Social Media Analytics Market Size, Share & Trends Analysis Report By Component (Software, Services), By Function (Sentiment Analysis), By Application, By Analytics Type, By Vertical, By Region, And Segment Forecasts, 2023 - 2030

Social Media Analytics Market Size, Share & Trends Analysis Report By Component (Software, Services), By Function (Sentiment Analysis), By Application, By Analytics Type, By Vertical, By Region, And Segment Forecasts, 2023 - 2030

Social Media Analytics Market Growth & Trends

The global social media analytics market size is expected to reach USD 43.25 billion by 2030, expanding at 27.1% CAGR from 2023 to 2030, according to a study conducted by Grand View Research, Inc. The market for social media analytics is expanding owing to the rising usage of social media platforms for online shopping, brand marketing, and eCommerce, as well as growing awareness of market trends and competition strength. The media and entertainment categories are anticipated to expand during the projection period. Companies in the media and entertainment industries are using social media analytics to gather social data, better understand customer needs, and create timely corporate growth plans.

With the proliferation of video content on social media platforms, video analytics are becoming more and more significant. Tools for social media analytics are being created to analyze video material to learn more about consumer behavior, monitor engagement rates, and improve video marketing tactics. Additionally, the market for social media analytics is seeing a rise in the usage of AI-powered analytics as companies need to analyze massive amounts of data quickly and correctly. Businesses may obtain insights into consumer behavior, spot patterns and trends in social media data, and make data-driven choices using AI-powered analytics solutions.

Social media analytics services increasingly employ advanced methods, including artificial intelligence (AI), machine learning, and natural language processing (NLP). These methods, which include sentiment analysis, topic modeling, social network analysis, and predictive analytics, allow for a deeper examination of social media data. Service providers use these advanced methods to give customers more precise and thorough information. For instance, in November 2021, Oracle unveiled new AI-powered features, and UX changes to its Analytics Cloud service as part of the Oracle Live virtual event series.

As competition in the BFSI sector has increased, boosting the banking sector's client base has become a critical competitive advantage. In contrast, the BFSI industry has begun utilizing social media marketing and is quickly moving towards digitalization to increase client retention and reach new consumers. Social networking sites like Twitter, Facebook, Google+, and LinkedIn have been utilized by prominent BFSI businesses in Europe, including Citigroup Inc., HSBC, Barclays Bank, and NatWest, to spur market expansion. Banks improve their customer service, marketing, product development, risk management, and overall company performance by gaining insight from the vast social media data. The availability of such data has provided banks with new options to use analytics to their advantage and enhance their operations.

Social Media Analytics Market Report Highlights

• The predictive analytics segment dominated the market with a revenue share of 35.9% in 2022. Predictive analytics are increasingly used to identify trends in social media data. It involves sophisticated tools and methods to convert social media data into meaningful insights
• The North America region dominated the social media analytics industry with a revenue share of 33.0% in 2022. The growth is attributed to the region's maximum number of social media users. The growing adoption of social media analytics by organizations in this region, mainly the U.S., to enhance customer experience is responsible for the market expansion
• The growing adoption of social media analytics by organizations propels the market growth. Businesses leverage social media analytics as it helps organizations understand targeted audiences, increase engagement and responsiveness, and detect problems and weaknesses to avoid a brand crisis and discover new trends
• Adopting emerging technology in social media analytics, such as artificial intelligence and machine learning, helps focus on delivering better results and interacting with customers in the virtual world, which is expected to increase market demand in the upcoming years

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