Social Media Analytics Market Trends, Growth Forecast and Industry statistics till 2027 | Oracle, Adobe Systems, IBM, SAP SE, Netbase Solutions, Hootsuite Media, Tableau Software, Crimson Hexagon, SAS

The Social Media Analytics Market size is estimated to grow from USD XX Billion in 2021 to USD XX Billion by 2027, growing at a CAGR of XX% during the forecast year from 2021 to 2027.

The Social Media Analytics market study analyzes the market status, market share, growth rate, future trends, market drivers, opportunities, challenges, risks, entry barriers, sales channels, distributors and Porter's Five Forces Analysis. This market report performs geographical analysis for the major areas such as North America, China, Europe, Southeast Asia, Japan, and India, with respect to the production, price, revenue and market share for top manufacturers. Moreover, businesses can gain insights into profit growth and sustainability program with this report. The winning Social Media Analytics market analysis report also includes detailed profiles of market’s major manufacturers and importers who are dominating the market.

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Market Analysis

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Establishing research objectives

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Major growth drivers of the market are an increased focus on competitive intelligence and increasing user engagement of social media using smartphones.

The COVID-19 outbreak has demonstrated the true need for data and how analytics has a key role to play in pandemic management. As businesses strive for sustainability and survive the impact of this pandemic, significant opportunities can be seen for social media analytics vendors. Noteworthy efforts are being deployed to leverage advanced analytics to understand the real-time scenario of pandemic through social media interactions across the globe. Further, the government, public authorities, and hospitals are using social media platforms to communicate with the people and spread awareness regarding the measures that needs to be taken during the pandemic. The media companies and stakeholders are also finding new ways to engage with their viewers and, they have revived their business strategy and engaging with their viewers through social media. Many content creators are continuing their work from home in order to stay connected with their audience. The social media management through analytics is a great way to proactively identify viewers demand and finding new ways to engage with them.

Market Dynamics

Driver:Increased focus on the market and competitive intelligence

The global competition continues to affect the profit margins, and companies are constantly on the lookout for solutions to reduce their expenses. Companies need to integrate the demographic, competitive, and business information, along with the customer’s data, to find out the intricacies to outperform their competitors. Organizations are trying to focus on analyzing the sales and various markets to identify the gaps. Customers these days have become brand conscious. They demand better quality, lower prices, and faster delivery of products and services. Advanced analytics is being incorporated to help achieve market goals. Social media analytics helps analyze unstructured social data to respond to dynamic market conditions and achieve high sales and operational profitability. Companies can make use of social media analytics to improve their market presence and gain a competitive edge by effectively analyzing the competition and customer behavior from social media platforms.

Restraint: Complexities in the analytical workflow

Any analytical workflow involves various important steps, such as data identification, setting parameters, defining business rules, data preparation, execution, data modeling, and visualization. Companies are making use of various analytical methodologies, such as predictive, prescriptive, and descriptive analytics, to create maximum value out of social media data. The data obtained from various social media sites is unstructured and require additional functionalities to structure it and improve the insights. This is because data is obtained in terms of comments, social listening, and debate opinions. Social media analytics is still in the nascent phase and organizations are trying to create a robust single platform to extract, transform, load, evaluate, and analyze social media data. Analysts have to integrate huge amounts of social media data from various social platforms and create efficient models to generate expected outcomes. Vendors have to come up with flexible options and simple workflows to reduce costs, which attract SMEs also to start using social media platforms to make valuable insights from a business standpoint and increase the adoption of social media analytics

Opportunity: Increasing cloud adoption trends

Cloud adoption is said to have increased in recent times because vendors are making use of Software-as-a-Service (SaaS) to deliver cloud computing solutions. Business users are always on the lookout to ensure they are providing the most effective yet economical solutions. Cloud makes it possible to perform cloud computing, which provides the ability to outsource the operational IT work to another company. The cloud service providers take all the risks and burdens associated with it. As per the industry experts and cloud vendors, cloud computing is expected to grow at an even higher rate during the upcoming years, due to its range of features, such as flexibility, reliability, scalability, and low costs. SaaS, Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS) are all provided in the cloud deployment mode.

