Social Media Analytics Market Key Players and Forecast by 2031

The social media analytics market size is projected to reach US$ 42.90 billion by 2031 from US$ 8.37 billion in 2023. The market is expected to register a CAGR of 22.7% during 2023–2031. The growing importance of social media platforms and increasing demand for business intelligent are likely to be the key drivers and trends of the market.

Social Media Analytics Market Analysis

The social media analytics market is experiencing significant growth globally. This growth is attributed to the growing importance of social media platforms and the increasing demand for business intelligence. Moreover, the rising number of social media users in developing nations, increasing usage of social media analytics by law enforcement agencies, increasing integration of AI in social media analytics and growing importance of customer experience management are anticipated to hold several opportunities in the market.

Social Media Analytics Market Overview

Social media analytics is the capability to gather and find meaning in data gathered from social channels to support business decisions and compute the performance of actions considering those decisions through social media. Social media can benefit businesses by allowing marketers to spot trends in consumer behavior that are related to a business's industry and can influence the success of marketing efforts.

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Social Media Analytics Market: Strategic Insights

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Social Media Analytics Market Drivers and Opportunities

Growing Importance of Social Media Platforms to Favor Market

The growing importance of social media platforms is indeed driving the market.  Social networking platforms allow immediate contact with loved ones, overcoming distances and promoting stronger bonds. In today's fast-paced environment, retaining relationships and engaging in real-time exchanges is crucial. Social media facilitates the quick dissemination of information, making it easy to stay up to speed on news and current events. It offers a forum for exchanging differing viewpoints and accessing real-time information during crises or momentous international events. Social media analytics is broader than metrics such as likes, retweets, follows, previews, clicks, and impressions gathered from individual channels. Thus, the increasing importance of social media is driving the social media analytics market.

Rising Number of Social Media Users in Developing Nations.

The rising number of social media users in developing nations is anticipated to hold several opportunities in the coming years. As more social media users generate more data for posts, likes, shares, comments, and interactions. This large amount of data leads to the need for analytics. Moreover, social media analytics helps various companies to understand new audience preferences. As of 2024, there are 5.17 billion social media users worldwide, a 5.5% annual increase. Thus, the increasing number of social media users in developing nations is anticipated to hold several opportunities in the coming years.

Social Media Analytics Market Report Segmentation Analysis

Key segments that contributed to the derivation of the social media analytics market analysis are component, application, deployment, organization size, and vertical.

• Based on components, the social media analytics market is divided into solutions and services (professional services and managed services). The solutions segment is anticipated to hold a significant market share in the forecast period.
• Based on application, the social media analytics market is divided into customer experience management, competitive intelligence, sales & marketing management, and others. The customer experience management segment is anticipated to hold a significant market share in the forecast period.
• By deployment, the market is segmented into cloud and on-premise. The cloud segment is anticipated to hold a significant market share in the forecast period.
• By organization size, the market is segmented into large enterprises and SMEs. The large enterprises segment is anticipated to hold a significant market share in the forecast period.
• By vertical, the market is segmented into BFSI, IT & telecommunication, media & entertainment, retail & e-commerce, and others. The BFSI segment is anticipated to hold a significant market share in the forecast period.

Social Media Analytics Market Share Analysis by Geography

The geographic scope of the social media analytics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the social media analytics market. High technology adoption trends in various industries in the North American region have fuelled the growth of the social media analytics market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American social media analytics market growth. The growing importance of social media platforms and increasing demand for business intelligence. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of social media analytics market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth in the social media analytics market.

Social Media Analytics Market Regional Insights

The regional trends and factors influencing the Social Media Analytics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Social Media Analytics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Social Media Analytics Market Report Scope

Social Media Analytics Market Players Density: Understanding Its Impact on Business Dynamics

The Social Media Analytics Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Social Media Analytics Market are:

1. Cision Ltd
2. Hootsuite Inc.
3. IBM Corporation
4. Meltwater NV
5. Oracle Corporation
6. Qualtrics International Inc.

Disclaimer: The companies listed above are not ranked in any particular order.

Social Media Analytics Market News and Recent Developments

The social media analytics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the social media analytics market are listed below:

• Social media has emerged as a critical channel for brands to engage with their audiences, and according to Muck Rack’s 2023 State of PR report, two of the top three platforms in communications strategies are Instagram (75%) and Twitter (72%). Muck Rack is thrilled to announce its partnership with the social media analytics tool Keyhole, which allows customers to include Keyhole's social listening platform as an add-on to a Muck Rack subscription. (Source: Muck Rack Company Website, November 2023)
• Concept BIU, India's Media Monitoring, PR Measurement, & Analytics front runner, launched a fast, high-end, holistic, and customizable social media analytics & intelligence service. This service arms corporate clients with accurate and timely social media updates, trends & on-ground intelligence at the click of a few buttons. (Source: Concept BIU Company Website, March 2022)

Social Media Analytics Market Report Coverage and Deliverables

The “Social Media Analytics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Social media analytics market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Social media analytics market trends, as well as market dynamics such as drivers, restraints, and key opportunities.
• Detailed PEST/Porter’s Five Forces and SWOT analysis.
• Social media analytics market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the social media analytics market.
• Detailed company profiles.