Social Media Analytics Market by Offering (Solution and Services), Analytics Type, Business Function (Marketing, Sales and Lead Generation, Finance, Customer Service, Human Resource, Operations), Vertical and Region - Global Forecast to 2028
By Offering, Analytics Type, Business Functions, Verticals, and Region
Regions covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
The global market for Social Media Analytics is projected to grow from USD 4.8 billion in 2023 to USD 14.6 billion by 2028, at a CAGR of 24.9% during the forecast period. Social media analytics plays a significant role in the world of social media listening and monitoring. It allows businesses to track their performance in real time, making it easier to respond promptly to emerging trends and issues. By providing crucial performance metrics such as engagement rates and conversion data, analytics helps businesses refine their strategies for optimal results. Furthermore, it enables businesses to compare their performance against industry standards and gain valuable insights for improvement. Audience analysis is also made more effective through demographic and preference insights, enabling tailored content and engagement approaches.
"The media & entertainment vertical is projected to hold the largest CAGR during the forecast period."
The Media and Entertainment (M&E) sector is undergoing robust growth through the integration of social media analytics. By using these tools, companies gain valuable insights into audience preferences, enabling personalized content creation and targeted marketing campaigns. Social media analytics empower M&E firms to assess the effectiveness of promotions in real time, optimize monetization strategies, and identify global trends. This data-driven approach not only enhances content strategies but also facilitates quick adjustments to meet audience expectations.
"Among business functions, Marketing to account for the largest market during the forecast period."
Businesses are increasingly adopting social media analytics within their marketing functions to enhance strategic decision-making and campaign effectiveness. Marketers utilize analytics to finely segment their target audience based on demographics, interests, and behavior, allowing for tailored campaigns. Real-time monitoring of campaign performance through analytics enables quick adjustments to ad creatives and budgets, optimizing overall impact. Influencer marketing is amplified as analytics assist in identifying influencers aligned with the target market and tracking their impact on brand visibility. Competitor analysis is streamlined through analytics, aiding marketers in benchmarking their strategies and identifying content gaps. The adoption of social media analytics in marketing enables businesses to engage with customers more effectively by responding promptly to feedback, ultimately enhancing customer satisfaction and loyalty.
"Among analytics type, descriptive analytics is anticipated to account for the largest market share during the forecast period."
The integration of social media analytics has catalyzed the growth of descriptive analytics across industries. This centered on analyzing historical data, proves invaluable in evaluating past social media performance. Organizations leverage descriptive analytics to assess engagement metrics, optimize content creation, and segment audiences based on demographics and preferences. It plays a crucial role in refining marketing strategies by analyzing the success of previous campaigns, benchmarking against competitors, and identifying trends in user behavior.
"North America to account for the largest market size during the forecast period."
North America is actively investing in the social media analytics market, reflecting a growing emphasis on leveraging data for strategic insights. The North American region is playing a significant role in the expansion of the market, as businesses across various industries are investing heavily. The trend is being driven by the increasing demand for advanced analytics tools that can extract actionable intelligence from social media platforms. Companies are allocating substantial budgets to enhance their capabilities in sentiment analysis, customer behavior tracking, and market trend identification. This shift highlights the importance of data-driven decision-making in the rapidly evolving landscape of social media analytics.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the Social Media Analytics market.
By Company: Tier I: 35%, Tier II: 45%, and Tier III: 20%
By Designation: C-Level Executives: 35%, Directors: 25%, and Others: 40%
By Region: North America: 40%, Europe: 20%, APAC: 30%, MEA: 5%, Latin America: 5%
Major vendors offering Social Media Analytics solutions and services across the globe are IBM (US), Google (US), Oracle (US), Salesforce (US), Adobe (US), SAS (US), Qualtrics (US), Digimind (France), Talkwalker (Luxembourg), Hootsuite (Canada), GoodData (US), Meltwater (Norway), Khoros (US), Sprout Social (US), Cision (US), Dash Husdson (Canada), Brand24 (US), Sotrender (Poland), Rival IQ (US), Facelift (Germany), Emplifi (US), SocialPilot (US), Agorapulse (France), Keyhole (Denmark), Sendible (UK), Buffer (US), Hubspot (US), Databox (US), Tailwind (US), Semrush (US), Awario (US), Oktopost (Israel), Simplify360 (US), Frrole (India), Mavsocial (US), Heuritech (France), Mnemonic Ai (US), Konnect Insights (India), Lucidya (Saudi Arabia), and Catalytics Datum (India)
Research Coverage
The market study covers Social Media Analytics across segments. It aims to estimate the market size and the growth potential across different segments, such as offering, analytics type, business function, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market for Social Media Analytics and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
Analysis of key drivers (Rising number of social media users, Increased focus on the market and competitive intelligence, Rising need for social media measurement to enhance the customer experience), restraints (Complexities in the analytical workflow, Insufficient proficiency in analytical capabilities), opportunities (Voluminous data generation through social media platforms, Rising cloud adoption trends), and challenges (Lack of standard measures for social media analytics, Lack of a single solution to manage the increasing unstructured data)
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new solutions & service launches in the Social Media Analytics market.