Vendors are increasingly deploying the SaaS model to provide social media analytics solutions over the cloud. For instance, in August 2015, IBM partnered with Twitter; this partnership was intended to provide IBM’s social media analytics SaaS customers with the access to twitter data, which IBM could use to recognize its customer service issues, scan for trends, and comprehend consumer sentiments in a better way.

Social media analytics is still in its nascent phase and is being adopted only by large enterprises currently because of the huge costs involved. SMEs are also looking for cheaper options when it comes to social media analytics; hence, the adoption of cloud is expected to drive the growth of the social media analytics market.

Challenge: Lack of standard measures for social media analytics

The analyzed data obtained has to be reliable and valid to generate value from social media analytics. Otherwise, it would not be of much use and can be considered as bad data, which would lead to wrong decision-making in organizations. Hence, it is necessary to validate all the analyses and algorithms used to rely on the results obtained. If the methodology and math cannot be verified, then foolproof decisions cannot be made. Most vendors validate the information themselves, and this exposes a common problem with social media analytics. Some provide the validation with the help of customer metrics, such as Key Performance Indicators (KPIs); this method helps focus only on certain circumstances. Vendors are normally not keen on providing broad external validations. Part of the reason to not do so is the lack of standard measures for social media analytics. In the end, the validation has to be measured individually by customers. Vendors can use positive or negative trend lines to detect how customers feel or facts driving their sentiments. However, they are unable to find the reason for how the change in sentiment can affect their revenue.

Marketers might demand results to be verified both broadly and in terms of their specifications before purchasing it as the social media analytics market matures. Hence, the lack of standard measures is considered as a challenge for the growth of the market

Among applications, risk management and fraud detection segment to grow at the highest CAGR during the forecast period

The social media analytics market by application is segmented into sales and marketing management, customer experience management, competitive intelligence, risk management and fraud detection public safety and law enforcement, and others (workforce management and compliance management). The risk management and fraud detection application is expected to be the fastest-growing application in the social media analytics market during forecast period, owing to the ability of analytics tools to extract and analyze data from multiple data sources, which provides opportunities for the identification and mitigation of fraudulent activities.

Cloud deployment model to hold a larger market size during the forecast period

Most vendors in the social media analytics market offer cloud-based solutions to gain maximum profits and automate their equipment maintenance process, effectively. The cloud segment offers benefits, such as scalability and cost effectiveness, which are expected to be instrumental in propelling the growth of the overall social media analytics market.

North America to hold the largest market size during the forecast period

North America is expected to hold the largest market size in the global social media analytics market, while Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The region is becoming a new hotspot in the social media analytics market, due to rising investments in the process of digitalization across potential economies.

North America is the most significant revenue contributor to the global social media analytics market. The region is witnessing significant developments in the social media analytics market. In North America, the high growth rate can be attributed to the increasing use of the big data technology, growing amount of data across verticals, and rising investments by companies in real-time analytics.

Key market players

Major vendors in the global social media analytics market include Oracle (US), Salesforce (US), IBM (US), SAS Institute (US), Adobe (US), Clarabridge (US), NetBase Solutions (US), Brandwatch (UK), Talkwalker (UK), Digimind (US), Meltwater (US), SpreadFast (US), Cision (US), Simplify360 (India), Hootsuite (Canada), Sprout Social (US), MetaQuotes Software (Cyprus), Socialbakers (Czech Republic), Frrole (US), Prudence Analytics and Software Solutions (India), MavSocial (US), Oktopost (Israel), Quintly (Germany), Rival IQ (US), Buffer (US), Sotrender (UK), Awario (Belarus), Agorapulse (France), and Sendible (UK). These vendors have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the global social media analytics market.

