The Social Media Analytics Market size was valued at USD 8.08 billion in 2023 and is expected to grow to USD 55.44 billion by 2031 and grow at a CAGR of 27.2% over the forecast period of 2024-2031.
The global use of social media analytics has increased due to the growing demand for business intelligence methods, coupled with sophisticated analytical techniques and a huge increase in Social Media Users. Different players in the market adopting advanced technologies are influencing social media analysis. Analytics in the field of digital media is a process to collect and analyse data from various online networks, so that businesses can make sound business decisions. To measure audiences' engagement, sentiment, trends and overall performance this process shall include the monitoring, measurement or evaluation of metrics and data on Social Media Platforms.
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Key Drivers:
Increased focus on the competition intelligence
The profit margin is being affected by globalisation, and companies are looking for ways of reducing their costs. Companies need to integrate demographic, competitive and business information into customer data in order to compete effectively with their competitors. In order to detect gaps and respond to customers' needs, they focus on analysing sales and other markets. For the achievement of market objectives, innovative analytic techniques are used. In order to respond to dynamic market conditions and to achieve high sales and operational profitability, social media analysis analyses unstructured social data. In order to plan their marketing and sales activities, companies may be able to gather customer sentiment information from social media platforms.
Trends in cloud adoption are increasing.
Restraints:
The lack of standardisation and the absence of a single solution
Data security concerns
Opportunities:
Increasing Internet penetration and the number of social media users
To understand and interact with their customers, brands rely on platforms such as Facebook. Businesses benefit from the data gained through interactions on social media, helping to fuel their operations and generate income. The market is anticipated to be driven by the growing use of social networking and increased internet penetration in different regions around the world.
Rising trends in cloud adoption
Challenges:
Increasing volumes of unsorted data, there is not a single solution.
There are no standard metrics for social media analytics.
Economic downturns often lead to changes in consumer behaviour. People may become more price-conscious, prioritize certain purchases over others, or reduce overall spending. These shifts can manifest in social media interactions, such as changes in the types of products or services being discussed, shifts in sentiment, or fluctuations in engagement levels. It's like completing an obstacle course when it comes to implementing the Social Media Marketing Strategy. In 2023, amidst recession talk, the cost-of-living crisis and a seemingly endless stream of job announcements, it seems that an obstacle course is on fire. Based on the information the input, 49 % of consumers made a purchase decision. The social media sites on the other hand, in the same study, 60 % of respondents and about 45 % of people are likely to use social media sites to share information with others. Compared to 36%, searched for information on social media sites that were engaged in word-of-mouth pounds information on a company's website or news portal.
A survey has shown that 70% of consumers are using websites such as Facebook and blogs to gain information on products or brands, which is more than corporate sites in terms of purchasing behaviour. According to a survey, 60 % of respondents think they're using social media websites for information delivery. In addition, more than 70% of people said that recommendations on the Internet are valuable, reliable and fair.
Economic downturns can also impact the demographics of social media users. For example, individuals who are disproportionately affected by job losses or financial insecurity may reduce their use of social media or change their usage patterns. This can affect the composition of the audience being analyzed and may require adjustments in targeting strategies for marketers.
Social media analytics tools often employ sentiment analysis to gauge public opinion on various topics. The sentiment surrounding the Russia-Ukraine conflict could range from sympathy and support for affected populations to anger and condemnation of aggressors. Understanding these sentiments can provide valuable insights into public perception and attitudes towards the conflict. Social media has become one of the most effective tools, with a significant role played by it in shaping conflict narrative and providing an opportunity to share information around the world. Mobilizing support, recording war crimes and facilitating humanitarian assistance to those in need is also made possible through this essential tool. By analysing four major social media networks Twitter, Facebook, Instagram and YouTube, the paper aims to examine the online networks of support during the Russia Ukraine conflict. The study examined the patterns and correlation between these platforms and online support sites using a large database of more than 68 million posts. During times of conflict, social media platforms are often inundated with misinformation, propaganda, and fake news. Analyzing social media data can help identify and debunk false information, track the spread of propaganda, and mitigate the impact of disinformation campaigns.
By Component
Software
Services
By Function
Sentiment Analysis
Competitive Analysis
Hashtag Analysis
Dashboard & Visualization
Others
By Type
Predictive Analytics
Prescriptive Analytics
Diagnostic Analytic
Descriptive Analytics
By Vertical
BFSI
IT And Telecommunications
Retail And Consumer Goods
Healthcare And Lifesciences
Government And Public Sector
Media And Entertainment
Travel And Hospitality
Others
In 2023, the media and entertainment segment held a 25.7% market share. In order to assess the success of their content, media and entertainment industries use social media analytical tools more frequently. Measurement of metrics such as engagement, audience reach and sentiment is necessary to better understand the connection between content and viewers and make data driven decisions about optimising their content strategy.
