Social Media Analytics Market is expected to reach US$ 26,295.33 Million by 2028

Growing Importance of Social Media Platforms to Drive during 2022–2028

According to the latest market study on "Social Media Analytics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Application, Deployment, Organization Size and Industry," the market is expected to grow from US$ 7,007.84 million in 2021 to US$ 26,295.33 million by 2028; it is anticipated to grow at a CAGR of 21.5% from 2022 to 2028.

Social media platforms have become a necessity for both individuals and businesses. The number of social media users has been growing exponentially over the past few years, due to which these platforms have also been gaining importance for most industry verticals. The growing penetration of smartphones and the decreasing prices of internet subscriptions have made access to these platforms much easier. It has been promoting the usage of social media platforms among people of developed and developing nations alike. Such exponential growth in active users has also led to an increasing amount of data being generated. Differentiated data from so many users and different geographic regions can provide remarkable insights for any enterprise. Social media solutions and service providers aid businesses gather such data easily, analyzing them, and deriving meaningful insights to aid business decisions. Such advantages, coupled with exponential growth in data generated from social media platforms, collectively drive the global growth of the social media analytics market size.

Social Media Analytics Market Share — by Geography, 2021

The Asia Pacific social media analytics market is segmented into Australia, China, India, Japan, and South Korea. Swift developments in technologies, initiatives from governments to enhance internet penetration, and a rise in disposable income of the middle-income class group are among the factors propelling the overall economic growth in the region. With the constant growth in the e-commerce industry across the region—owing to the rise in foreign investments enhanced internet access, and a favorable regulatory environment—online sales are predicted to grow. APAC’s exciting e-commerce space makes it a good place to create huge opportunities for new business expansion. Additionally, increasing volumes of data must be managed and analyzed appropriately to develop the understanding and make the necessary predictions or analyses. Such factors are likely to drive APAC’s social media analytics market size during the forecast period.

The ecosystem of the global social media analytics market comprises the following stakeholders: social media analytics market players, industry verticals, social media platforms, third party data collectors, and social media users. The social media analytics market players aids businesses in analyzing data of social media users, deriving actionable insights, and undertaking business decisions. Industry verticals are the customers of SMA solutions & service providers. It includes large enterprises and SMEs from verticals such as BFSI, IT, telecommunications, retail, and e-commerce. Third-party data collectors can be several different types of organizations collecting data from social media platforms. Social media users are the primary data source and the final target for the insights gathered from collected data.

The social media analytics market is analyzed on the basis of component, application, deployment, organization size, and vertical. Based on component, the market is segmented into solutions and services. Services are further bifurcated into professional and managed services. Based on application, the social media analytics market is segmented into customer experience management, competitive intelligence, sales & marketing management, and others. Based on deployment, the market is bifurcated into cloud and on-premise. Based on organization size, the social media analytics market is segmented into large enterprises and SMEs. Based on vertical, the social media analytics market is segmented into BFSI, IT & telecommunication, media & entertainment, retail & e-commerce, and others.

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 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 this market study to get a holistic view of the global social media analytics market and its ecosystem.

The COVID-19 pandemic outbreak was an unprecedented event that disrupted several industry verticals globally. While some received a positive impact, most were negatively impacted. Implementing containment measures, such as trade bans, travel restrictions, and workplace workforce limitations, impacted various businesses' manufacturing, supply, sales, and promotional activities. Such disruptions resulted in a temporary decline in the social media analytics market, as enterprises decided to focus on core business activities. However, during the later stages of 2020, many market players were increasingly turning to AI-enabled analytics to outline sustainable ways to continue business operations amid the pandemic threat. The number of social media users and online shopping rose exponentially, which is further foreseen to positively influence the uptake of analytics solutions, including social media analytics. Hence, the COVID-19 pandemic positively impacted the social media analytics market size.