Social Media Analytics Market

Global Social Media Analytics Market Size (2024 to 2032)

The size of the global social media analytics market was worth USD 8.07 billion in 2023. The global market is predicted to reach USD 10.50 billion in 2024 and USD 86.39 billion by 2032, growing at a CAGR of 30.14% during the forecast period. The growth is mainly attributed to the advantages it provides to the growing competition in different industrial sectors.

The main driver of the social media analytics market is the demand from various industries for this data to help advance these companies in different segments of this competitive world. The need to have a cumulative analysis of the public opinion of a particular situation, which in turn helps the proper solution of the situation, is explicitly the driver of the market. However, factors like the lack of enough people to do the job and the level of estimated data in the analysis are the restraints to the market. 

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Social Media Analytics Market Analysis By Application

Competitive intelligence is projected to grow significantly in the years to come. The trending technique of strategically understanding the intrinsic values of social media to gain an edge over competitors is the massive reason for this segment's projected growth.

Global Social Media Analytics Market Analysis By Component

The software segment is anticipated to lead the market in the forecast, as mentioned earlier, due to the escalating demand from the user end.

Global Social Media Analytics Market Analysis By Analysis Type

Predictive analysis is predicted to be the fastest-growing type of analysis in the social media analysis market. This is mainly due to the need to predict customers' sentiments and project them in graphs that help publishers better understand social media trends.

Global Social Media Analytics Market Analysis By Deployment

Cloud deployment is the fastest-growing segment of the social analytics market due to the ease and flexibility associated with the use of cloud computing.

Global Social Media Analytics Market Analysis By Industry Vertical

The retail and eCommerce segment is anticipated to lead the market for the period mentioned in the forecast period. The swiftly advancing field of the retail industry and the need for social media analysis solutions is the sole reason for the projected growth in this industry vertical.

REGIONAL ANALYSIS

North America leads the social media analytics market in terms of both value and volume, as per the 2018 statistics. The situation of all the market key players in this region is an added advantage to its significant market position. Europe is second in the lead market for social media analytics. The presence of a considerable customer base in and around this region is helping the growth of the European market. Also, the technological supremacy of these regions over the rest of the world allows them to develop in this newly emerging field, causing eye-catching performance in the Social Media Analytics market.

The Asia Pacific follows Europe's lead in the market in the estimated forecast period. This region is anticipated to have the highest growth rate in the market for Social Media Analytics owing to the interest shown by the top leading software companies in the Asia Pacific region, mainly towards India, China, and Japan, causing high hopes for a growth rate. The growth in the Asia Pacific region is also attributed to the high future opportunities in fast-developing economies like India and Japan.

Although the Asia Pacific region will not be leading the market for Social Media Analytics, it is expected to attract major market giants towards expansion into the region. The regional advantages offered in this region, such as ease of setup and cheap resources, are the sole reason for this region’s advancement in the market. On the other hand, the Middle East & Africa, and Latin America regions, being in the low developing countries due to the contribution of low GDP countries, have fewer chances for industry growth. Hence, the Social Media Analytics Market in these regions is slow-growing in nature.

KEY PLAYERS IN THE GLOBAL SOCIAL MEDIA ANALYTICS MARKET

By the end of 2018 Cision US Inc. (US), Brandwatch (UK), Lithium Technologies, Inc. (US), IBM Corporation (US), Simply Measured, Inc. (US), GoodData Corporation (US), Clarabridge, Inc. (US), Salesforce (US), Talkwalker Inc., (Luxembourg), Sprinkler, Inc. (US), Sysomos (Canada), Oracle Corporation (US), Netbase Solutions, Inc. (US), Spredfast, Inc. (US), Meltwater (US), Tableau Software Inc. (US), Crimson Hexagon, Inc. (US), Unmetric Inc. (US), Simplify360, Inc. (India), Hootsuite Media Inc. (Canada), Adobe Systems Incorporated (US), Germinait Solutions Private Limited (India), SAS Institute Inc. (US), Digimind (US), Synthesio (US), and Socialbakers (US) are the leading shareholders of the market for Social Media Analytics. There is constant competition between these companies regarding the pricing and quality of the service and product. They are currently focused on providing expansion strategies to improve their market value and position.

DETAILED SEGMENTATION OF THE GLOBAL SOCIAL MEDIA ANALYTICS MARKET INCLUDED IN THIS REPORT

This research report on the global social analytics market has been segmented and sub-segmented based on the application, component, analysis type, employment, industry vertical, and region.

By Application

• Sales and Marketing Management
• Customer Experience Management
• Competitive Intelligence

By Component

• Software
• Service

By Analysis Type

• Prescriptive analysis
• Predictive analysis
• Descriptive analysis
• Diagnostic analysis

By Deployment

• On-premises
• Cloud

By Industry Vertical

• BFSI
• Retail and eCommerce
• Defense
• Healthcare
• Telecommunications and IT
• Others

By Region

• Latin America
• Europe
• Asia Pacific
• North America
• Middle-East & Africa