Global Social Media Analytics Market - 2023-2030

Global Social Media Analytics Market - 2023-2030

Global Social Media Analytics Market reached US$ 7.5 billion in 2022 and is expected to reach US$ 45.3 billion by 2030, growing with a CAGR of 22.4% during the forecast period 2023-2030.

The expansion of social media sites, such as Facebook, Twitter, Instagram and LinkedIn, as well as more recent ones like TikTok, is producing big data. While this expansion of platforms certainly gives companies more chances to interact with customers, it also needs effective analytics in order to interpret the data. According to a survey conducted by Pew Research Center, YouTube is a common platform used by 95% of people between the ages of 13 to 17 and 2/3rd of teens use TikTok.

Social media produces a huge quantity of text, photographs, videos and user-generated content. Due to the development of big data technologies and cloud computing, processing and analyzing this quantity of data has become more practical and it is simpler to gather insights from social media data due to the emergence of advanced analytics platforms and tools including AI and machine learning technologies.

North America is among the growing regions in the global social media analytics market covering more than 2/5th of the total market and the region has a high rate of social media adoption. The region has a growing population of active social media users, which surges demand for analytics tools to monitor and analyze user behavior, trends and engagement. Businesses are investing in social media platform that leads to increased customer engagement and brand promotions.

Dynamics

Increasing Demand for Analytical Solutions

Daily generation of huge amounts of data is owing to the popularity of social media platforms, there has been an increasing need for analytical tools as people and businesses are seeking to understand the impact of their social media presence. Social media analytics provide insightful information about consumer behavior, market trends and competition practices. The need for advanced analytics solutions is fueled by the ability of businesses to use these insights to make wise decisions.

For instance, on 16 February 2022, Qualtrics introduced XM Discover as part of its XM Platform, aiming to help organizations gain deeper insights from customer and employee feedback and this new offering allows companies to collect and analyze feedback from various sources, including support conversations, chats, social media posts and review sites, all within a single platform. By analyzing conversations in multiple languages, Qualtrics can capture emotion, intent, effort, empathy and emotional intensity to help organizations enhance their customer and employee experiences.

Adoption of Emerging Technologies

Advanced analytics techniques are used to make insightful meaning from the enormous amount of data created on social media platforms, including text, photos, videos and user interactions. New technologies process and analyze vast amounts of data more correctly and efficiently. Examples include artificial intelligence and machine learning. Businesses are realizing more and more how crucial social media analytics are for establishing a competitive edge.

For instance, on 5 August 2020, Talkwalker, a prominent consumer intelligence company, has acquired discover.ai, an agile consumer and cultural insight platform and this acquisition is a part of Talkwalker's strategy to enhance its consumer intelligence services and provide brands with deeper insights into consumer behavior and cultural trends. The acquisition will strengthen Talkwalker's position as a leading consumer intelligence platform, allowing brands to uncover valuable insights and opportunities.

Rising Adoption of SaaS Model

SaaS models provide cost-effective solutions for businesses as they eliminate the need for upfront capital investments in hardware and software. SaaS platforms offer scalability for accommodating the growing data needs of businesses. SaaS solutions are typically cloud-based allowing users to access social media analytics tools from anywhere with an internet connection and this accessibility is especially valuable for remote teams and businesses with a global presence.

For instance, on 16 March 2023, Digimind has introduced Digimind Social, a Social Listening Solution that integrates two powerful AI engines, ChatGPT and AI Sense and this integration enables users to instantly analyze any topic and gain a comprehensive understanding of their online presence. Digimind AI Sense detects peaks and provides users with data, while ChatGPT analyzes and summarizes insights from online conversations.

Privacy Regulation and Noisy Data

Analyzing social media data must adhere to privacy regulations, such as GDPR and CCPA. Handling user data without proper consent can lead to legal issues and reputational damage. Social media data may contain inaccuracies, spam or irrelevant information. Filtering out noise and ensuring data accuracy can be challenging. Different platforms offer different levels of data accessibility.

Conducting real-time analysis of social media data can be resource-intensive and may require robust infrastructure and computing power. Access to historical social media data can be limited, depending on the platform and data retention policies and this can hinder long-term trend analysis. Determining sentiment accurately from text data can be challenging due to sarcasm, slang and context. Automated sentiment analysis may produce false positives or negatives.

Segment Analysis

The global social media analytics market is segmented based on component, deployment, enterprise type, function, application, end-user and region.

Adoption of Software Boosts the Market

In order to connect with consumers, businesses are investing in social media markets. Companies are looking more ways to measure the impact of their online presence as they become more aware of social media's importance. Social media generates huge amounts of data daily. Businesses need sophisticated tools to collect, process and analyze this data effectively to gain insights into customer behavior, sentiment and trends.

For instance, on 6 September 2023, Relo Metrics, an AI-powered sponsorship analytics platform, launched datasets for the 2022-2023 NFL Season on Snowflake Marketplace and this data provides information on the value of brand exposure generated from NFL Sponsorships across various channels, including broadcast, streaming, social media and activations. The data allows brands, agencies, financial firms and rights holders to evaluate sponsor visibility during games and make data-driven decisions regarding partnerships.

Geographical Penetration

Rapid Digital Transition Boosts the Growth of the Market

Asia-Pacific is among the growing regions in the global social media analytics market covering more than 1/3rd of the market and with more than half of the population are having access to the internet and the region is undergoing a rapid digital transition which has resulted in an increase in social media users, producing an enormous amount of data for investigation. The large volume of users fueled the demand for social media analytics that understand consumers' preferences.

