Social Media Analytics Market (Updated Version Available)
Social Media Analytics Market Size, Share & Trends Analysis, By Type (Prescriptive Analytics, Descriptive Analytics, Predictive Analytics, and Diagnostic Analytics), Deployment (Cloud and On-premise), Organization size (Large Enterprise and Small & Medium Enterprise), By Application (Risk Management & Fraud Detection, Customer Experience Management, Sales & Marketing Management, and Others), End-User (Media & Entertainment, BFSI, IT & Telecom, Healthcare, Retail, and Others), By Region, Forecast Period- 2023-2030
Report ID : RI_673845 | Date : March 2023 |
Format : 
Key Market Overview:
The Social Media Analytics Market was valued at USD 9. 26 Billion in 2022, registering a CAGR of 21.96% during the forecast period (2023-2030), and the market is projected to be worth USD 45.34 Billion by 2030.
Social media analytics is the ability to collect and analyze the data points to compute the performance of social media accounts. Social media analytics operate as web search tool by using specially designed software platform. The analytics involves the concept of social media monitoring by scanning social channels to identify complications and opportunities. Additionally, Social media analytics aids to procure relevant insights from fragments of data.
Furthermore, the analytics helps to analyze service offerings and brands, along with identification of high value features of product. Thus, the strategies affect business activities such as product development, competitive analysis, customer experience monitoring, and operational efficiency.
Advancement in technology and easy access of social media platform is driving the demand of social media analytics market. Major market players are developing strategic alliances to adopt advanced technologies. For instance, in April 2022, Meltwater acquired Linkfluence which is a SaaS company that occupy artificial intelligence to improve social media platforms. Through the acquisition, Meltwater deliver AI-based customer insights to other companies by using social media analytics. However, high installation cost and lack of technical experts has restrained the growth of social media analytics market.
Social Media Analytics Report Coverage:
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Market Dynamics:
Driver:
Increasing number of social media users and rising adoption of cloud-based system is driving the growth of social media analytics market.
Increasing number of social media users and rising adoption of cloud-based system is driving the growth of social media analytics market.
The number of social media users have drastically increased due to rising use of smartphones, laptops, and computer with internet access. This enables social media analytics companies to gather customer data. For instance, according to Financial Post, globally 4.62 billion social media users are reported for the year 2022 representing 10% growth as compared to the year 2021. Rapid digitalization led to increasing access to the social media platform which encouraged the organization to adopt social media analytics to understand the demand of the customers. Social media platforms are developing mobile friendly applications to increase smartphone adoption for market expansion. Thus, advancement in technology and easy access to social media platform fuel the demand of social media analytics market.
Large number of companies are adopting cloud-based system for business operations, owing to its flexibility benefits and cost effectiveness. Increasing adoption of cloud-based platform encourage the growth of social media analytics market. For instance, in July 2020, IBM announced to introduce Advertising Social Targeting, an AI based solution, to help brands for identification of precise social influencer across social media platform.
Restraint:
Concern related to service data security is hindering the growth of social media analytics market.
Concern related to service data security is hindering the growth of social media analytics market.
Social media analytics have wide application in various industry verticals such as travel, banking, finance, retail, and others. However, threat to cybersecurity and risk of device faults and fraudulent messages is hindering the growth of social media analytics market. High chance of data hacking through social media platform create obstacle for the growth of social media analytics market. Additionally, high installation cost and lack of technical experts has restrained the growth of social media analytics market.
Social Media Analytics Market Segmentation:
By Type
The type segment is classified into Prescriptive analytics, Descriptive analytics, Predictive analytics, and Diagnostic analytics.
Descriptive analytics holds major market for social media analytics which is used to analyze cluster of similar type of data to generate precise customer insights. Descriptive analysis offers platform to gather similar data points to analyze pattern or trend on social media. For instance, SentiOne platform provide descriptive analytics to collect similar data for trend analysis.
