Social Media Analytics (SMA) involves gathering & evaluating data from different social networking sites to gather insights into customer intentions & behaviors. It offers a real-time close-up of online interactions to help marketers better understand their customers, evaluate the performance of an organization's social media channels, & adjust their marketing campaigns to contemplate customer preferences optimally.
The Global Social Media Analytics Market is projected to grow at a CAGR of around 26% during the forecast period, i.e., 2023-28. Most of the market expansion would be driven by the rapidly rising number of social media users due to the growing penetration of the internet & smartphones, coupled with the increasing number of e-commerce websites and significant developments in data analytics tools.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Regions Covered||North America: The US, Canada, Mexico|
|South America: Brazil, Argentina|
|Europe: Germany, The UK, France, Russia, Italy|
|Middle East & Africa: Saudi Arabia, The UAE|
|Asia-Pacific: China, Japan, India, Australia|
|Key Companies Profiled||
Oracle, IBM, Clarabridge, Talkwalker, Adobe, SAS Institute, NetBase, Digimind, Salesforce, Hootsuite, Simplify 360, Brandwatch
|Unit Denominations||USD Million/Billion|
In addition, with the mounting focus of corporates on attaining market intelligence, there's an ever-increasing deployment of these advanced data analytics tools across numerous businesses to monitor, engage, understand, and analyze customers & brand reputation, i.e., another prominent aspect expected to boost the market through 2028.
Moreover, as more & more emerging technologies become integrated and cloud-based analytics tools witness high demand, it would create new directions for the Global Social Media Analytics Market to expand significantly in the coming years.
Based on Deployment Model:
Of both, cloud-based SMA tools are projected to acquire a noteworthy share of the Global Social Media Analytics Market during 2023-28. It attributes to the ever-increasing utilization of automation across businesses. Nowadays, more & more enterprises are integrating SaaS (Software as a Service) into their analytics for improved business efficiency. This model is essential to enable the use of SMA tools on the cloud, which offers benefits like cost-effectiveness, reliability, scalability, & flexibility. It allows users to only pay as per usage and invest more time & energy in core business goals. As a result, the mounting adoption of cloud-based SMA is contributing notably to the overall expansion of the Global Social Media Analytics Market.
Based on Enterprise Size:
Here, large enterprises account for the maximum market share. It owes to their high economies of scale and hence, easy affordability to leverage the benefits of social media analytics tools. Since large enterprises have an extensive infrastructure & workforce and a broader consumer base, their IT infrastructure & processes are complex & exhaustive. As a result, they always require a centralized automation system to streamline their frequently executed processes, alongside excellent integrated platforms to manage their social data, communications, and content transfer. Hence, these companies opt for advanced analytical solutions for monitoring & extracting the massive data volumes generated across their social media platforms, which projects remunerative prospects for the leading players operating in the social media analytics market over the years ahead.
Of all regions globally, North America dominates the Social Media Analytics Market owing to a large number of social media users in the region, coupled with massive investments by companies across developed economies like the US & Canada directed toward real-time analytics for sales & marketing management and competitive intelligence in order to track user behaviors. Despite Facebook's omnipresence, several other social media platforms, like Snapchat, Instagram, etc., have been gaining immense popularity, especially among the young generation in North America. With such intense public engagement in social networking sites, several companies in the US are increasingly deploying social media analytics to gather insights into consumer behavior and, in turn, enhance their business & strategic decision-making.
On the other hand, in Canada, social media analytics solution providers are providing new & efficient channels to engage in advertising & marketing practices. The well-established e-commerce sector in the country is another prominent aspect contributing to the increasing adoption of these tools by enterprises to evaluate data generated by transactions, gain insights into customer buying habits and, in turn, create effective marketing campaigns. Hence, these factors are generating new avenues for the North America Social Media Analytics Market to witness significant expansion over the coming years.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Social Media Analytics Market is expected to record around 26% CAGR during 2023-28.
A. The rising penetration of the internet & smartphones, i.e., leading to the ever-increasing social media users, is the prime aspect projected to drive the Social Media Analytics Market during 2023-28.
A. Cloud-based SMA tools are projected to create lucrative prospects for the Social Media Analytics Market during 2023-28.
A. North America would continue generating remunerative opportunities for the key companies in the Social Media Analytics Market over the forecast years.