For instance, on 19 October 2021, AnyMind Group launched a social media analytics tool on the AnyManager platform that addresses the growing need for web and app publishers to effectively benchmark social media data alongside site and app data. The tool offers insights into areas such as follower growth, reach, post engagement, audience demographics, sentiment analysis, optimal posting times and top-performing posts, initially for Instagram with plans to expand to other social media platforms.

Competitive Landscape
The major global players in the market include IBM Corporation, Meltwater, Hootsuite Inc., NetBase Quid, Inc., Qualtrics, Talkwalker Inc., Digimind, Sprout Social, Inc., Oracle Corporation and Brandwatch.

COVID-19 Impact Analysis

With lockdowns and restrictions in place, people turned to social media platforms for information, connection and entertainment which led to a surge in online activity, with more posts, comments and interactions. Social media analytics tools had to adapt to handle this increased volume of data. The pandemic reshaped the topics of online conversations. Social media analytics tools are needed to quickly adapt to track and analyze discussions related to COVID-19, including public sentiment, misinformation and emerging trends.

During a rapidly evolving crisis like COVID-19, businesses and governments needed real-time insights from social media to make informed decisions. Social media analytics tools had to improve their real-time monitoring capabilities. Understanding public sentiment became crucial during the pandemic. Social media analytics tools integrated sentiment analysis to track how people were feeling and reacting to the situation, helping organizations gauge public opinion and sentiment shifts.

The pandemic saw a proliferation of misinformation and fake news on social media platforms. Social media analytics tools played a vital role in identifying and flagging misleading content, aiding in efforts to curb the spread of false information. Many businesses adjusted their marketing strategies in response to the pandemic. Social media analytics helped companies monitor the effectiveness of these changes and adapt to shifting consumer behaviors.

AI Impact

AI algorithms process a large amount of the data which is being generated from social media in real time. In which they can analyze videos, text and images that were generated from multiple resources. Also enables businesses to gain insights from that large volume of the data. AI also has various algorithms and tools that analyze the sentiments of the post and comments on social media platforms.

AI-driven chatbots can provide instant responses to customer inquiries on social media platforms. They can handle routine customer service tasks, freeing up human agents for more complex issues. Social media platforms use AI to personalize content recommendations for users. AI can identify potential influencers based on their social media activity and engagement.

For instance, on 7 September 2023, ActiveFence, a leading technology solution for Trust and Safety intelligence, management and content moderation, successfully acquired Spectrum Labs, a pioneer in text-based Contextual AI Content Moderation and this strategic acquisition enhances ActiveFence's Trust and Safety solutions, bolstering its commitment to protecting billions of users worldwide from online threats. the acquisition of Spectrum Labs, ActiveFence strengthens its end-to-end online safety capabilities.

By combining Spectrum Labs' advanced Contextual AI with ActiveFence's Trust and Safety Operating System and content detection AI, the company gains a unique ability to swiftly and accurately identify and mitigate online risks on an unprecedented scale.

Russia- Ukraine War Impact

The conflict has led to an increase in the amount of time spent online researching war. Social media analytics software must handle more data as more users use social media platforms to post updates, news and opinions. Social media analytics tools are being utilized to track the conflict's geopolitical trends and attitudes. These techniques are being used by researchers, journalists and government organizations to learn more about popular attitudes, propaganda and disinformation.

The war has seen the spread of disinformation and propaganda on social media platforms. Social media analytics tools are employed to detect and track false narratives, fake news and coordinated disinformation campaigns. Understanding public sentiment regarding the war is crucial. Social media analytics tools incorporate sentiment analysis to gauge how people feel about the conflict and related developments.

By Component
• Solutions
• Services

By Deployment
• Cloud
• On-Premise

By Enterprise Type
• Small and Medium-sized Enterprise
• Large Enterprise

By Function
• Sentiment Analysis
• Competitive Analysis
• Hashtag Analysis
• Others

By Application
• Sales & Marketing Management
• Customer Experience Management
• Risk Management & Fraud Detection
• Others

By End-User
• BFSI
• Media & Entertainment
• Retail
• IT & Telecom
• Healthcare
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• In July 2023, Intelligo, a provider of AI-powered background checks and risk intelligence for financial services, launched its Social Media Analysis feature and this feature offers in-depth analysis of adverse activity on a person's public social media profiles, providing a comprehensive overview of risk-related content.
• In December 2022, Salesforce partnered with Sprout Social to offer an enhanced social media management solution to its customers, this partnership allows Salesforce customers to manage their complete social media presence and social customer care operations through Sprout's social suite. The collaboration aims to empower companies to gain a comprehensive 360° view of their customers and deliver better results by integrating Salesforce's capabilities with Sprout's industry-leading social media management platform.
• In January 2022, NetBase Quid, in partnership with Twitter, released a report titled ""Getting up close and personal,"" which delves into global Twitter conversations surrounding personal care. NetBase Quid suite of social media analytics tools and it creates a report on the CPG industry.

Why Purchase the Report?
• To visualize the global social media analytics market segmentation based on component, deployment, enterprise type, function, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of social media analytics market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global social media analytics market report would provide approximately 85 tables, 90 figures and 186 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies