Social Media Analytics Market to Grow at a CAGR of over 23% over Next Five Years
The social media analytics market is growing at a high CAGR due to the surging number of social media users on account of increasing penetration of smartphones and rising internet accessibility along with a rising focus towards enhancing customer experience and boosting brand awareness?
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the social media analytics market was worth USD 3.9 billion in the year 2021. The market is anticipated to grow at a CAGR of 23.40%, with revenues reaching USD 17.1 billion by 2028. The social media analytics market is growing at a high rate owing to the factors like the surging number of social media users due to increasing penetration of smartphones and rising internet accessibility. Furthermore, the rising focus on enhancing customer experience and boosting brand awareness and user engagement is also providing lucrative growth opportunities to the market. However, the lack of standards and regulations for social data mining may act as a huge restraining factor for the market growth.
Rising Application of Social Media Analytics in Sales and Marketing Management is Driving the Market Growth
Based on application, the social media analytics market is segmented into sales and marketing management, customer experience management, public safety and law enforcement, competitive intelligence, risk management, and fraud detection, and others. The sales and marketing management accounts for the largest market share. These tools help the businesses boost brand awareness among their target consumers along with increasing traffic to websites and sales. Social media analytics uses data to drive engagement, which proves favorable in driving the growth of the business.
Increasing Cloud Deployment Model is Propelling the Social Media Analytics Market
Based on the deployment model, the social media analytics market is segmented into on-premises and cloud. The cloud-based segment holds the largest market share owing to its cost-effectiveness along with better opportunities for scalability. This kind of deployment allows the companies to add or remove different types of social media analytics tools based on their requirement and financial capacity. Furthermore, cloud deployment is also beneficial for reducing data redundancy along with keeping the cost minimal, which is acting as a major driving factor for its market growth.
Social Media Analytics Market - By End-User
Based on end-user, the social media analytics market is segmented into banking, financial services, insurance, telecommunications and IT, retail and e-commerce, healthcare and life sciences, government and defense, media and entertainment, travel and hospitality, and others. The e-commerce sector holds the largest market share and it is increasingly being used to perform various tasks including lead generation, tracking consumer behavior, predicting market trends, and stocking goods accordingly, etc., which can prove very helpful in boosting the business revenue.
Social Media Analytics Market - Regional Insights
Geographically, the social media analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the social media analytics market, followed by Europe. However, the Asia-Pacific region is projected to witness the highest growth rate during the forecast period. The increasing penetration of social media and its usage in Asian countries such as China, India, South Korea, etc., is offering promising growth opportunities to the market. India is among the leading markets for Instagram with a total of 210 million user base. Facebook is also dominating the market with around 410 million users in the country, according to official data.
Impact of COVID-19 on Social Media Analytics Market
The social media analytics market registered significant growth after the COVID-19 pandemic outbreak. The adoption of social media analytics solutions and services spiked during the quarantine period due to the restrictions on the business and the unpredictability of the market. These tools helped the businesses track consumer behavior and trends to get insights and extract new market opportunities. Furthermore, the rising number of social media users and increasing usage of these platforms post the pandemic is anticipated to present lucrative growth opportunities to the market in the forecast period.
The leading market players of the social media analytics market are Sprout Social Inc., IBM Corporation, Netbase Solutions Inc., SAS Institute Inc., Salesforce.com Inc., Clarabridge Inc., Oracle Corporation, GoodData Corporation, Adobe Systems Inc., Crimson Hexagon Inc., Konnect Insights, Mnemonic AI, Socialbakers, Hootsuite, BRAND24, Meltwater, Quintly, Simplify360, Cision Ltd., and other prominent players.
The social media analytics market is highly competitive with the presence of several established global as well as regional players. The companies often launch new products to advance their analytical tools and diversify their product portfolio to grab a larger share in the market. They offer suites that target both larger enterprises as well as SMEs. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the social media analytics market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the social media analytics market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.