Descriptive analytics is expected to grow during the forecast period owing to the characteristic to analyze past events and behaviors to provide precise insights. The descriptive analytics collect and analyze the social media data in the form od reports and visualizations.
By Deployment
The deployment segment is bifurcated into Cloud and On-Premises.
On-premises segment holds major market share for social media analytics market due to rising use of smart devices including smartphones, laptops, and tablets coupled with internet access. The rising threat of cybercrime events is driving the growth of on-premise segment in social media analytics market. On-premises deployment provide data privacy and security coupled with more control over server hardware. Additionally, individuals are rapidly adopting social media platform for social activities, communication, and online shopping resulting to rise the demand of social media analytics.
Cloud segment is expected to grow during forecast period owing to rapid automation and rising popularity for cloud based solution. Social media analytics are adopting cloud-based system due to its cost effectiveness and easy scalability. Large number of companies are adopting cloud-based system for business operations, owing to its flexibility benefits and easy management of data. Increasing adoption of cloud-based platform encourage the growth of social media analytics market.
By Organization size
The organization size segment is categorized into Large enterprise and Small & Medium enterprise.
Large enterprise captured maximum market share for social media analytics due to its large scale of operations. Large enterprise comprises with huge infrastructure, large workforce, and broad customer range. Thus, large enterprise needs centralized system to automate the business operations. Large enterprise uses analytical tool to monitor and extract data across social media platform.
Small and medium enterprise is projecting to showcase rapid growth in social media analytics market owing to rising implementation of analytics and low cost cloud deployment.
By Application
The application segment is distributed into Risk management & Fraud detection, Customer experience management, Sales & Marketing management, and Others.
Sales & marketing management segment accounted largest revenue share for social media analytics market, owing to rising use of social media platform for product promotion and E-Commerce sales. Social media platform helps the organization for marketing and brand promotion.
Customer experience management segment is anticipating to showcase fastest growth in social media analytics market due to rising need of customer interaction monitoring. Social media analytics helps the organizations to interact with customer through social media platform, to improve business operations.
By End-User
The end-user segment is divided into Media & Entertainment, BFSI, IT & Telecom, Healthcare, Retail, and Others.
Retail segment has accounted largest market share for social media analytics. Increasing use of social media platform for online shopping, brand promotion, and eCommerce purpose along with anticipation of market trends and competitors range fuel the growth of social media analytics market.
Media and entertainment segment is expected to grow during forecast period. Media and entertainment companies are adopting social media analytics to collect social data for better understanding of consumer need and to develop timely strategies for business expansion.
By Region
The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
North America has accounted major market share for social media analytics due to maximum number of social media users and adoption of analytical tools by the companies. For instance, as per GlobalStats 2022 report, 72.29% individuals use Facebook across North America. Thus, increasing number of social media users is driving the growth of social media analytics in North America region.
Asia Pacific region is expected to grow during forecast period. . Rapid digitalization, customer inclination toward automation, and adoption of advance analytical tools for business operation has augmented the demand of social media analytics tool.
Social Media Analytics Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and application launches have accelerated the growth of the Global Social Media Analytics Market. Key players in the market include-
• Meltwater
• Oktopost
• HootSuite Media
• Tableau Software
• Clarabridge
• SAS Institute
• IBM Corporation
• Oracle Corporation
• Adobe Systems
• SAP SE
• Quintly
• NetBase Solutions
• Mavsocial
• Simplify360
• Mnemonic AI
• Konnect Insights
Recent Developments:
• In June 2022, Digimind, a leading social listening intelligence, launched Digimind.org for expansion in higher education. The software helps the NGO\'s to monitor and analyze social data points during pandemic.
• In May 2022, Brandwatch collaborated with TikTok to expand and manage analytics offerings. The collaboration helps Brandwatch clients to analyze, understand, manage, and optimize TikTok content within Brandwatch platform.
The Social Media Analytics Market was valued at USD 9. 26 Billion in 2022, registering a CAGR of 21.96% during the forecast period (2023-2030), and the market is projected to be worth USD 45.34 Billion by 2030.
