Europe Social Media Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Europe Social Media Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Europe Social Media analytics market is expected to grow at a CAGR of 15.2% during the forecast period. Europe has more than 300 million active users on social media, and Social Media Analytics will help the companies capture the online market. They are segmented by end-user industry, vendors, and by countries.

Key Highlights

• Smartphone penetration has been estimated to rise drastically, which is further expected to boost the market for social media analytics, as an increasing number of users are currently gaining internet access. According to the World Bank, Germany has a high number of active internet users, which has contributed to the growth of social media. Smartphones are one of the primary sources of access to social media content.
• The increasing interaction of consumers with brands on social media platforms, combined with shopping features provided by Facebook, Instagram, and TikTok, has aided the rise of social commerce in Europe. As the trend gained traction in this region, social networking platforms, retailers, and technology giants increased their investments in social media analytics. According to Grassley, Facebook had 25.75 million users, YouTube had 72.60 million users, Tiktok had 16.99 million users, Twitter had 7.75 million users, and Snapchat had 15.30 million users in Germany in early 2022. which are used for analytics to draw various inferences, and personalized content drives the market growth.
• The deployment of social media analytics allows users to mine and decipher vast amounts of data from various social media platforms, such as Facebook, Twitter, and Instagram. Further, this data can be leveraged to understand and work more responsively with employees and vendors and help companies gauge their competition efficiently. Additionally, by combining data visualization tools, the data from social media platforms, and analytics, command centers allow organizations to monitor relevant real-time online conversations. This information can be used to respond quickly to customers and implement the necessary action. For instance, according to NapoleonCat, monthly Instagram users increased by 2,880 thousand in March 2021. Such statistics enable market vendors to expand social media analytics solutions in the market.
• Many banking and financial institutions have started adopting social media analytics to see the brand performance. That has allowed a better understanding of customers by getting various insights. Also, the regional banks are shifting toward a customer-centric approach that focuses on improving connections by segmenting clients and mining discussions with machine learning-based solutions.
• The COVID-19 outbreak has demonstrated the true need for data and how analytics plays a key role in pandemic management. People have been forced into social distancing at home and have more time to consume social media content, and as a result, the supply is trending up. That has also created new opportunities for smart marketers to produce engaging content. Facebook CPC increased by 20.6% in Western Europe and 16.2% in Southern Europe.

Key Market TrendsAnalytics and Insight to Show Significant Growth

• Social media analytics is a broad term used to refer to an approach of mining data from social media sources for processing and presenting statistics-based insights to businesses to aid their decision-making processes. Many election campaigns in Germany relied on social media analytics in the past for the inference about public sentiments. Instagram and Twitter posts have been monitored and analyzed for feedback about the popular sentimental analysis.
• Customer Data Platform solution providers are integrating with social media platforms to collect user data. There is a high demand for this data in the market to understand the user insights, which supports the European Social Media Analytics Market. BlueConic, for instance, integrates with Facebook Leads, Facebook Advertising, Instagram, Linkedin, and other universal connections to collect data from any source and export data from BlueConic profiles.
• Oktopost, Audiense, CONTENIVE, Reportz, Hootsuite, Semrush, Buffer, Constant Contact, Lumotive, Sprout Social, WebCEO, RIB datapine GmbH, and AgencyAnalytics are some of the top social media analytical tools in Europe offered by the market players. These tools enable B2B organizations to increase the visibility of their brand on social media while also measuring the true impact of this channel on the business. It allows marketers to engage with customers and prospects more effectively, gain actionable insights, and demonstrate ROI.
• Major companies, such as AirFrance and KLM, have been using social media to gain insights into tourism and travel, owing to the popularity of travel in the country.
• Several analytics vendors have been focusing on developing tools for processing unstructured data. However, small- and medium-scale businesses could be affected by the high costs of gaining optimal value from unstructured data. Various types of analytics, including text, predictive, and descriptive, are expected to offer more value to enterprises during the forecast period.

Media and Entertainment to Hold the Highest Market Share

• Social media is one of the fastest growing categories of media and entertainment in Europe, which is becoming a meaningful way to expose brands and content to both active and potential readers, especially the millennial population. According to the IAB Europe, Social media advertising spending in Europe is expected to reach 23.3 billion euros in 2021, up 42 percent yearly. The United Kingdom is the market in Europe with the highest social ad spend, followed by Germany and France. In addition, With a spending of EUR 32.33 billion in 2021, the United Kingdom (UK) was Europe's largest digital advertising market. Germany came in second place, spending EUR 12.14 billion.
• Social media analytics are used by streaming services like Netflix, amazon prime, and CBS to collect data on the most watched shows and analyze them to give similar recommendations to the customers. Predictive models in Germany are being used to test different pricing, advertising, and social scenarios, allowing broadcasters to make fact-based business decisions regarding marketing campaigns, sales forecasting, and pricing.
• The main pan-European rival to US streaming services such as Netflix and Disney Plus is set to launch in the United Kingdom, Germany, and Canada, betting on the appeal of Nordic drama. Nordic Entertainment Group, Viaplay's Swedish owner, announced in September 2022 that it would be in 16 countries by 2023, adding Austria and Switzerland to the likes of the United States, Netherlands, Poland, and the Baltics.
• With the growing penetration of social media platforms, analytics plays a crucial role in diving deep to gain consumer insights and information about their use patterns. Many social media platforms, such as Facebook and Instagram, use this tool to gain competitive insights into the consumer. Instagram uses Instagram analytics, where metrics such as follower count are utilized to calculate follower growth rate using analytics tools.
• Celebrities and TV channels use social media platforms to monitor the discussions and reviews from fans to deliver better performances. Also, favorite brands, like Nike, Adidas, and other product-based brands, pick celebrities with maximum followers to collaborate on their marketing strategies to widen the products' reach.

Competitive Landscape

The competitive landscape of the Europe Social Media Analytics Market is expected to move towards fragmentation, owing to the emergence of several small and medium-sized solution providers in the market. The solution providers are increasingly collaborating with several companies across the industries to boost the adoption of their Social Media analytics solutions. Also, the existing market players are innovating their solutions to compete.

• July 2021 - Oracle Analytics Cloud launched Release 6.1, which improves visual analytics by incorporating Oracle Redwood, a design framework that enhances color, layout, and formatting. A rules engine offers conditional formatting and enhanced filtering, sorting, printing, and navigating features.
• April 2021 - Pinterest has formed a strategic partnership with Shopify to allow Shopify merchants to sell their products on social media. Apart from Germany, the two companies have expanded their collaboration to 26 countries, including Australia, Brazil, and the United Kingdom.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.