Social Media Analytics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component [Solutions and Services (Professional Services and Managed Services)], Application (Customer Experience Management, Competitive Intelligence, Sales & Marke

Social Media Analytics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component [Solutions and Services (Professional Services and Managed Services)], Application (Customer Experience Management, Competitive Intelligence, Sales & Marketing Management, and Others), Deployment (Cloud and On-Premise), Organization Size (Large Enterprises and SMEs), and Vertical (BFSI, IT & Telecommunication, Media & Entertainment, Retail & e-Commerce, and Others)

The social media analytics market is projected to reach US$ 26,295.33 million by 2028 from US$ 7,007.84 million in 2021, growing at a CAGR of 21.5% from 2022 to 2028.

Businesses are rapidly embracing advanced predictive maintenance solutions and services to reduce unforeseen production delays and gain a competitive advantage. Several macroeconomic factors globally created a severely hostile environment for businesses. The COVID-19 pandemic caused severe disruptions, which led to huge losses for several industry verticals. Political factors in Europe, the Middle East, and South America negatively affected different industry verticals in various ways. Severe economic downturns in several countries decreased consumer spending on discretionary or optional goods.

Concerning such factors, enterprises are taking up different measures to remain competitive by reducing capital expenditure. Hence, enterprises are adopting technologies that can reduce production downtime and support continuous manufacturing activities. Availing predictive maintenance can aid organizations in reducing costs while maintaining a competitive edge. Studies claim that an offshore oil and gas company can use predictive maintenance solutions to reduce downtime by 20%, leading to a production increase of more than 500,000 oil barrels annually. Such advantages are expected to boost the social media analytics market growth during the forecast period.

Impact of COVID-19 Pandemic on Social Media Analytics Market Growth

The limitations imposed by governments to control the spread of COVID-19 during the initial time frame of the outbreak in most countries affected the day-to-day functioning of most enterprises. Stringent restrictions and supply chain disruptions put most companies in jeopardy. Similar situations were witnessed across most countries across all regions. The COVID-19 pandemic affected the economy, transportation, infrastructure, and electronics & semiconductor industries. Due to travel restrictions and business shutdowns, it disrupted the operations of electronics & semiconductor firms, clients, and partners for an indefinite period, severely influencing revenue generation and reducing technological spending. There is speculation that the work-at-home modality is expected to become the new normal for many people in the near future. Such factors strongly promoted the usage of social media platforms, as people used the same to spend additional time on hand. This led to a sudden spike in social media users and increased data generation. Such factors provided great opportunities for businesses to leverage such data for gathering business intelligence, gaining competitive edge and enhancing customer experience. Thus, there was a sudden rise in demand for social media analytics market players worldwide. Large enterprises and SMEs alike utilized social media analytic solutions and services. The outlook post-COVID 19 for the social media analytics market growth, thus, seems favorable for most market players.

China accounts for the largest share in the social media analytics market in Asia Pacific, followed by India and Japan. China's social media analytics market is growing at one of the fastest globally. The key factors expected to drive the growth of Chinese social media analytics market during the forecast period are the rising number of social media users and the increasing importance of social media platforms. Furthermore, the growing competitiveness amongst businesses is expected to drive the growth of the social media analytics market in the region. There has been an increase in the big data and AI ecosystem, with many large and small players entering the region in the past few years. As a result, India is expected to become one of the world's largest social media analytics markets with better use cases and significant opportunities for data scientists in the future. The country's rising social media user base is anticipated to further positively impact the market growth.

The social media analytics market revenue was predominantly generated through the solutions segment. Modern-day social media analytic solutions easily gather data from various sources, analyze the same and provide actionable insights. Integration of AI, ML, and NLP has further increased the demand for these solutions. Another reason for market expansion is the enterprise's demand for solutions that measure, monitor and analyze social media data to understand customer attitudes without requiring a heavy IT setup. Further, small and medium businesses' increasing usage of social media analytic solutions has been driving the market's expansion.

The services are a mix of professional and managed support services vendors provide to businesses to implement and maintain social media analytics solutions. Services segment revenue is expected to register a steady growth rate during the forecast period. With social media's growing popularity, businesses would inevitably incorporate social media analytics into their marketing strategies. Networking, content promotion, search engine optimization (SEO), research, and recruitment are five key functions social media can serve in modern organizations. Service providers can aid businesses in devising a social media advertising plan, a record describing how social media will be used for business growth. It may also include logo promotion, lead generation, or skills acquisition. Professional and managed services are projected to rise in popularity as social media analytics becomes more widely used. Such factors promote the growth of both the segments and the social media analytics market size.

Cision Ltd.; Hootsuite Inc.; IBM Corporation; Meltwater NV; Oracle Corporation; Qualtrics International Inc.; Salesforce.com, Inc.; Sprout Social, Inc.; Talkwalker S.à.r.l.; and Zoho Corporation Pvt. Ltd. are a few key social media analytics market players.

The overall growth size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast of the social media analytics market size with respect to all market segments. Also, industry participants and commentators have conducted multiple primary interviews to validate the data and gain more analytical insights. Participants in this process include VPs, business development managers, market intelligence managers, national sales managers, external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the social media analytics market.

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