Social media analytics is the ability to collect and analyze the data points to compute the performance of social media accounts. Social media analytics operate as web search tool by using specially designed software platform. The analytics involves the concept of social media monitoring by scanning social channels to identify complications and opportunities. Additionally, Social media analytics aids to procure relevant insights from fragments of data.
Furthermore, the analytics helps to analyze service offerings and brands, along with identification of high value features of product. Thus, the strategies affect business activities such as product development, competitive analysis, customer experience monitoring, and operational efficiency.
Advancement in technology and easy access of social media platform is driving the demand of social media analytics market. Major market players are developing strategic alliances to adopt advanced technologies. For instance, in April 2022, Meltwater acquired Linkfluence which is a SaaS company that occupy artificial intelligence to improve social media platforms. Through the acquisition, Meltwater deliver AI-based customer insights to other companies by using social media analytics. However, high installation cost and lack of technical experts has restrained the growth of social media analytics market.
Social Media Analytics Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | 45.34 billion |
| CAGR (2023-2030) | 21.96 % |
| Base Year | 2022 |
| By Type | Prescriptive analytics, Descriptive analytics, Predictive analytics, and Diagnostic analytics |
| By Deployment | Cloud and On-Premises |
| By Organization size | Large enterprise and Small & Medium enterprise |
| By Application | Risk management & Fraud detection, Customer experience management, Sales & Marketing management, and Others |
| By End-User | Media & Entertainment, BFSI, IT & Telecom, Healthcare, Retail, and Others |
| By Geography |
|
| Key Players | Meltwater, Oktopost, HootSuite Media, Tableau Software, Clarabridge, SAS Institute, IBM Corporation, Oracle Corporation, Adobe Systems, SAP SE, Quintly, NetBase Solutions, Mavsocial, Simplify360, Mnemonic AI, Konnect Insights |
Market Dynamics:
Driver:
Increasing number of social media users and rising adoption of cloud-based system is driving the growth of social media analytics market.
Increasing number of social media users and rising adoption of cloud-based system is driving the growth of social media analytics market.
The number of social media users have drastically increased due to rising use of smartphones, laptops, and computer with internet access. This enables social media analytics companies to gather customer data. For instance, according to Financial Post, globally 4.62 billion social media users are reported for the year 2022 representing 10% growth as compared to the year 2021. Rapid digitalization led to increasing access to the social media platform which encouraged the organization to adopt social media analytics to understand the demand of the customers. Social media platforms are developing mobile friendly applications to increase smartphone adoption for market expansion. Thus, advancement in technology and easy access to social media platform fuel the demand of social media analytics market.
Large number of companies are adopting cloud-based system for business operations, owing to its flexibility benefits and cost effectiveness. Increasing adoption of cloud-based platform encourage the growth of social media analytics market. For instance, in July 2020, IBM announced to introduce Advertising Social Targeting, an AI based solution, to help brands for identification of precise social influencer across social media platform.
Restraint:
Concern related to service data security is hindering the growth of social media analytics market.
Concern related to service data security is hindering the growth of social media analytics market.
Social media analytics have wide application in various industry verticals such as travel, banking, finance, retail, and others. However, threat to cybersecurity and risk of device faults and fraudulent messages is hindering the growth of social media analytics market. High chance of data hacking through social media platform create obstacle for the growth of social media analytics market. Additionally, high installation cost and lack of technical experts has restrained the growth of social media analytics market.
Social Media Analytics Market Segmentation:
By Type
The type segment is classified into Prescriptive analytics, Descriptive analytics, Predictive analytics, and Diagnostic analytics.
Descriptive analytics holds major market for social media analytics which is used to analyze cluster of similar type of data to generate precise customer insights. Descriptive analysis offers platform to gather similar data points to analyze pattern or trend on social media. For instance, SentiOne platform provide descriptive analytics to collect similar data for trend analysis.
