Global Social Media Analytics Market Size, Share & Trends Analysis Report By Component (Software and Services), By Type, By Deployment (Cloud and On Premise), By Function, By Application, By Vertical, By Regional Outlook and Forecast, 2024 - 2031

Global Social Media Analytics Market Size, Share & Trends Analysis Report By Component (Software and Services), By Type, By Deployment (Cloud and On Premise), By Function, By Application, By Vertical, By Regional Outlook and Forecast, 2024 - 2031

The Global Social Media Analytics Market size is expected to reach $48.2 billion by 2031, rising at a market growth of 26.8% CAGR during the forecast period.

Businesses use hashtag analysis to measure the effectiveness of marketing campaigns, understand the reach and engagement of specific hashtags, and track their performance over time. This functionality is particularly important for companies looking to tap into viral trends, monitor campaign success, and improve brand visibility. Therefore, the hashtag analysis segment held 14% revenue share in the market in 2023. Hashtags have become a key tool for tracking trends, conversations, and campaigns across social media platforms. As hashtags continue to grow, especially for influencer marketing and targeted advertising, the demand for tools that can provide detailed insights into hashtag performance has contributed to the strong revenue share of this segment in the market.

The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In May, 2024, Salesforce expanded its partnership with IBM, an American technology company, to integrate IBM’s watsonx AI and Data Platform with Salesforce Einstein 1 Platform. This collaboration introduces large language models and prebuilt AI actions to CRM solutions, enabling enterprises to enhance data-driven decision-making and streamline workflows. Additionally, In October, 2023, HubSpot, Inc. partnered with TikTok, a social media platform, to streamline B2B lead generation by integrating TikTok’s ad platform with HubSpot’s CRM. This new tool enables businesses to capture and sync leads from TikTok ads directly into HubSpot, enhancing lead management and campaign effectiveness through automation and AI-powered insights.

Based on the Analysis presented in the KBV Cardinal matrix; Microsoft Corporation and Google LLC are the forerunners in the Social Media Analytics Market. Companies such as Oracle Corporation, IBM Corporation and Adobe, Inc. are some of the key innovators in Social Media Analytics Market. In July, 2024, Adobe partnered with Henkel, a global consumer goods company, to accelerate digital innovations and develop a data-driven platform for digital business and e-commerce.

Market Growth Factors

Integrating advanced technologies such as artificial intelligence and machine learning into analytics solutions has enhanced businesses' capability to derive meaningful insights. These tools enable businesses to predict trends, assess consumer sentiment, and measure campaign success more precisely. As businesses' adoption of social media platforms grows, so does the need for advanced analytics solutions to stay competitive, further propelling market growth. Thus, businesses' rising adoption of social media platforms is propelling the market's growth.

The growing emphasis on CX management has driven retail, banking, healthcare, and hospitality industries to adopt analytics tools that comprehensively understand customer journeys. These tools allow businesses to segment their audiences, personalize marketing efforts, and create offerings that resonate with specific customer needs. Social media analytics enables organizations to move beyond generic marketing strategies and develop customer-centric approaches that drive satisfaction and retention. This capability enhances decision-making and ensures businesses are better equipped to meet their customers' evolving demands, driving further adoption of social media analytics solutions. Thus, the growing emphasis on customer experience management across industries propels the market's growth.

Market Restraining Factors

The lack of access to affordable, scalable, and user-friendly analytics tools exacerbates the situation for SMEs. While cloud-based platforms are improving access, there is still a gap in affordable solutions that cater specifically to the needs of smaller businesses. Without cost-effective options, SMEs may resort to using basic, less insightful tools or forgo social media analytics altogether, limiting the overall growth and diversification of the market. Thus, high initial costs and limited access for SMEs are impeding the market's growth.

Component Outlook

Based on component, the market is divided into software and services. The services segment held 43% revenue share in the market in 2023. This segment includes consulting, integration, training, and ongoing support services that help businesses deploy and utilize social media analytics platforms effectively. The complexity of social media data and the need for customized solutions tailored to specific business goals have increased demand for these services. As businesses strive to harness the full potential of social media data, they require expert guidance and support to ensure they maximize the value derived from their analytics tools.

Function Outlook

On the basis of function, the market is segmented into sentiment analysis, competitive analysis, hashtag analysis, dashboard & visualization, and others. The sentiment analysis segment recorded 36% revenue share in the market in 2023. Sentiment analysis tools are crucial for businesses as they help assess public opinion about their brand, products, or services by analyzing the tone and emotions conveyed in social media posts, reviews, and comments. The increasing emphasis on understanding consumer sentiment, especially in real-time, has driven demand for sentiment analysis tools. These tools enable companies to gauge customer satisfaction, identify potential issues, and shape their marketing and customer service strategies accordingly.

