and effective social media presence, data consolidation, and management to ensure that all relevant data is easily accessible for analysis, and integration with other services such as customer relationship management systems.
Asia Pacific to exhibit the highest CAGR during the forecast period.
The CAGR of Asia Pacific is estimated to be highest during the forecast period. The market for Social Media Analytics in the Asia Pacific region is expected to experience significant growth, mainly due to population growth and government policies. This growth is being fueled by the increasing significance of social media platforms for businesses, a growing demand for business intelligence, and the adoption of advanced technologies such as natural language processing, artificial intelligence, machine learning, and augmented reality. The expansion of digital technology and the increasing adoption of cloud-based solutions are further driving this growth.
Top Key Companies in Social Media Analytics Market:
Major vendors in the global Social Media Analytics market are 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).
Recent Developments:
- 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.
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Social Media Analytics Market Advantages:
- Social media analytics offer significant perspectives on consumer behaviour, inclinations, and viewpoints. Businesses can enhance their comprehension of their target demographic and customise their offerings by scrutinising social media interactions.
- Companies are able to monitor their online reputation by tracking real-time mentions of their brand and products. This promotes quick resolution of any unfavourable opinion and upholds the reputation of the brand.
- Businesses can keep an eye on what their rivals are up to thanks to social media analytics. Companies can obtain a competitive advantage and make wise judgements to stay ahead of the competition by examining the tactics of their rivals and customer input.
- Analytics allows businesses to assess the performance of their social media marketing initiatives. Campaign impact may be evaluated with the use of metrics like engagement, click-through, and conversion rates. This allows businesses to fine-tune their tactics and improve performance.
- Popular subjects and new trends can be detected in real time by social media analytics software. By matching their products and content to the interests of their target market, businesses may stay relevant and take advantage of current market trends.
- Analytics give companies the ability to assess how well their social media engagement tactics are working. Organisations may improve consumer engagement and forge closer bonds with their audience by knowing what kinds of material appeal to them.
Report Objectives
- To describe and forecast the social media analytics market, in terms of value,
by offering, analytics type, business function, and vertical - To describe and forecast the social media analytics market, in terms of value,
by region—North America, Europe, Asia Pacific, Middle East & Africa and Latin America - To provide detailed information regarding major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contribution to the overall social media analytics market
- To profile key players and comprehensively analyze their market positions in terms of ranking and core competencies2, along with detailing the competitive landscape for market leaders
- To analyze competitive developments such as joint ventures, mergers and acquisitions, product developments, and ongoing research and development (R&D) in the social media analytics market
- To provide the illustrative segmentation, analysis, and projection of the main regional markets
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