The “Global Social Media Analytics Market: Analysis By Deployment Type (On-Premise and Cloud), By Component (Services and Software), By Region Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2027” report has been added to ResearchAndMarkets.com’s offering.
The practice of acquiring and evaluating data from social networks like Facebook, Instagram, LinkedIn, and Twitter is known as social media analytics. Marketers frequently use it to track online conversations about products and companies. In 2021, the global social media analytics market was valued at US$5.41 billion, and is probable to reach US$30.86 billion by 2027.
Growing popularity of mobile e-commerce, need for improvising on customer services, their cost-effectiveness, easy availability, rising usage of text analysis for improving customer experience and development of image analysis solutions would impact demand for social media analytics in the coming years. The social media analytics market is projected to grow at a CAGR of 33.75%, during the forecast period of 2022-2027.
Market Segmentation Analysis:
- By Deployment Type: The report splits the global social media analytics market into two deployment types: On-Premises and Cloud. Cloud social media analytics market is anticipated to grow at the highest CAGR in the future as it is extremely cost-effective and can be used to store data and perform analytics, thereby expanding the growth. The market would be driven by increased storage capacity, enhanced performance of the internet, and provide further improvement in cloud services.
- By Component: The report divides the global social media analytics market into two components: Services and Software. Services segment held the maximum share of 65% in the global social media analytics market. The growing adoption of social media analytics across all major verticals, such as BFSI, telecom and IT, retail and e-commerce, health care and life science, etc. is primarily boosting the demand for social media analytics services in the market. Whereas, the solutions segment is expected to hold a larger market share during the forecast period mainly due to adaptation by industries vertically which not only includes private players for advertisement purposes but also includes pharmaceutical industries, health and lifestyle, media industry, telecom industry, etc.
- By Region: According to this report, the global social media analytics market can be divided into five major regions: Asia Pacific, North America, Europe, Latin America and Middle East and Africa. The North America social media analytics market enjoyed the market share of 38% in 2021, primarily owing to high adoption of digital technologies among individuals, rising social media penetration especially among teenagers and young adults, and the growing adoption of software as a service (SaaS) model platform. While the US continues to be a prominent region of North America social media analytics market, accounting for the adoption of different analytical solutions and the rising penetration of social media.
Global Social Media Analytics Market Dynamics:
- Rising Number of Internet Users
- Growing Influence of Social Media
- Escalating Data Generation
- Increasing Number of Smartphone Users
- Growing Digital Advertisement Spending
- Increased Focus on Targeted marketing and Competitive Intelligence
- High Rate of Adoption in SMEs
- Large Number of Victims of Cyber Crime
- Lack of Standard Measures for Social Media Analytics
- Complexities in Analytical Workflow and Harsh Regulations
- Rising Adoption of 5G Connections
- Surge in Adoption of Cloud Computing
- Integration of Artificial Intelligence (AI) with Social Media Analytics Software
- Growth in Data Analytic Services
- Increasing Adoption of Internet of Things (IoT)
- Salesforce.com, Inc.
- IBM Corporation
- Oracle Corporation
- Adobe Inc.
- Alphabet Inc. (Google)
- SAS Institute
- Hootsuite Inc.
- NetBase Quid
- GoodData Corporation
- Digimind Company
- Talkwalker Inc.
- Khoros LLC
- Cision Ltd. (Brandwatch Company)
- QualtricsXM (Clarabridge)
- Sprout Social
Key Topics Covered:
1. Executive Summary
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
7. Competitive Landscape
8. Company Profiles