Application Outlook

Based on application, the market is categorized into sales & marketing management, customer experience management, competitive intelligence, risk management & fraud detection, and public safety & law enforcement. In 2023, the competitive intelligence segment held 17% revenue share in the market. Social media platforms are rich competitive data sources, offering valuable insights into competitors’ strategies, customer sentiment, and market positioning. Organizations increasingly use social media analytics to monitor competitors’ activities, track brand mentions, and analyze industry trends.

Type Outlook

By type, the market is divided into predictive analytics, prescriptive analytics, diagnostic analytics, and descriptive analytics. The predictive analytics segment procured 27% revenue share in the market in 2023. Predictive analytics utilizes historical social media data and advanced algorithms to forecast future trends, behaviors, and customer actions. This capability allows businesses to anticipate consumer needs, optimize marketing strategies, and plan for potential challenges.

Deployment Outlook

On the basis of deployment, the market segment is bifurcated into cloud and on premise. The on premise segment held a 36% revenue share in the market in 2023. One of the primary reasons some businesses prefer on-premise deployments is data security and control. Organizations with stringent data security and compliance requirements may opt for on-premise solutions to maintain complete control over their data. This approach allows them to implement customized security measures and ensure that sensitive information is stored and processed within their own infrastructure, reducing the risk of data breaches and unauthorized access.

End User Outlook

Based on end user, the market is divided into BFSI, IT & telecommunications, retail & consumer goods, healthcare & lifesciences, government & public sector, media & entertainment, travel & hospitality, and others. In 2023, the BFSI segment procured 21% revenue share in the market. Financial institutions increasingly rely on social media analytics to monitor customer sentiment, manage brand reputation, and detect fraud. Social media platforms provide customer feedback and real-time information, allowing BFSI companies to improve customer engagement, understand market trends, and make data-driven decisions.

Regional Outlook

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed 36% revenue share in the market in 2023. This is largely due to the high adoption of advanced technologies, strong digital infrastructure, and the presence of major players in the social media analytics space. North American businesses, particularly in sectors such as retail, healthcare, BFSI, and media, are increasingly leveraging social media analytics to enhance customer engagement, optimize marketing strategies, and monitor brand sentiment.

Recent Strategies Deployed in the Market

• Sep-2024: Oracle introduced the Oracle Intelligent Data Lake as part of its Oracle Data Intelligence Platform, designed to help organizations seamlessly integrate and analyze structured and unstructured data. The platform leverages AI and analytics capabilities, enabling businesses to utilize social media sentiment and customer reviews, among other data, for actionable insights. This solution enhances decision-making, operational efficiency, and data management.
• Apr-2024: DIGIMIND SA, a subsidiary of Onclusive, Inc., released 10.0 series, a suite of innovative solutions for its social listening platform. The solution enhances its social listening platform with AI-driven features like AI Sense and AI Sentinel. These tools assist PR, communications, and marketing professionals by providing real-time insights, detecting potential crises, and forecasting trends, streamlining the process of managing brand reputation and campaign performance.
• Apr-2024: Google unveiled new ad updates, including expanded placement options with major streaming providers, Instant Deals for flexible budgeting, a Commitment Optimizer tool, and AI-driven audience creation with conversational prompts. These enhancements would improve ad reach, targeting, and tracking while integrating advanced AI and data tools.
• Jan-2024: Google LLC released Google Ads Data Manager to address privacy concerns and the phase-out of third-party cookies, simplify ad measurement by integrating first-party data from CRM platforms. It offers a user-friendly interface, minimal coding requirements, and improved tracking and insights. This tool helps marketers adapt to evolving data privacy regulations effectively.
• Nov-2023: Salesforce collaborated with Accenture, an Irish technology company, to enhance Salesforce Life Sciences Cloud with data and AI innovations. This initiative leverages Salesforce Einstein AI and Data Cloud to boost productivity and transform healthcare professional and patient experiences. Accenture's industry expertise supports developing accelerators and solutions, enabling life sciences organizations to deliver insights and create personalized, data-driven omni-channel engagement across marketing, sales, and service functions.

List of Key Companies Profiled

• Adobe, Inc.
• IBM Corporation
• Oracle Corporation
• Salesforce, Inc.
• Microsoft Corporation
• Google LLC (Alphabet Inc.)
• Zoho Corporation Pvt. Ltd.
• Onclusive, Inc.
• HubSpot, Inc.
• Sprinklr, Inc.

Global Social Media Analytics Market Report Segmentation

By Component

• Software
• Services

By Type

• Descriptive Analytics
• Diagnostic Analytics
• Predictive Analytics
• Prescriptive Analytics

By Deployment

• Cloud
• On Premise

By Function

• Sentiment Analysis
• Dashboard & Visualization
• Competitive Analysis
• Hashtag Analysis
• Other Function

By Application

• Sales & Marketing Management
• Customer Experience Management
• Competitive Intelligence
• Risk Management & Fraud Detection
• Public Safety & Law Enforcement
• Other Application

By Vertical

• BFSI
• Retail & Consumer Goods
• IT & Telecommunications
• Healthcare
• Media & Entertainment
• Travel & Hospitality
• Government & Public Sector
• Other Vertical

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA