Social Media Analytics Market Forecasts to 2028 – Global Analysis By Component (System, Services), Deployment Model (Cloud, On-Premises), Analytics Type (Diagnostic Analytics, Predictive Analytics), and By Geography

Social Media Analytics Market Forecasts to 2028 – Global Analysis By Component (System, Services), Deployment Model (Cloud, On-Premises), Analytics Type (Diagnostic Analytics, Predictive Analytics), and By Geography

According to Stratistics MRC, the Global Social Media Analytics Market is accounted for $3.30 billion in 2021 and is expected to reach $16.65 billion by 2028 growing at a CAGR of 26.0% during the forecast period. Social media analytics is the way of collecting data from social media websites and analyzing that data using social media analytics tools to make business decisions. An increasing number of organizations rely on social media for interacting internally, as well as with external constituents. The most general use of social media analytics is to mine customer sentiment to support marketing and customer service activities.

Market Dynamics:

Driver:

Rising number of social media users

With the growing number of social media users, the business is using social media analytics as a tool to reach their audience, and in this way, the market is growing. Companies need the business information, along with customers’ data, and find out about their customers. Customers these days demand better quality of products and services at lower prices and faster delivery. Analytics is helping business to achieve their goals. Social media analytics helps analyze the unstructured data to respond to dynamic markets to get high sales and profit. Businesses can use social media analytics to improve their market presence and to get customer reviews, and this is another driver that is driving the market.

Restraint:

Difficulties in analytical workflow

Data analysis and customization are highly complex and time-consuming. This is a major restraint that obstructs the growth of the overall market. The analytical process includes so many steps such as identification, business rules, data preparation, data modeling, and visualization. Companies are using different analytical solutions to get the maximum value of social media data. The data collected from numerous social media platforms is unstructured. Analysts have to gather all types of social media data from various platforms to generate the best outcomes. Sometimes these complexities become one of the major restraints in the market.

Opportunity:

Upsurge in cloud adoption

A large number of organizations are already using the cloud or planning to do so and this is expected to result in the exponential growth of the market. It has been observed that while startups or small companies quickly adopt the cloud, the adoption of the cloud is increasing at a fast pace owing to the obvious benefits of flexibility and cost that it offers over legacy systems. The rise in acceptance of the cloud is an opportunity for growth of the global market.

Threat:

Lack of standard measures

The analyzed data collected from the social media platforms need to be reliable and valid so that the correct information can be obtained. If there is any mistake in the data, then it won’t be of any use, and it would lead to wrong decision-making for the businesses. So, it becomes very important to validate all the data carefully using algorithms to get the expected results. The lack of standard measures for social media analytics has become a challenge for the growth of the social media analytics market.

Cloud segment is expected to be the largest during the forecast period

Cloud segment is expected to be the largest during the forecast period, due to being cost-effective and easily scalable. It is also easy to maintain and manage data. The social media analytics solution is offered as SaaS, and all the social media analytics workloads are cloud-based. IT infrastructure requirements of the customer, data redundancies, data availability, and virtual private network setup (related to customer IT teams), setting security protocols and audits, configuration, and maintenance and updates are handled by the social media analytics solution vendors.

The Retail and Ecommerce segment is expected to have the highest CAGR during the forecast period

The Retail and Ecommerce segment is expected to have the highest CAGR during the forecast period. The tools used by retailers help in connecting with the audience and creating brand awareness. Social media analytics is an efficient marketing tool that assists retailers in studying and analyzing sales at different stages.

Region with highest share:

The North America is projected to hold the highest market share, due to the high contribution of the residents in diverse social media, companies, have been deploying social media analytics to generate insights and gain a better understanding of consumer behaviour, which further guides their business and strategic decision-making. Additionally, high acceptance of digital technologies among individuals and companies such as Google is also working towards the development of Social Media Analytics platforms with partnerships and acquisitions in this market to enhance market opportunities.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR, as the province has continually presented lucrative market opportunities for social media analytics. Solutions providers with a notable increase in social media analytics across its developed and emerging countries. Japan, China, and India have displayed ample growth opportunities in the market. Moreover, due to the rapidly proliferating technology-backed economic structure, APAC is expected to emerge as the fastest-growing province in social media analytics solutions demand during the forecast period.

Key players in the market:

Some of the key players profiled in the Social Media Analytics Market include Adobe, Brandwatch, Cision, Clarabridge, Crimson Hexagon, Digimind, Frrole, IBM, MavSocial, Meltwater, MetaQuotes Software, Netbase, Oktopost, Oracle Corporation, Prudence Analytics and Software Solutions, SAS Institute, Simplify360, Socialbakers, SpreadFast, Sprout Social, Sysomos, Talkwalker.

Key developments:

In September 2021: IBM announced that it integrates AI and automation capabilities in its Watson Assistant tool that will help businesses to improve customer service experiences across multiple channels.

In January 2019: Talkwalker, acquired by Marlin Equity Partners, a global private equity firm. The acquisition allows the company to leverage Marlin's operational resources and expertise in nurturing technology businesses. It enables Talkwalker to scale its business, as it enters a new phase of development as the provider of analytics to the PR and marketing industry.

In June 2021: Adobe introduced an AI-powered live search for Adobe Commerce. Adobe Commerce merchants can provide their shoppers with relevant and personalized search results as per their requirements.

Components Covered:
• Services
• Software

Deployment Models Covered:
• Cloud
• On-Premises

Analytics Types Covered:
• Diagnostic Analytics
• Predictive Analytics
• Descriptive Analytics
• Prescriptive Analytics

Solutions Covered:
• Consumable Analytics
• Data Aggregation
• Meaning Extraction
• Process orchestration
• Smart Filtering
• Stream Processing

Organization Sizes Covered:
• Large Enterprises
• Small and Medium-Sized Enterprises

Applications Covered:
• Competitive Intelligence
• Customer Experience Management
• Public Safety and Law Enforcement
• Risk Management and Fraud Detection
• Sales and Marketing Management

End Users Covered:
• Banking, Financial Services, and Insurance (BFSI)
• Energy and Utilities
• Government and Defense
• Healthcare and Life Sciences
• Manufacturing
• Media and Entertainment
• Retail and Ecommerce
• Telecommunications and IT
• Transportation and Logistics
• Travel and Hospitality

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances