Publication Month: Aug 2022 | Report Code: TIPTE100000194 | No. of Pages: 238 | Category: Technology, Media and Telecommunications | Status: Published
Business competitiveness has been rising at a tremendous pace globally, forcing businesses to search for innovative methods of gathering intelligence. The increasing competitiveness amongst businesses can be attributed to several factors that differ from country to country. Globalization, rising adoption of Industry 4.0, growing promotional activities, increasing brand awareness, and higher price sensitivity amongst consumers are a few major factors fueling the same. Thus, to gain a competitive edge, most enterprises have been exploring newer avenues for gaining intelligence on their competitors. Business intelligence (BI) uses different solutions and services to transform gathered data into actionable insights. Traditional BI was mostly restricted to identifying competitors and gathering as much information as possible but could not structure, analyze and provide meaningful insights from multivariate data pointers. Social media analytic solutions and services can provide varied BI information. It can aid in identifying competitors, understanding which and how they are utilizing social media platforms, understanding their strategy, compare own social results with competitors, and identifying gaps or threats in social strategy. Such advantages are promoting social media analytics market growth.
Additionally, social media analytics can aid performance benchmarking of ad campaigns, understanding appropriate posting time, revealing customers' pain points, and differentiating one’s brand from its competitors. Such benefits have led to a growing demand for gathering BI through social media analytics. For instance, Northern Light Group, LLC aided one of its clients to gain BI by developing and managing a knowledge management platform. Northern Light Business News and 5 other subscription-based market intelligence sources feed data to this platform. Similarly, NapoleonCat, developed by Napoleon Sp. z o.o. have been aiding collectible metal poster e-commerce site Displate (GWD CONCEPT Sp. z o.o.) to analyze their social media performance, connect to newer customers and gather BI on their competitors among others. All such factors collectively have been driving the social media analytics market growth.
|Market Size Value in||US$ 7,007.84 Million in 2021|
|Market Size Value by||US$ 26,295.33 Million by 2028|
|Growth rate||CAGR of 21.5% from 2022 to 2028|
|No. of Pages||238|
|No. of Tables||169|
|No. of Charts & Figures||103|
|Historical data available||Yes|
|Segments covered||Component, Application, Deployment, Organization Size, and Vertical|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
During the COVID-19 outbreak, the continuous growth in COVID-19 patient pool size compelled government authorities to impose stringent travel bans across the US and other regions in the first three quarters of 2020, which led to significant disruptions of the normal functioning of various industries. Implementing containment measures such as trade bans, travel restrictions, and workplace workforce limitations impacted various businesses' manufacturing, supply, and sales. Hence, enterprises had to adapt to the changing environment to remain afloat and minimize losses. The pandemic also led to an increased usage of social media platforms and an exponential rise in the number of active social media users. Despite such a tumultuous business scenario, social media platforms continued to witness record growth of users. Hence, in Q3 of 2020, enterprises increasingly subscribed to social media analytics to attract more customers and retain old customers. Both large enterprises and SMEs increased their uptake of social media analytics to leverage the growth of social media users. This provided huge growth opportunities for the social media analytic market players globally.
Key social media analytics market players witnessed a sharp increase in demand post Q4 of 2020 since most industry verticals were increasingly turning to AI enabled analytic solutions and services for outlining sustainable ways to continue business operations amid the threat of the pandemic.. Hence, the pandemic positively impacted the social media analytics market growth.
Social media analytics can collect actionable or meaningful insights from social media platforms to support business growth. Social media intelligence, social competitive analysis, social media listening, image analytics, sentiment analysis, social media monitoring, and customer experience analytics are common tools or methods used by social media analytic solution and service providers to serve their customers better. By using social media analytics, businesses can build a community, gauge the valuation of their brands or products, better understand consumer needs, develop customized offerings, and gain better business leads. The rising importance of social media platforms can be expected to drive the social media analytics market during the forecast period. Businesses are rapidly embracing sophisticated business intelligence gathering technologies to support their business initiatives and to gain a competitive advantage. Social media analytic solutions have, thus, become a key enabler toward developing a robust marketing campaign. The growing emphasis of organizations on promoting products on social media platforms has become a major driving factor for the market
The social media analytics market, by deployment, is segmented into cloud and on-premise. Cloud is expected to remain the largest segment during the forecast period. The cloud segment is growing considerably due to several advantageous characteristics, such as scalability and cost-effectiveness, which are expected to propel the social media analytics market growth during the forecast period. The growth of this segment can also be attributed to faster data processing and direct IT control, the efficient use of resources, and the cost-effectiveness of cloud models.
The social media analytics market is segmented into 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.
Based on geography, the social media analytics market is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). 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.
Social media analytics market players are utilizing several strategies to focus on growth.