Social media analytics market Size Worth USD 80.67 Billion in 2032 | Emergen Research

The market revenue growth is driven by major factors such as rising Internet penetration and increasing usage of social media platforms along with incorporation of various technologies such as the Cloud to analyze and store data

Vancouver, Jan. 25, 2024 (GLOBE NEWSWIRE) — The global social media analytics market size was USD 9.32 Billion in 2022 and is expected to register a revenue CAGR of 24.1% during the forecast period. The market revenue growth is driven by major factors such as rising Internet penetration and increasing usage of social media platforms, rising demand to gauge customer engagement and identify new market trends, along with incorporation of various technologies such as the Cloud to analyze and store data. Moreover, various companies are also investing in Research and Development (R&D) activities and working to launch better social media analytics platforms which are also expected to contribute to revenue growth of the social media analytics market during the forecast period.

The government of Germany has also made investments in social media analytics, especially in the fields of national security and public opinion research. For instance, it has been claimed that the Federal Intelligence Service (BND, or Bundesnachrichtendienst) has employed social media analytics to track public opinion and spot potential security risks.

Companies are also working on various R&D activities, and product launches, by incorporating new, and advanced technologies in analytics platforms. For instance, on 16 February 2022, Clarabridge technology was used by Qualtrics’ XM Discover to aid firms in better comprehending their clients. XM Discover offers companies the ability to combine information from structured and unstructured data sources, including conversation, social media posts, and review websites, onto a single platform employing artificial intelligence and machine learning.

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However, lack of standardized parameters for social media analytics, along with rising concerns regarding data privacy and security owing to an increasing number of cyber threats and malware attacks are major factors restraining revenue growth of the market. Social media networks carry a high risk of data breaches. Customers’ financial information, business accounts, and other crucial information such as credit card numbers are all easily accessible to hackers. Such errors and data leaks from social media sites can cause a corporation to suffer significant financial losses as well as reputational damage.

Segment Insights:

Organization Size Insights:

On the basis of organization size, the global social media analytics market is segmented into large enterprise, Small and Medium Sized Enterprise (SMEs), and others. The large enterprise segment accounted for a significantly large revenue share in 2022. Large enterprises can devote more resources and funding towards data analytics, including social media analytics, due to their larger budgets and also has power to negotiate better pricing with vendors owing to their greater purchasing power and can often afford more advanced analytics tools.

Moreover, their broader customer base also generates a greater quantity of data to analyze, making social media analytics more valuable. They frequently have an IT department that specializes in data analytics, making setup and maintenance of advanced analytics systems more effective. Large enterprises are more inclined to possess a powerful online presence and a larger following on social media platforms.

Deployment Mode Insights:

On the basis of deployment mode, the global social media analytics market is segmented into on-premise and cloud. The cloud segment is expected to register highest revenue growth rate over the forecast period. Factors such as ease of scalability, incorporation of better security features, along with hassle-free accessibility of required data at the time of need are major factors driving revenue growth of this segment. Cloud-based big data solutions have become a preferable option in the e-commerce sector owing to their reliability and maintenance. For instance, Flipkart analyzes 25 million rows of inventory data daily, while Snapdeal and HomeShop18 report that they receive 30-40% of their orders as a result of their trust in big data tools. Cloud-based data warehouses are typically always accessible, and two of the world’s largest cloud service providers, Amazon and Google, promise a minimum uptime of over 99.95% for EC2 servers and Cloud Storage and BigQuery, respectively. Another significant factor behind the growth of cloud adoption for data analytics is its cost-effectiveness

Regional Insights:

The market in North America accounted for largest revenue share in 2022 owing to rising number of social media users, gaining a competitive edge by providing better consumer experience in various end-use sectors, along with introduction of various cloud-based and Artificial Intelligence (AI)-based technologies in providing better analytics solutions are major factors driving market revenue growth in this region. For instance, as per the statistics provided by the Government of Canada, there are more than 36 million individuals using the Internet, and over 33.1 million individuals using social media.

The market in Asia Pacific is expected to register highest revenue growth rate over the forecast period. Factors such as rising demand for data-driven insights, rising popularity of influencer marketing, along with incorporation of various advanced technologies in analytics are major factors driving revenue growth of social media analytics market in this region. Various initiatives and programs are also being introduced. For instance, the Social Credit System in China which is a government-backed initiative, focuses on describing a variety of efforts with the goal of increasing the level of ‘trust’ among the individuals in China.

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Major Companies and Competitive Landscape

The global social media analytics market is moderately fragmented, with many large and medium-sized players accounting for a majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective social media analytics solutions. Some major players included in the global social media analytics market report are:

• Oracle
• Sprout Social, Inc.
• IBM
• Adobe
• Cision US Inc.
• NetBase Quid, Inc.
• Meltwater
• Simplify360
• Tableau Software, LLC.
• Digimind

Strategic Development

• On 14 June 2022, Adobe revealed fresh offerings in Adobe Analytics that enable businesses to bring together data and insights across all media types, including the metaverse and streaming media, in a single workspace. This move comes as more global brands adopt Adobe Analytics. In addition, Adobe has introduced a new service that allows for smooth data transition from other analytics products while upholding compliance with regulations such as GDPR and CCPA. With Customer Journey Analytics, brands can delve deeper into new consumer behaviors and achieve genuine omnichannel analysis.
• On 2 March 2022, Brandwatch confirmed that it has reached a final agreement to acquire Paladin. With this recent development, the Brandwatch suite will now have comprehensive influencer marketing capabilities, providing additional opportunities for brands to establish connections with their customers.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global social media analytics market on the basis of component, organization size, deployment mode, analytical type, application, end-use, and region:

• Component Outlook (Revenue, USD Billion; 2019-2032)
  • Solutions
  • Services
    1. Consulting
    2. Deployment and Integration
    3. Support and Maintenance
• Organization Size Outlook (Revenue, USD Billion; 2019-2032)
  • Large Enterprises
  • Small-scale and Medium Sized Enterprise (SMEs)
• Deployment Mode Outlook (Revenue, USD Billion; 2019-2032)
  • On-Premise
  • Cloud
• Analytical Type Outlook (Revenue, USD Billion; 2019-2032)
  • Predictive Analytics
  • Prescriptive Analytics
  • Diagonistic Analytics
  • Descriptive Analytics
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Customer Experience Management
  • Risk Management and Fraud Detection
  • Sales and Marketing Management
  • Competitive Intelligence
  • Public Safety and Law Enforcement
  • Others
• End-Use Outlook (Revenue, USD Billion; 2019-2032)
  • Banking, financing services & insurance (BFSI)
  • Retail & E-commerce
  • Government & defense
  • Telecommunications & IT
  • Healthcare and lifesciences
  • Travel & hospitality
  • Media and Entertainment
  • Others
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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