Social Media Analytics Market Share Report, Research Analysis & Forecast 2028

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)

Publication Month : Aug 2022

  • Report Code : TIPTE100000194
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 238
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[Research Report] The social media analytics market is projected to reach US$ 26,295.33 million by 2028 from US$ 7,007.84 million in 2021. it is expected to grow at a CAGR of 21.5% during 2022–2028.

Analyst Perspective:

The social media analytics market is a rapidly growing industry that provides businesses with tools to analyze data generated on social media platforms. Social media has become an integral part of people's lives, resulting in a significant increase in the amount of data generated on social media platforms. Social media analytics tools enable businesses to make sense of this data, providing insights into customer behavior, preferences, opinions, and trends. Social media analytics tools can help businesses to identify customer sentiment, monitor brand reputation, and track the success of marketing campaigns. Furthermore, social media analytics gives businesses insights into consumer behavior and preferences. By analyzing engagement patterns, content interactions, and click-through rates, businesses can understand which types of content perform well and resonate with their audience. This information allows businesses to optimize their content strategy and create more engaging and relevant social media posts, increasing brand engagement and customer loyalty. Social media analytics empowers businesses to gain deep insights into their target audience, consumer sentiment, influencers, content performance, and campaign effectiveness. These insights drive strategic decision-making, improve customer engagement, and enhance overall business performance in the dynamic and competitive landscape of social media marketing.

Market Overview:

The social media analytics market analyzes several applications, including customer segmentation & targeting, comparative benchmarking, multichannel campaign management, customer behavior analysis, and others. Customer behavioral analysis and marketing management to develop marketing strategies and brand planning, there is an increasing need for customer segmentation and targeting between large enterprises and SMEs. To make well-informed business decisions, social media analytics (SMA) is a technology that aids in monitoring, gathering, and analyzing data from social networking sites. It assists businesses in identifying high-value features for goods and services, identifying the most recent trends, enhancing customer engagement, and mapping third-party partners and channels. As a result, it is used globally for various purposes, including figuring out how well social media campaigns are performing, producing tailored reports, monitoring key social media data, and instantly analyzing the brand image and customer demographics.

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Social Media Analytics Market: Strategic Insights

social-media-analytics-market
Market Size Value inUS$ 7,007.84 Million in 2021
Market Size Value byUS$ 26,295.33 Million by 2028
Growth rateCAGR of 21.5% from 2022 to 2028
Forecast Period2022-2028
Base Year2021
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Market Driver:

Growing Number of Tablets and Mobile Phones with Internet Access to Drive Growth of Social Media Analytics Market

As social media becomes more integrated into people's daily lives, the amount of data generated on social media platforms has increased exponentially. Social media analytics tools can help businesses make sense of and leverage this data to make informed decisions. By examining social media data, businesses can gain insights into customer behavior, preferences, opinions, and trends. This can help them to develop effective marketing strategies, improve customer engagement, and enhance their brand reputation. With the increasing use of mobile devices, social media analytics tools must be optimized for mobile platforms. This presents an opportunity for vendors to develop mobile-friendly analytics tools that are easy to use and provide real-time insights.

Mobile-friendly analytics tools can help businesses access data from anywhere, making staying up-to-date on social media trends and customer behavior easier. Furthermore, the growing number of mobile devices with internet access has increased social media data generated in emerging markets. This allows vendors to expand their business and offer social media analytics services in new regions. Analyzing social media data from emerging markets allows businesses to gain insights into new customer segments, cultural differences, and local trends. This can help them to develop effective marketing strategies and expand their customer base.

Segmental Analysis:

Based on deployment, the social media analytics market is segmented into cloud and on-premise. The cloud segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. Cloud-based social media analytics solutions have significantly impacted the market's growth. Cloud-based solutions offer scalability, flexibility, and cost-effectiveness, making it easier for businesses to scale their social media analytics capabilities as their needs grow without investing in additional infrastructure. Cloud-based solutions are also more flexible than on-premise solutions, as they can be easily customized to meet the specific needs of each business. Finally, cloud-based solutions are more cost-effective than on-premise solutions, as they eliminate the need for businesses to invest in expensive hardware or software.

Regional Analysis:

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The North America social media analytics market was valued at US$ 2,406.34 million in 2021 and is projected to reach US$ 9,100.81 million by 2028; it is expected to grow at a CAGR of 21.6% during the forecast period. North America dominates the social media analytics market due to several factors. Firstly, the region is home to many large enterprises that have invested heavily in social media analytics tools to gain a comprehension of customer behavior, market trends, and other key metrics. As a result of the growing number of subscribers to social media in this region, North America is expected to have an important market share over the forecast period. Social media is used by regional businesses to enhance consumers' experiences. Major organizations increasingly monitor user engagement and online activity to optimize the benefits derived from Social Media data. Secondly, the region has a highly developed IT infrastructure and a large pool of skilled professionals, which has helped to drive innovation and growth in the social media analytics market.