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By Application
Sales And Marketing Management
Customer Experience Management
Competitive Intelligence
Risk Management and Fraud Detection
Public Safety and Law Enforcement
In 2023, the segment of risk management and fraud detection accounted for a market share of 32.4%. In the area of risk management and fraud detection in social media analytics, sophisticated analytical methods and AI algorithms are becoming more important. Realtime analysis of vast amounts of social media data through AI algorithms is able to detect and react more quickly to potentially dangerous situations and fraudulent activities.
The largest market share in 2023 was held by the North American region at 33.3%. In order to stay ahead of the latest trends, customer emotions and evolving challenges, businesses in North America are beginning to look for instant social media analytical tools. In order to ensure a high level of data protection, businesses in North America are investing in solutions that comply with stringent privacy rules.
In the Asia Pacific region, social media platforms are widely used and growing in popularity. In countries such as India, China, Indonesia and Japan, the use of social media is increasing. The need for social media analysis solutions is driven by the sheer amount of data. More analysis is needed in view of this growing need.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The major key players are SAS Institute, Salesforce.com, GoodData, HootSuite Media, Tableau Software, IBM Corporation, Oracle Corporation, Adobe Systems, SAP SE, NetBase Solutions & Other Players
TikTok expanded its marketing partnership programme in May 2022, introducing its first group of content marketing partners. The founding member is Brandwatch, and its social suite of the future, which would allow its customers to scale, manage, execute, and optimize the content on TikTok, all while staying within the Brandwatch platform. The official partnership of the BrandWatch and TikTok will allow their clients to take care of, understand, and react to their social profiles.
March 2022: Paladin, a complete influencer marketing platform, has been purchased by Brandwatch. Brandwatch has enabled full influencer marketing functionality to be implemented in its suite of products with this acquisition. In addition, it enables brands to connect with consumers in an appropriate way. Paladin's platform offers campaign management, influencer discovery and reporting across the world's most popular social media platforms.
April 2022: In order to provide the necessary tools for the successful growth of social media, Digimind and Facelift have entered into a partnership. Facelift is a company that provides social media management tools. Both companies have been able to monitor their brand image and centrally manage all social networks thanks to the partnership. It's helping to make business decisions and take real action.
| Report Attributes | Details |
| Market Size in 2023 |
US$ 8.08 Bn |
| Market Size by 2031 |
US$ 55.44 Bn |
| CAGR |
CAGR of 27.02 % From 2024 to 2031 |
| Base Year |
2021 |
| Forecast Period |
2024-2031 |
| Historical Data |
2020-2022 |
| Report Scope & Coverage |
Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments |
• By Component (Software, Services) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles |
SAS Institute, Salesforce.com, GoodData, HootSuite Media, Tableau Software, IBM Corporation, Oracle Corporation, Adobe Systems, SAP SE, NetBase Solutions |
| Key Drivers |
• An increasing number of people are using social media |
| Market Challenges |
• There are no standard metrics for social media analytics |
Ans: The Social Media Analytics Market was valued at USD 8.08 billion in 2023.
Ans: - Massive amounts of data are generated via social media networks and trends in cloud adoption are increasing.
Ans: - The segments covered in the Workforce Management Market report for study are On the Basis of Components, Application, Deployment Mode, Organization Size, Analytics Type, and Vertical.
Ans: - North America holds the greatest market share in the social media analytics business.
