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Data Bridge Market Research analyses that the Social Media Analytics Market is expected to reach USD 43.68 billion by 2030, which is USD 4.27 billion in 2022, at a CAGR of 33.70% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
The growth of the social media analytics market throughout the forecast period is being increased by the growing number of tablets and mobile phones with internet access, as well as the steadily growing user volume on the social media platforms. Moreover, the increasing emphasis of organizations on evaluating sales to develop their market presence owing to the increasing awareness towards low-priced and better quality products and fast delivery of solutions or services will enhance market growth in upcoming years.
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Social Media Analytics Market Drivers
- Surging adoption of cloud-based deployment models
The growing adoption of cloud-based deployment models to upgrade business capabilities is expected to boost the growth of the market. Further, enhanced performance, more storage capacity, flexibility, and cost-efficiency characteristics of cloud deployment are expected to boost the growth of social media analytics market Size. The on-premises deployment model is projected to lead the market owing to the accelerating penetration of laptops, mobile devices, and PCs with internet access. Growing inclination of consumers towards social media platforms and digital technologies for communication, online shopping will increase the growth of the market during the forecast period.
- Surging collaboration and mergers between major market
The surging collaboration and mergers between major market players is expected to drive the market’s growth rate. For instance, in 2019, Digimind has collaborated with TrustedOut to improve its decision-making for brand safety managers, Public Relations (PR) professionals and business Intelligence analysts by employing analytical tools from their own set of databases.
Noteworthy Players Operating at Regional and Global Levels:
- Orcale (U.S.)
- IBM (U.S.)
- SAS Institute Inc. (U.S.)
- Salesforce, Inc. (U.S.)
- Adobe (U.S.)
- Facebook (U.S.)
- Cision US Inc. (U.S.)
- Twitter, Inc. (U.S.)
- GoodData Corporation (U.S.)
- Nextel India (India)
- Simplify360 (India)
- NetBase Quid, Inc. (U.S.)
- Qualtrics (U.S.)
- Talkwalker Inc. (U.S.)
- Sysomos (Canada)
- Brandwatch (U.K.)
- Digimind (France)
Recent Development
- In 2021, Cision acquired Brandwatch for USD 450 million, which aided in creating strong contact databases and media monitoring. This merger created a social listening powerhouse, PR, marketing, by bringing together two sizable businesses that deliver various services.
- In 2021, TikTok surpassed the 1 billion user mark, making it the 7th most popular social network globally. If messaging networks are excepted, then TikTok was the fourth most popular social media network after Instagram.
- In 2021, Salesforce announced additions and expansions to its Marketing Cloud and Commerce Cloud offerings. Furthermore, it has decided to line up WhatsApp with Marketing Cloud.
- In 2021, Oracle which is a Big Red has announced a new AI-powered capabilities and UX update to its Analytics Cloud service as a part of Oracle Live virtual event series.
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Market Segmentation of Social Media Analytics Market:
Type
- Software
- Software as a service (SaaS)
- On-premise
- Services
- Professional
- Managed
- Mode
- Social Media Measurement/Listening and Analytics
Deployment Model
- On-premises
- Cloud
Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
Analytical Type
- Predictive
- Prescriptive
- Diagnostic
- Descriptive
Application
- Sales and Marketing Management
- Customer Experience Management
- Competitive Intelligence
- Risk Management and Fraud Detection
- Public Safety and Law Enforcement
- Others
Industry Vertical
- Banking, Financial Services and Insurance (BFSI)
- Telecommunications and Information Technology (IT)
- Retail and E-commerce
- Healthcare and Life Sciences
- Media and Entertainment
- Government and Defense
- Travel and Hospitality
- Others
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