Market Development: Comprehensive information about lucrative markets - the report analyses the Social Media Analytics market across varied regions.
Market Diversification: Exhaustive information about new solutions & services, untapped geographies, recent developments, and investments in Social Media Analytics market strategies; the report also helps stakeholders understand the pulse of the Social Media Analytics market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players such as IBM (US), Oracle (US), Google (US), SproutSocial (US), Salesforce (US), and others in the Social Media Analytics market
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS AND EXCLUSIONS
1.3 MARKET SCOPE
1.3.1 MARKET SEGMENTATIONS
1.3.2 YEARS CONSIDERED
1.4 CURRENCY CONSIDERED
TABLE 1 USD EXCHANGE RATE, 2020-2022
1.5 STAKEHOLDERS
1.6 SUMMARY OF CHANGES
1.6.1 RECESSION IMPACT
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
FIGURE 1 SOCIAL MEDIA ANALYTICS MARKET: RESEARCH DESIGN
2.1.1 SECONDARY DATA
2.1.2 PRIMARY DATA
TABLE 2 PRIMARY INTERVIEWS
2.1.2.1 Breakup of primary profiles
2.1.2.2 Key industry insights
2.2 MARKET BREAKUP AND DATA TRIANGULATION
FIGURE 2 SOCIAL MEDIA ANALYTICS MARKET: DATA TRIANGULATION
2.3 MARKET SIZE ESTIMATION
FIGURE 3 TOP-DOWN AND BOTTOM-UP APPROACHES
2.3.1 TOP-DOWN APPROACH
2.3.2 BOTTOM-UP APPROACH
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY-SIDE) - REVENUE OF SOLUTIONS/SERVICES OF SOCIAL MEDIA ANALYTICS MARKET
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 - BOTTOM-UP (SUPPLY-SIDE): COLLECTIVE REVENUE OF ALL SOCIAL MEDIA ANALYTICS SOLUTIONS/SERVICES
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY-APPROACH 3 - BOTTOM-UP (SUPPLY-SIDE): COLLECTIVE REVENUE FROM ALL SOCIAL MEDIA ANALYTICS SOLUTIONS/SERVICES
FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY-APPROACH 4 - BOTTOM-UP (DEMAND-SIDE): SHARE OF SOCIAL MEDIA ANALYTICS THROUGH OVERALL SOCIAL MEDIA ANALYTICS SPENDING
2.4 MARKET FORECAST
TABLE 3 FACTOR ANALYSIS
2.5 STUDY ASSUMPTIONS
2.6 STUDY LIMITATIONS
2.7 IMPACT OF RECESSION ON GLOBAL SOCIAL MEDIA ANALYTICS MARKET
TABLE 4 RECESSION IMPACT ON SOCIAL MEDIA ANALYTICS MARKET
3 EXECUTIVE SUMMARY
TABLE 5 GLOBAL SOCIAL MEDIA ANALYTICS MARKET SIZE AND GROWTH RATE, 2019-2022 (USD MILLION Y-O-Y%)
TABLE 6 GLOBAL SOCIAL MEDIA ANALYTICS MARKET SIZE AND GROWTH RATE, 2023-2028 (USD MILLION Y-O-Y%)
FIGURE 8 SOLUTIONS SEGMENT ACCOUNTED FOR LARGER MARKET SHARE IN 2023
FIGURE 9 SOCIAL LISTENING AND MONITORING SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2023
FIGURE 10 CLOUD SEGMENT DOMINATED OVERALL MARKET IN 2023
FIGURE 11 PUBLIC SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2023
FIGURE 12 PROFESSIONAL SERVICES SEGMENT ACCOUNTED FOR LARGER MARKET SHARE IN 2023
FIGURE 13 CONSULTING SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2023
FIGURE 14 DESCRIPTIVE ANALYTICS SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2023
FIGURE 15 MARKETING SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2023
FIGURE 16 TRAVEL & HOSPITALITY SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2023
FIGURE 17 MEDIA & ENTERTAINMENT SEGMENT TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 18 NORTH AMERICA ACCOUNTED FOR LARGEST SHARE OF SOCIAL MEDIA ANALYTICS MARKET IN 2023
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES IN SOCIAL MEDIA ANALYTICS MARKET
FIGURE 19 RISING DEMAND FOR ENHANCED CUSTOMER EXPERIENCE AND UNDERSTANDING CUSTOMER SENTIMENTS TO DRIVE MARKET
4.2 SOCIAL MEDIA ANALYTICS MARKET: TOP THREE BUSINESS FUNCTIONS
FIGURE 20 CUSTOMER SERVICE SEGMENT TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
4.3 SOCIAL MEDIA ANALYTICS MARKET, BY OFFERING AND KEY BUSINESS FUNCTIONS