Ans: - The major key players are SAS Institute, Salesforce.com, GoodData, HootSuite Media, Tableau Software, IBM Corporation, Oracle Corporation, Adobe Systems, SAP SE, and NetBase Solutions.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Social Media Analytics Market Segmentation, By Component
9.1 Introduction
9.2 Trend Analysis
9.3 Software
9.4 Services
10. Social Media Analytics Market Segmentation, By Function
10.1 Introduction
10.2 Trend Analysis
10.3 Sentiment Analysis
10.4 Competitive Analysis
10.5 Hashtag Analysis
10.6 Dashboard & Visualization
10.7 Others
11. Social Media Analytics Market Segmentation, By Type
11.1 Introduction
11.2 Trend Analysis
11.3 Predictive Analytics
11.4 Prescriptive Analytics
11.5 Diagnostic Analytic
11.6 Descriptive Analytics
12. Social Media Analytics Market Segmentation, By Vertical
12.1 Introduction
12.2 Trend Analysis
12.3 BFSI
12.4 IT And Telecommunications
12.5 Retail and Consumer Goods
12.6 Healthcare and Lifesciences
12.7 Government and Public Sector
12.8 Media and Entertainment
12.9 Travel and Hospitality
12.10 Others
13. Social Media Analytics Market Segmentation, By Application
13.1 Introduction
13.2 Trend Analysis
13.3 Sales and Marketing Management
13.4 Customer Experience Management
13.5 Competitive Intelligence
13.6 Risk Management and Fraud Detection
13.7 Public Safety and Law Enforcement
14. Regional Analysis
14.1 Introduction
14.2 North America
14.2.1 USA
14.2.2 Canada
14.2.3 Mexico
14.3 Europe
14.3.1 Eastern Europe
14.3.1.1 Poland
14.3.1.2 Romania
14.3.1.3 Hungary
14.3.1.4 Turkey
14.3.1.5 Rest of Eastern Europe
14.3.2 Western Europe
14.3.2.1 Germany
14.3.2.2 France
14.3.2.3 UK
14.3.2.4 Italy
14.3.2.5 Spain
14.3.2.6 Netherlands
14.3.2.7 Switzerland
14.3.2.8 Austria
14.3.2.9 Rest of Western Europe
14.4 Asia-Pacific
14.4.1 China
14.4.2 India
14.4.3 Japan
14.4.4 South Korea
14.4.5 Vietnam
14.4.6 Singapore
14.4.7 Australia
14.4.8 Rest of Asia Pacific
14.5 The Middle East & Africa
14.5.1 Middle East
14.5.1.1 UAE
14.5.1.2 Egypt
14.5.1.3 Saudi Arabia
14.5.1.4 Qatar
14.5.1.5 Rest of the Middle East
14.5.2 Africa
14.5.2.1 Nigeria
14.5.2.2 South Africa
14.5.2.3 Rest of Africa
14.6 Latin America
14.6.1 Brazil
14.6.2 Argentina
14.6.3 Colombia
14.6.4 Rest of Latin America
15. Company Profiles
15.1 SAS Institute
15.1.1 Company Overview
15.1.2 Financial
15.1.3 Products/ Services Offered
15.1.4 SWOT Analysis
15.1.5 The SNS View
15.2 Salesforce.com
15.2.1 Company Overview
15.2.2 Financial
15.2.3 Products/ Services Offered
15.2.4 SWOT Analysis
15.2.5 The SNS View
15.3 GoodData
15.3.1 Company Overview
15.3.2 Financial
15.3.3 Products/ Services Offered
15.3.4 SWOT Analysis
15.3.5 The SNS View
15.4 HootSuite Media
15.4.1 Company Overview
15.4.2 Financial
15.4.3 Products/ Services Offered
15.4.4 SWOT Analysis
15.4.5 The SNS View
15.5 Tableau Software
15.5.1 Company Overview
15.5.2 Financial
15.5.3 Products/ Services Offered
15.5.4 SWOT Analysis
15.5.5 The SNS View
15.6 IBM Corporation
15.6.1 Company Overview
15.6.2 Financial
15.6.3 Products/ Services Offered
15.6.4 SWOT Analysis
15.6.5 The SNS View
15.7 Oracle Corporation
15.7.1 Company Overview
15.7.2 Financial
15.7.3 Products/ Services Offered
15.7.4 SWOT Analysis
15.7.5 The SNS View
15.8 Adobe Systems
15.8.1 Company Overview
15.8.2 Financial
15.8.3 Products/ Services Offered
15.8.4 SWOT Analysis
15.8.5 The SNS View
15.9 SAP SE
15.9.1 Company Overview
15.9.2 Financial
15.9.3 Products/ Services Offered
15.9.4 SWOT Analysis
15.9.5 The SNS View
15.10 NetBase Solutions
15.10.1 Company Overview
15.10.2 Financial
15.10.3 Products/ Services Offered
15.10.4 SWOT Analysis
15.10.5 The SNS View
16. Competitive Landscape
16.1 Competitive Benchmarking
16.2 Market Share Analysis
16.3 Recent Developments
16.3.1 Industry News
16.3.2 Company News
16.3.3 Mergers & Acquisitions
17. Use Case and Best Practices
18. Conclusion
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