Social Media Analytics Market Set to Soar Past USD 8.98 Billion by 2030
The global Social Media Analytics market size is expected to reach USD 8.98 billion by 2030 and exhibit a CAGR of 9.4% in the forecast period (2023−2030), according to Skyquest’s latest research report. The exponential growth of social media platforms, the need for businesses to understand consumer sentiments and behavior, the demand for data-driven decision-making, the rise of influencer marketing, increasing competition in the digital landscape, and regulatory requirements for data monitoring and reporting is fueling the market’s growth.
Westford,USA, Jan. 16, 2024 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Social Media Analytics market, increasing importance of real-time analytics for immediate insights, the integration of artificial intelligence and machine learning for more accurate predictions, the emphasis on sentiment analysis and emotion tracking, the growing role of social media analytics in crisis management, the expansion of social media platforms and data sources, and the focus on privacy and data protection compliance, which impacts how social media data is collected and analyzed are the trends that aid in the market’s growth.
Browse in-depth TOC on “Social Media Analytics Market”
- Pages – 157
- Tables – 65
- Figures – 75
Social media analytics is the process of collecting and analyzing data from social media platforms to gain insights into audience engagement, brand performance, and industry trends. It can be used to track metrics such as likes, shares, comments, reach, and impressions, as well as sentiment analysis to understand how people are talking about your brand.
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Prominent Players in Social Media Analytics Market
- Adobe
- Brand24
- Clarabridge
- Digimind
- GoodData
- Hootsuite
- IBM
- Meltwater
- NetBase Quid
- Oracle
- Qualtrics
- Salesforce
- SAS
- Sprout Social
- Synthesio
- Talkwalker
- Upfluence
- Visibrain
- Zoho Social
- BuzzSumo
- SEMrush
- Mention
Descriptive Analytics Demand to Grow Substantially in the Forecast Period
Descriptive analytics dominates the global online market by summarizing historical social media data to provide insights into past performance. It is likely to remain a fundamental component of social media analytics. Businesses use it to understand key performance metrics, track engagement, and monitor the growth of their social media presence.
Sales and Marketing Optimization is the Leading Application Segment
In terms of application, sales and marketing optimization is the leading segment due to the increasing use of social media analytics to measure the effectiveness of their marketing campaigns. They analyzed data to understand which strategies and content types resonated most with their audience, enabling them to optimize their marketing efforts.
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North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. The presence of major technology companies (such as Facebook, Google, and Twitter), a robust digital marketing ecosystem, and a high level of adoption of social media analytics among businesses. North American companies often set industry standards and trends, influencing the global market.
A recent report thoroughly analyzes the major players operating within the Social Media Analytics market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Social Media Analytics.
Key Developments in Social Media Analytics Market
- Salesforce.com, Inc. introduced Salesforce Social Studio AI, a new artificial intelligence-powered social media analytics tool. This tool provides advanced sentiment analysis, trend identification, and recommendation capabilities to help businesses gain valuable insights from social media data.
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Key Questions Answered in Social Media Analytics Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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