Social Media Analytics Market

Report Scope & Overview:

The Social Media Analytics Market size was valued at USD 5.21 Bn in 2022 and is expected to reach USD 10.14 Bn by 2030, and grow at a CAGR of 8.67% over the forecast period 2023-2030.

Social media analytics (SMA) is a method of gathering and analyzing data from social media sites and blogs in order to make business choices. The method of social media analysis goes beyond the normal monitoring or a basic study of retweets or likes, but it aids in developing a comprehensive understanding of the social consumer. The first stage in social media analysis is determining which business objectives may benefit from the data being gathered and analyzed. The process's standard aims include increasing corporate profitability, minimizing customer service expenses, improving public perception of a business division, and gathering feedback on services and goods.

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The primary benefit of social media analysis is that it allows businesses to get a competitive advantage over their competitors by facilitating a far better understanding of their brands or services. This is generally an understanding of how customers utilize certain services or goods, what kinds of problems they have when using these services or products, and how this helps to learn more about how customers are. There are a large number of tweets, blogs, comments, and complaints about items and services, which helps to fill product or service gaps. In many situations, customers have effective answers to problems that their company or organization is experiencing, therefore social media research provides a chance to learn from customers.

MARKET DYNAMICS:

KEY DRIVERS:

• An increasing number of people are using social media.

• increased market awareness and competitive knowledge.

• There is a growing demand for social media measurement to improve the consumer experience.

RESTRAINTS:

• Analytical workflow complexities.

• a scarcity of analytical skillsets.

OPPORTUNITY:

• Massive amounts of data are generated via social media networks.

• Trends in cloud adoption are increasing.

• People are gravitating toward virtual solutions.

CHALLENGES:

• There are no standard metrics for social media analytics.

• Lack of a unified method to manage the growing amount of unstructured data.

IMPACT OF COVID-19:

The epidemic of covid-19 has a significant beneficial influence on the social media analytics sector. The covid-19 has demonstrated the importance of data and how analytics may help with pandemic control. This epidemic had a negative influence on businesses all across the world, but the social media analytics sector provided several chances. People stayed at home most of the time due to the lockdown, and social media platforms were popular at the time. People began to use social media platforms as a means of communication all around the world. The media and large corporations are attempting to engage their clients and have turned to social media to aid them. Many artists use social media to communicate with their consumers, and social media analytics is an excellent tool to understand client demands and create new ways to connect with them. As a result, the covid-19 has had a positive influence on the worldwide social media analytics business.

MARKET ESTIMATION:

The social media analytics market is divided into two parts: solutions and services. The use of social media analytics has grown in popularity because it can be used for a number of reasons, including competitive intelligence and customer experience management. The adoption of social media analytics is increasing across all major business sectors, including BFSI, telecom and IT, retail and e-commerce, health care and life science, government and defense, media and entertainment, travel and hospitality, and others.

The majority of the social media analytics industry requires cloud-based solutions since they are cost-effective and easily scalable. It is also simple to keep and manage data. Its cheap cost of operating expenses allows consumers to pay per usage and focus more time and attention on important company goals. The social media analytics solution is delivered as Software as a Service (SaaS) under the cloud deployment architecture, and all social media analytics workloads are cloud-based. The social media analytics solution suppliers manage the customer's IT infrastructure needs, data redundancy, data availability, virtual private network setup, security procedures and audits, configuration, maintenance, and upgrades. End users are interested in cloud-based solutions because of the cheap operational costs, ease of implementation, scalability, flexibility, and ease of collaboration.

The social media analytics market has been classified into predictive analytics, prescriptive analytics, descriptive analytics, and diagnostic analytics, with descriptive analytics expected to develop at the fastest CAGR throughout the projected period. Descriptive analytics is distinguished by the analysis of previous events and behaviors in order to provide valuable insights that are useful to the company for future usage.

Because of the affordability and significant economies of scale that allows firms to utilize the benefits of social media analytics tools, the traction of social media analytics solutions in large corporations is predicted to be strong. Large organizations often have extensive infrastructure and complicated networks, are dispersed over several sites, and operate on a global scale. Enormous organizations' IT infrastructure and procedures are extensive and sophisticated due to their large client base and employees. They are always in need of a centralized system to automate and simplify their often-done activities. To handle their social data, communications, and content transmission, they want superior integrated systems.

Social media analytics is gaining traction across many industries as a means of increasing profitability and lowering total expenses. BFSI, telecom and IT, retail and e-commerce, health care and life science, government and defense, media and entertainment, travel and hospitality, and other industry verticals are the major verticals adopting social media analytics solutions. The healthcare and life science verticals are expected to grow at the fastest CAGR during the forecast period. Healthcare services may collect multiple opinions and viewpoints by monitoring and analyzing public activity through social media, which helps decision-makers uncover the demands of the patients. As it has flawlessly bridged the gap between patients and healthcare, social media analytics has proven to be a crucial tool for the healthcare and life science industries.

KEY MARKET SEGMENTS:

On The Basis of Components

• Solution

• Services

On The Basis of Application

• Sales and Marketing Management

• Customer Experience Management

• Competitive Intelligence

• Risk Management and Fraud Detection

• Public Safety and Law Enforcement

• Others

On The Basis of Deployment Mode

• Cloud

• On-premises

On The Basis of Organization Size

• Small and Medium-Sized Enterprises

• Large Enterprises

On The Basis of Analytics type

• Predictive Analytics

• Prescriptive Analytics

• Diagnostic Analytic

• Descriptive Analytics

On The Basis of Vertical

• BFSI

• Retail and Consumer Goods

• Government and Public Sector

• Healthcare and Life Sciences

• IT and Telecom

• Media and Entertainment

• Travel and Hospitality

• Others

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REGIONAL ANALYSIS:

The geographical study of the social media analytics market is part of research in several areas throughout the world, including North America, Europe, Asia-Pacific, and others. North America holds the greatest market share in the social media analytics business. In the projection period, the Asia-Pacific region is predicted to grow at the quickest rate. The expansion of the social media analytics sector may be viewed as a result of technological advancements in the North American area and the rising usage of mobile phones and tablets.

REGIONAL COVERAGE

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

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

SAS Institute-Company Financial Analysis