Social Media Analytics Market by Offering (Services, Software), Type (Descriptive Analytics, Diagnostics Analytics, Predictive Analytics), Application, Business Function, Industry - Global Forecast 2024-2030

Social Media Analytics Market by Offering (Services, Software), Type (Descriptive Analytics, Diagnostics Analytics, Predictive Analytics), Application, Business Function, Industry - Global Forecast 2024-2030

The Social Media Analytics Market size was estimated at USD 7.56 billion in 2023 and expected to reach USD 9.16 billion in 2024, at a CAGR 21.60% to reach USD 29.74 billion by 2030.

The social media analytics market consists of services and solutions that offer insights into consumer behavior, preferences, and trends by evaluating activities across various social media platforms. This market encompasses a range of tools and technologies designed to collect, monitor, analyze, and interpret large volumes of unstructured data generated from social media interactions. Applications of social media analytics span various industries, such as marketing, sales, customer service, and public relations. Key end-users include businesses, government agencies, and organizations keen on understanding social sentiment, improving customer engagement, and developing targeted marketing strategies. The social media analytics market is expanding owing to the increasing number of social media users worldwide, the rising focus on customer engagement through social media, and exponential expenditure on analytics with a focus on competitive intelligence. However, the adoption of social media analytics is hindered by concerns regarding data privacy, quality, and accuracy, lack of skilled professionals, lack of consistency in metrics across networks, and difficulties in aggregating data across social properties. On the other hand, the rising adoption of sentiment analysis for social media analytics, integration of social media analytics with CRM and ERP business systems, and increasing need for real-time analytics for immediate decision-making and crisis management presents growth prospects for the social media analytics market in the coming years.

Regional Insights

In the United States, social media plays a pivotal role in customer engagement, with extensive use of analytics to tailor marketing strategies. The region is characterized by high investment in technological advancements and a notable desire for personalized customer experiences. Canada shows robust social media usage with a trend towards ethical use of data, reflecting a demand for transparent and responsible analytics practices while harnessing social media insights for customer behavior analysis. South America is experiencing moderate yet steady growth, fueled by the increasing internet penetration and the rising popularity of social networks among its population. Europe's market for social media analytics is expanding due to stringent data protection laws, including GDPR, which fuel the need for compliant analytics tools. There is an increased demand for advanced analytical solutions that can provide deep insights into consumer data while respecting privacy regulations. The region exhibits a growing trend of integrating social media analytics with CRM and marketing automation tools. Social media analytics in the Middle East is growing, with an increasing focus on mobile-first strategies due to high smartphone penetration. The adoption of social media analytics in Africa varies widely by region, but overall, there is an increasing trend of mobile usage for social and commercial engagement. APAC's social media analytics market is experiencing rapid growth, outpacing other regions, primarily driven by countries including China, India, and Japan. The proliferation of social media users and advancements in technology infrastructure are significant growth factors. China's social media landscape is unique due to its distinct platforms and regulatory environment. In Japan, social media analytics is advanced, focusing on customer service and reputation management. Japanese consumers value brand loyalty, driving businesses to invest in analytics that manage and improve customer relationships. India presents a rapidly growing social media market with a vast user base.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Social Media Analytics Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Increasing number of social media users worldwide
• Growing focus on customer engagement through social media
• Exponential expenditure on analytics with a focus on competitive intelligence

Market Restraints

• Lack of consistency in metrics across networks and difficulties in aggregating data across social properties

Market Opportunities

• Rising adoption of sentiment analysis for social media analytics
• Integration of social media analytics with CRM, ERP business systems

Market Challenges

• Concerns regarding data privacy, quality, and accuracy

Market Segmentation Analysis

• Offering: Increasing preference for social media management software for analyzing engagement metrics
• Industry: Expanding application of social media analytics in media and entertainment industry to analyze viral marketing campaigns

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Social Media Analytics Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Social Media Analytics Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Infobip launches Click-to-chat ad analytics for social media ad conversions

Infobip Limited unveiled its Click-to-chat ad analytics feature, a game-changing tool for brands and marketing experts focusing on maximizing social media ad conversions. The platform affords a complete understanding of customer behavior, consolidating ad and messaging insights to optimize campaigns effectively.

Sprout Social Acquires Tagger Media to cement its position at the forefront of the social software industry.

Sprout Social, Inc. announced the strategic acquisition of Tagger Media, Inc. to cement its position at the forefront of the social software industry. The merger integrates Tagger's advanced influencer marketing resources with Sprout's expansive social media suite, optimizing workflow and enriching analytics for a robust social strategy execution.

Slovakian social media analytics start-up CulturePulse AI raises 'just shy of $1 million' to pivot to AI SaaS model

CulturePulse, a social media analytics startup, closed a sizable seed investment of under USD 1 million from Zero Gravity Capital. CulturePulse is set to redefine audience engagement, moving beyond traditional metrics to incorporate predictive analytics.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Social Media Analytics Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Social Media Analytics Market, highlighting leading vendors and their innovative profiles. These include Adobe Inc., Agorapulse SAS, Awario, Brand24 Global Inc., Buffer, Inc., Cision US, Inc., Datapine by RIB Software GmbH, Emplifi, Inc., GoodData Corporation, Hootsuite Inc., HubSpot, Inc., International Business Machines Corp., Intuit Inc., Keyhole, Khoros, LLC, Mavsocial, Meltwater, NetBase Solutions, Inc., Oktopost Technologies, Inc., Onclusive, Inc., Prudence Analytics And Software Solutions Pvt. Ltd., Qualtrics, LLC, Salesforce, Inc., SAS Institute Inc., Semrush Inc., Sendible Ltd., SocialPilot Technologies Inc., Sotrender, Sprout Social, Inc., and Talkwalker Inc..

Market Segmentation & Coverage

This research report categorizes the Social Media Analytics Market to forecast the revenues and analyze trends in each of the following sub-markets:

Offering

Services

Managed Services

Professional Services

Consulting Services

Deployment & Integration

Support & Maintenance

Software

Social Listening & Monitoring

Social Media Advertising Software

Social Media Management Software

Social Media Marketing

Type

• Descriptive Analytics
• Diagnostics Analytics
• Predictive Analytics
• Prescriptive Analytics

Application

• Competitor Benchmarking
• Customer Behavioural Analysis
• Customer Segmentation & Targeting
• Marketing Management
• Multichannel Campaign Management
• Business Function
• Customer Service
• Finance
• Human Resources
• Marketing
• Operation
• Sales & Lead Generation

Industry

• Aerospace & Defense
• Automotive & Transportation
• Banking, Financial Services & Insurance
• Building, Construction & Real Estate
• Consumer Goods & Retail
• Education
• Energy & Utilities
• Government & Public Sector
• Healthcare & Life Sciences
• Information Technology
• Manufacturing
• Media & Entertainment
• Telecommunication
• Travel & Hospitality

Region

• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year