Global Social Media Analytics Market Set to Reach $9.60 Billion by 2023, Fueled by a Staggering CAGR of 33.90%

DUBLIN, Oct. 23, 2023 /PRNewswire/ — The “Global Social Media Analytics Market (by Deployment Type, Component, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)” report has been added to ¬†ResearchAndMarkets.com’s offering.

The global social media analytics market is poised for robust growth, with projections indicating it will reach a substantial value of US$9.60 billion by 2023, driven by a remarkable CAGR of 33.90%.

This market growth is underpinned by factors such as the surging popularity of mobile e-commerce, the imperative to enhance customer service, cost-effectiveness, ease of availability, increased use of text and image analysis, and the development of image analysis solutions.

Key Market Segments

  • By Deployment Type: The global social media analytics market is divided into two deployment types: On-Premises and Cloud. The Cloud segment is expected to grow at the highest CAGR in the future due to its cost-effectiveness and its capacity to store data and perform analytics, thereby fueling market expansion. The growth of this segment is driven by increased storage capacity, improved internet performance, and advancements in cloud services.
  • By Component: The market is segmented into two components: Services and Software. The Services segment currently holds the largest share in the global social media analytics market. The increasing adoption of social media analytics across various industries, including BFSI, telecom, retail, healthcare, and more, is driving demand for social media analytics services. Meanwhile, the Solutions segment is expected to gain a larger market share during the forecast period, driven by adoption across diverse verticals, including advertising, pharmaceuticals, media, telecommunications, and more.

Geographic Coverage

The global social media analytics market spans five major regions: Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. The Asia Pacific region includes China, Japan, India, and the Rest of Asia Pacific, while North America encompasses the US, Mexico, and Canada. In Europe, the UK, Germany, Spain, and the Rest of Europe are considered, while North America leads in market share, primarily due to the high adoption of digital technologies, a rising social media user base, especially among younger demographics, and the growing adoption of Software as a Service (SaaS) platforms. Within North America, the US remains a prominent region for social media analytics, with a significant uptake of various analytical solutions and expanding social media penetration.

Top Impacting Factors

Growth Drivers

  1. Rising Number of Internet Users
  2. Growing Influence of Social Media
  3. Escalating Data Generation
  4. Growing Digital Advertisement Spending

Challenges

  1. Large Number of Cybercrime Victims
  2. Lack of Standard Measures for Social Media Analytics

Trends

  1. Rising Adoption of 5G Connections
  2. Surge in Adoption of Cloud Computing
  3. Integration of Artificial Intelligence (AI) with Social Media Analytics Software
  4. Growth in Data Analytic Services

Driver: Escalating Data Generation

The proliferation of data generation allows companies to gain deeper insights into consumers. These insights serve as valuable inputs for decisions, including product development, leading to market expansion and potential competitive advantages. As data generation continues to surge, driven by various media platforms, continuous content production, and the merging of content production and consumption roles, the need for social media analytics becomes essential, contributing to market growth.

Challenge: Large Number of Cybercrime Victims

Social media data, if not securely managed by companies, can become susceptible to data breaches, eroding trust and credibility among stakeholders. Cyber attackers can exploit vulnerabilities in social media analytics software to access sensitive information, steal resources, and disrupt operations. As social media analytics software is connected through smartphones, tablets, and personal computers (PCs), the risk of hacking increases, potentially hampering the growth of the social media analytics market.

Trend: Growth in Data Analytic Services

With the advancement of analytics tools, marketers can make more precise decisions, resulting in improved profitability and enhanced customer experiences. Access to big data from social media platforms facilitates opportunities through analysis tools, making patterns more discernible and enabling data-driven decision-making. The growing demand for data analytic services is pivotal to the overall social media analytics solutions, bolstering market growth.

The COVID-19 Analysis

The COVID-19 pandemic has had a favorable impact on the global social media analytics market. During lockdowns and restrictions, social media platforms became essential for global communication. Governments, public officials, and healthcare institutions used social media platforms to disseminate information about infectious disease safety measures and pandemic updates.

Analysis of Key Players

The global social media analytics market is characterized by a diverse array of players, with key market leaders including IBM Corporation, Adobe Inc., Salesforce.com, Inc., Oracle Corporation, Alphabet Inc. (Google), Hootsuite Inc., SAS Institute, NetBase Quid, GoodData Corporation, Digimind Company, Cision Ltd. (Brandwatch Company), QualtricsXM (Clarabridge), Sprout Social, Talkwalker Inc., and Khoros LLC.

For more information about this report visit https://www.researchandmarkets.com/r/m5p4z

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