Press release
Social Media Analytics Market is Expected to Reach USD 30.96 Billion at a Healthy CAGR of 18.3% by 2030
By 2030, the social media analytics market is anticipated to grow at a CAGR of 18.3%, reaching USD 30.96 billion.
Social media analytics is the process of acquiring and analyzing data from various websites. It mainly deals with the creation and assessment of frameworks and instruments for gathering, monitoring, analyzing, summarising, and visualizing social media data.
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The increased focus on market and competitive intelligence as well as the increase in user involvement on social media sites using smartphones are boosting the market for social media analytics.
The covid-19 outbreak has a significant favorable effect on Social Media Analytics Market. COVID-19 has highlighted the importance of data and the significant role that analytics can play in pandemic control. The global economy was negatively impacted by this pandemic, but the industry for Social Media Analytics Market saw a lot of growth. Due to the lockdown, most people stayed at home during that time, which caused social media sites to be congested. Around the world, people started interacting on social media sites.
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Market Segment
● By Type
Based on type the market is divided into training and education, services support and maintenance, solution, and consulting services.
● By Deployment
Based on deployment the market is divided into small and medium enterprises and the cloud.
● By Organization Size
Based on organization size the market is divided into Large Enterprises and On-Premise
● By Application
The market is divided into applications for risk management and fraud detection, public safety and law enforcement, customer experience management, competitive intelligence, sales and marketing management, and other applications. Due to the growing need for the detection and mitigation of fraudulent activities using social media, the risk management, and fraud detection category, which held the biggest market share in 2021, is anticipated to experience the fastest growth during the forecast period.
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Regional Analysis
During the projection period, North America's market is expected to provide a much bigger revenue share. Social media is currently the main means of communication, news, and information for many individuals.
Throughout the projected period, the Asia-Pacific market is anticipated to grow at a consistent rate in terms of revenue. Social media is widely used in the Asia-Pacific. Asia-Pacific countries make up 64% of the world's audience on social media and account for the vast majority of unique visitors.
Due to the demand for Artificial Intelligence (AI) in social media for numerous applications across many industries, such as healthcare, banking and finance, retail, and others, the market in Europe is anticipated to account for a modest revenue share throughout the projected period.
Industry News
To provide full social listening research to the influencer marketing industry, including influencer identification, creative strategy, and share of voice measurement, Linqia and NetBase Quid partnered on January 5, 2022.
Talkwalker unveiled two new products on September 29, 2021 (Market Intelligence and Customer Intelligence), adding to the platform for accelerating consumer intelligence.
Google improved Google Analytics in October 2021 by including a search console option that gives marketers access to information like their site's rank and queries that resulted in clicks.
In September 2021, IBM will incorporate AI and automation features into its Watson Assistant tool, which will assist organizations in enhancing customer support across a variety of channels.
Adobe unveiled an AI-driven live search for Adobe Commerce in June 2021. Retailers using Adobe Commerce may give their customers relevant, customized search results based on their needs.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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