FIGURE 21 MARKETING SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN NORTH AMERICA
4.4 SOCIAL MEDIA ANALYTICS MARKET, BY REGION
FIGURE 22 NORTH AMERICA ACCOUNTED FOR LARGEST MARKET SHARE IN 2023
5 MARKET OVERVIEW AND INDUSTRY TRENDS
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 23 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN SOCIAL MEDIA ANALYTICS MARKET
5.2.1 DRIVERS
5.2.1.1 Rising number of social media users
5.2.1.2 Growing focus of organizations to gain competitive intelligence
5.2.1.3 Rising need for social media measurement to enhance customer experience
5.2.2 RESTRAINTS
5.2.2.1 Complexities in analytical workflow
5.2.2.2 Lack of analytical skillsets
5.2.3 OPPORTUNITIES
5.2.3.1 Voluminous data generation through social media platforms
5.2.3.2 Rising cloud adoption trends
5.2.4 CHALLENGES
5.2.4.1 Lack of standard measures for social media analytics
5.2.4.2 Lack of single solution to manage increasing unstructured data
5.3 TECHNOLOGY ANALYSIS
5.3.1 KEY TECHNOLOGIES
5.3.1.1 Artificial intelligence (AI)
5.3.1.2 Blockchain
5.3.1.3 Edge computing
5.3.1.4 Big data
5.3.2 COMPLIMENTARY TECHNOLOGIES
5.3.2.1 IoT
5.3.2.2 Robotic process automation (RPA)
5.3.2.3 AR/VR
5.3.3 ADJACENT TECHNOLOGY
5.3.3.1 Quantum computing
5.3.3.2 Cloud computing
5.4 INVESTMENT LANDSCAPE
FIGURE 24 LEADING GLOBAL SOCIAL MEDIA ANALYTICS STARTUPS, BY NUMBER OF INVESTORS AND FUNDING ROUNDS (2023)
5.5 CASE STUDY ANALYSIS
5.5.1 BANKING, FINANCIAL SERVICES, AND INSURANCE
5.5.1.1 Use Case 1: TDECU used Clarabridge Interaction analysis to enhance customer experience and sort soiled data
5.5.2 TELECOMMUNICATIONS
5.5.2.1 Use Case 2: Sky used Clarabridge Engagement to enhance customer experience
5.5.3 HOSPITALITY
5.5.3.1 Use Case 3: NH Group used Digimind Social monitoring and listening to understand consumer behavior
5.5.4 RETAIL & ECOMMERCE
5.5.4.1 Use Case 4: Carrefour used Digimind Social for brand reputation, monitoring, and understanding consumer preferences
5.5.5 GOVERNMENT
5.5.5.1 Use Case 5: World Business Chicago (WBC) used Sprout Social's analytics features to expand its digital presence
5.5.6 MEDIA & ENTERTAINMENT
5.5.6.1 Use Case 6: BBC used Khoros Platform to track performance of its content and drive more traffic to its website
5.5.7 MANUFACTURING
5.5.7.1 Use Case 7: Carin Oil used Meltwater Platform to improve upon online reputation management
5.5.8 HEALTHCARE
5.5.8.1 Use Case 8: Fortis used Meltwater Platform to raise brand awareness and monitor real-time engagement with the audience
5.5.9 TRANSPORT AND LOGISTICS
5.5.9.1 Use Case 9: Hong Kong Airlines used Talkwalker and Hootsuite Platform for monitoring and social listening
5.5.10 ENERGY AND UTILITIES
5.5.10.1 Use Case 10: Hydro-Quebec used Talkwalker Platform to engage with customers and analyze monitoring
5.6 EVOLUTION OF SOCIAL MEDIA ANALYTICS MARKET
FIGURE 25 EVOLUTION OF SOCIAL MEDIA ANALYTICS MARKET
TABLE 7 EVOLUTION OF SOCIAL MEDIA ANALYTICS MARKET
5.7 ECOSYSTEM/MARKET MAP
TABLE 8 SOCIAL MEDIA ANALYTICS MARKET: ROLE OF PLAYERS IN ECOSYSTEM
FIGURE 26 KEY PLAYERS IN SOCIAL MEDIA ANALYTICS MARKET ECOSYSTEM
5.8 TARIFF & REGULATORY LANDSCAPE
5.8.1 TARIFFS RELATED TO SOCIAL MEDIA ANALYTICS
TABLE 9 TARIFFS RELATED TO SOCIAL MEDIA ANALYTICS, 2022
5.8.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 10 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 11 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 12 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 13 REST OF THE WORLD: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.8.2.1 North America
5.8.2.1.1 US
5.8.2.1.1.1 California Consumer Privacy Act (CCPA)
5.8.2.1.1.2 Health Insurance Portability and Accountability Act (HIPAA)