Thirdly, North America has a large consumer base active on social media platforms, which has created a strong demand for social media analytics tools to help businesses better comprehend and engage with their customers. There were 264 million monthly active Facebook users in the United States and Canada in 2022. Facebook is used by around 69% of US people, with 23.6% in the 25 to 34 age group. People in the United States use Facebook for an average of 16.1 hours a month. Finally, North America has a favorable regulatory environment that supports the growth of the social media analytics market and a strong culture of innovation and entrepreneurship. The region has helped to drive growth in the social media analytics market by fostering innovation, supporting the development of new technologies, and encouraging investment in the sector. North America has also been a key market for social media analytics vendors, who have leveraged the region's large consumer base and favorable regulatory environment to grow their businesses. Overall, North America's social media analytics market dominance can be attributed to a combination of factors, including a strong IT infrastructure, skilled labor force, large consumer base, and favorable regulatory environment. These factors have helped create a vibrant and growing social media analytics tools market, which is expected to expand in the coming years.

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Key Player Analysis:

The social media analytics market analysis consists of the players such as 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. Among the players in the social media analytics market; Oracle Corporation and Salesforce.com, Inc. are the top two players owing to the diversified product portfolio offered.

Recent Developments:

 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the social media analytics market. A few recent key market developments are listed below:

  • In June 2022, Salesforce announced the partnership with Acxiom, Annalect, LiveRamp, Criteo, Nine Digital, Neustar, The Trade Desk, Yahoo, and WPP Resolve. It will enhance efficiency, better-personalized experiences, and delivery of customer-centric services.
  • In February 2022, Qualtrics introduced XM Discover, which makes use of Clarabridge technology to help businesses better understand their customers. Using artificial intelligence and machine learning, XM Discover enables businesses to consolidate input from structured and unstructured data sources such as chat, posts on social media, and review websites onto a single platform.
  • In October 2021, Qualtrics announced the acquisition of Clarabridge. Clarabridge worked for a data-oriented and customer-centric approach to decision-making and contributed to the Customer Experience Management (CEM) industry.
  • In 2021, Oracle, Big Red announced a UX update and new AI-powered capabilities to its analytics clouds service as part of its Pracle Live Virtual event series.
  • In 2021, Salesforce.com announced expansions and additions to both in Commerce Cloud and Marketing Cloud offerings. Moreover, it has decided to align WhatsApp with marketing cloud.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Component, Application, Deployment, Organization Size, and Vertical

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, UAE, UK, US

Frequently Asked Questions


Which country holds the major market share of the global social media analytics market?

The US held the largest market share in 2021, followed by China.

Which are the key players holding the major market share of the global social media analytics market?

The key players holding majority shares in the social media analytics market include Oracle Corporation, IBM Corporation, Qualtrics International Inc., Salesforce.com, Inc., and Zoho Corporation Pvt. Ltd.

What are the future trends of the global social media analytics market?

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.

Which countries are registering a high growth rate during the forecast period?

The country anticipated to grow with the highest CAGR are US, Germany, India, UAE, and Brazil.

What will be the global market size for the social media analytics market by 2028?

The social media analytics market is expected to reach US$ 26,295.33 Mn by 2028.

What is the incremental growth of the global social media analytics market during the forecast period?

The incremental growth expected to be recorded for the social media analytics market during the forecast period is US$ 19,287.49 million.

Which is the fastest growing regional market?

APAC is anticipated to grow with the highest CAGR over the forecast period.

What are the driving factors impacting the global social media analytics market?

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

Which is the leading application segment in the global social media analytics market?

The competitive intelligence segment led the social media analytics market with a significant share in 2021 and is also expected to grow with a significant CAGR.

What is the estimated global market size for the global social media analytics market in 2021?

The global social media analytics market was estimated to be USD 7,007.84 Mn million in 2021 and is expected to grow at a CAGR of 21.5 % during the forecast period 2022 - 2028.

The List of Companies - Social Media Analytics Market

  1. Cision Ltd.
  2. Hootsuite Inc.
  3. IBM Corporation
  4. Meltwater NV
  5. Oracle Corporation
  6. Qualtrics International Inc.
  7. Salesforce.com, Inc.
  8. Sprout Social, Inc.
  9. Talkwalker S.à.r.l.
  10. Zoho Corporation Pvt. Ltd.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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