Salesforce (US) specializes in Customer Relationship Management (CRM) software and enterprise cloud computing. The company provides comprehensive customer and collaboration relationship management services to businesses of all sizes and industries, and provides a technology platform for customers and developers to build and run their applications. Applications designed and developed by Salesforce are easy-to-use and can be deployed, customized, and integrated with other software applications. Salesforce offers its services on a subscription basis, primarily through its direct sales efforts and indirectly through its partners. The company leverages the cloud deployment model in order to serve its customers in a better manner. It operates in the social media analytics market through Social Studio, which provides an easy-to-use application to manage the social media marketing using numerous social channels. Social Studio integrates with Customer Success Platform of the company and empowers organizations to listen to the conversations of their customers using the social listening tool. Social Studio further controls social connections through sales and services, marketing, social listening, social publishing, engagement, and customer service.

Recent Developments

In April 2019, Digimind partnered with TrustedOut with the aim to enhance its decision making for Business Intelligence (BI) analysts, brand safety managers, and Public Relations (PR) professionals with the use of analytical tools from their own set of databases. TrustedOut helps to overcome limitations of human selection and biases, with the latest advancements in Machine Learning (ML), web crawling, big data, and microservices, and delivers an always up-to-date, trustworthy corpus of sources.
In September 2019, Brandwatch launched a new consumer insights product known as Consumer Research with the aim to provide holistic view of customer’s interactions to the brands, agencies, and organizations and have better understanding of their customers. Brandwatch has invested USD 50 million to launch a new product with the capabilities of AI and ML.
In October 2019, Cision acquired Unmetric, a social media management solution provider through its subsidiary Falcon.io. This acquisition would help Cision acquire a new customer base and help existing customers to better manage their social media listening and engagements.

Scope of the Report

This research report categorizes the social media analytics based on component, deployment model, organization size, application, industry verticals, and regions.

Social Media Analytics Market: By component

Solutions
Software
Services
Services
Professional Services
Consulting
Training and Education
Managed Services

Social Media Analytics Market: deployment model

On-premises
Cloud

Social Media Analytics Market: By organization size

Large Enterprises
Small and Medium-sized Enterprises (SMEs)

Social Media Analytics Market: By application

Sales and Marketing Management
Customer Experience Management
Competitive Intelligence
Risk Management and Fraud Detection
Public Safety and Law Enforcement
Others (Workforce Management and Compliance Management)

Social Media Analytics Market: By industry vertical

Banking, Financial Services and Insurance (BFSI)
Telecommunications and Information Technology (IT)
Retail and eCommerce
Healthcare and Life Sciences
Media and Entertainment
Government and Defense
Travel and Hospitality
Others (Education and Research, Transportation and Logistics, and Energy and Utilities)

Social Media Analytics Market: By region

North America

Europe

Asia Pacific (APAC)

Middle East and Africa (MEA)

Latin America

This report would help you answer the following questions:

What is the market size and forecast of the Global Social Media Analytics Market?
What are the inhibiting factors and impact of COVID-19 shaping the Global Social Media Analytics Market during the forecast period?
Which region outstands in the Global Social Media Analytics Market?
Which are the segments to invest in over the forecast period in the Global Social Media Analytics Market?
What is the competitive strategic window for opportunities in the Global Social Media Analytics Market?
What are the technology trends and regulatory frameworks in the Global Social Media Analytics Market?
What are the major company in the Global Social Media Analytics Market?

Table of Contents:

1 Introduction

2 Research Methodologies

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Trends

7 Compliance in Social Media Analytics Market

8 Social Media Analytics Market, By Service

9 Social Media Analytics Market, By Deployment Type

10 Social Media Analytics Market, By Organization Size

11 Social Media Analytics Market Analyses, By Vertical

12 Geographic Analyses

North America

Europe

Asia-Pacific

South America

Middle East & Africa

13 Competitive Landscapes

14 Detailed Company Profiles

15 Related Reports

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