Descriptive analytics is expected to grow during the forecast period owing to the characteristic to analyze past events and behaviors to provide precise insights. The descriptive analytics collect and analyze the social media data in the form od reports and visualizations.
By Deployment
The deployment segment is bifurcated into Cloud and On-Premises.
On-premises segment holds major market share for social media analytics market due to rising use of smart devices including smartphones, laptops, and tablets coupled with internet access. The rising threat of cybercrime events is driving the growth of on-premise segment in social media analytics market. On-premises deployment provide data privacy and security coupled with more control over server hardware. Additionally, individuals are rapidly adopting social media platform for social activities, communication, and online shopping resulting to rise the demand of social media analytics.
Cloud segment is expected to grow during forecast period owing to rapid automation and rising popularity for cloud based solution. Social media analytics are adopting cloud-based system due to its cost effectiveness and easy scalability. Large number of companies are adopting cloud-based system for business operations, owing to its flexibility benefits and easy management of data. Increasing adoption of cloud-based platform encourage the growth of social media analytics market.
By Organization size
The organization size segment is categorized into Large enterprise and Small & Medium enterprise.
Large enterprise captured maximum market share for social media analytics due to its large scale of operations. Large enterprise comprises with huge infrastructure, large workforce, and broad customer range. Thus, large enterprise needs centralized system to automate the business operations. Large enterprise uses analytical tool to monitor and extract data across social media platform.
Small and medium enterprise is projecting to showcase rapid growth in social media analytics market owing to rising implementation of analytics and low cost cloud deployment.
By Application
The application segment is distributed into Risk management & Fraud detection, Customer experience management, Sales & Marketing management, and Others.
Sales & marketing management segment accounted largest revenue share for social media analytics market, owing to rising use of social media platform for product promotion and E-Commerce sales. Social media platform helps the organization for marketing and brand promotion.
Customer experience management segment is anticipating to showcase fastest growth in social media analytics market due to rising need of customer interaction monitoring. Social media analytics helps the organizations to interact with customer through social media platform, to improve business operations.
By End-User
The end-user segment is divided into Media & Entertainment, BFSI, IT & Telecom, Healthcare, Retail, and Others.
Retail segment has accounted largest market share for social media analytics. Increasing use of social media platform for online shopping, brand promotion, and eCommerce purpose along with anticipation of market trends and competitors range fuel the growth of social media analytics market.
Media and entertainment segment is expected to grow during forecast period. Media and entertainment companies are adopting social media analytics to collect social data for better understanding of consumer need and to develop timely strategies for business expansion.
By Region
The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
North America has accounted major market share for social media analytics due to maximum number of social media users and adoption of analytical tools by the companies. For instance, as per GlobalStats 2022 report, 72.29% individuals use Facebook across North America. Thus, increasing number of social media users is driving the growth of social media analytics in North America region.
Asia Pacific region is expected to grow during forecast period. . Rapid digitalization, customer inclination toward automation, and adoption of advance analytical tools for business operation has augmented the demand of social media analytics tool.
Social Media Analytics Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and application launches have accelerated the growth of the Global Social Media Analytics Market. Key players in the market include-
• Meltwater
• Oktopost
• HootSuite Media
• Tableau Software
• Clarabridge
• SAS Institute
• IBM Corporation
• Oracle Corporation
• Adobe Systems
• SAP SE
• Quintly
• NetBase Solutions
• Mavsocial
• Simplify360
• Mnemonic AI
• Konnect Insights
Recent Developments:
• In June 2022, Digimind, a leading social listening intelligence, launched Digimind.org for expansion in higher education. The software helps the NGO\'s to monitor and analyze social data points during pandemic.
• In May 2022, Brandwatch collaborated with TikTok to expand and manage analytics offerings. The collaboration helps Brandwatch clients to analyze, understand, manage, and optimize TikTok content within Brandwatch platform.
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| Multi user | : $5460 |
| Corporate user | : $7460 |
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| Single user | : $3860 |
|---|---|
| Multi user | : $5460 |
| Corporate user | : $7460 |
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