Social Media Analytics Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Market Overview :

The expansion of social media sites, such as Facebook, Twitter, Instagram and LinkedIn, as well as more recent ones like TikTok, is producing big data. While this expansion of platforms certainly gives companies more chances to interact with customers, it also needs effective analytics in order to interpret the data. According to a survey conducted by Pew Research Center, YouTube is a common platform used by 95% of people between the ages of 13 to 17 and 2/3rd of teens use TikTok.

Social media produces a huge quantity of text, photographs, videos and user-generated content. Due to the development of big data technologies and cloud computing, processing and analyzing this quantity of data has become more practical and it is simpler to gather insights from social media data due to the emergence of advanced analytics platforms and tools including AI and machine learning technologies.

North America is among the growing regions in the global social media analytics market covering more than 2/5th of the total market and the region has a high rate of social media adoption. The region has a growing population of active social media users, which surges demand for analytics tools to monitor and analyze user behavior, trends and engagement. Businesses are investing in social media platform that leads to increased customer engagement and brand promotions.

Market Trends :

Increasing Demand for Analytical Solutions

Daily generation of huge amounts of data is owing to the popularity of social media platforms, there has been an increasing need for analytical tools as people and businesses are seeking to understand the impact of their social media presence. Social media analytics provide insightful information about consumer behavior, market trends and competition practices. The need for advanced analytics solutions is fueled by the ability of businesses to use these insights to make wise decisions.

For instance, on 16 February 2022, Qualtrics introduced XM Discover as part of its XM Platform, aiming to help organizations gain deeper insights from customer and employee feedback and this new offering allows companies to collect and analyze feedback from various sources, including support conversations, chats, social media posts and review sites, all within a single platform. By analyzing conversations in multiple languages, Qualtrics can capture emotion, intent, effort, empathy and emotional intensity to help organizations enhance their customer and employee experiences.

Download Free PDF Sample -https://www.datamintelligence.com/download-sample/social-media-analytics-market

Market Segmentation :

The global social media analytics market is segmented based on component, deployment, enterprise type, function, application, end-user and region.

Adoption of Software Boosts the Market

In order to connect with consumers, businesses are investing in social media markets. Companies are looking more ways to measure the impact of their online presence as they become more aware of social media's importance. Social media generates huge amounts of data daily. Businesses need sophisticated tools to collect, process and analyze this data effectively to gain insights into customer behavior, sentiment and trends.

For instance, on 6 September 2023, Relo Metrics, an AI-powered sponsorship analytics platform, launched datasets for the 2022-2023 NFL Season on Snowflake Marketplace and this data provides information on the value of brand exposure generated from NFL Sponsorships across various channels, including broadcast, streaming, social media and activations. The data allows brands, agencies, financial firms and rights holders to evaluate sponsor visibility during games and make data-driven decisions regarding partnerships.

Geographical Share :

Rapid Digital Transition Boosts the Growth of the Market

Asia-Pacific is among the growing regions in the global social media analytics market covering more than 1/3rd of the market and with more than half of the population are having access to the internet and the region is undergoing a rapid digital transition which has resulted in an increase in social media users, producing an enormous amount of data for investigation. The large volume of users fueled the demand for social media analytics that understand consumers' preferences.

For instance, on 19 October 2021, AnyMind Group launched a social media analytics tool on the AnyManager platform that addresses the growing need for web and app publishers to effectively benchmark social media data alongside site and app data. The tool offers insights into areas such as follower growth, reach, post engagement, audience demographics, sentiment analysis, optimal posting times and top-performing posts, initially for Instagram with plans to expand to other social media platforms.

To Know More Insights - https://www.datamintelligence.com/research-report/social-media-analytics-market

Key Player :-

The major global players in the market include IBM Corporation, Meltwater, Hootsuite Inc., NetBase Quid, Inc., Qualtrics, Talkwalker Inc., Digimind, Sprout Social, Inc., Oracle Corporation and Brandwatch.

Company Name: DataM Intelligence
Contact Person: Sai.K
Email: info@datamintelligence.com
Phone: +1 877 441 4866
Website:https://www.datamintelligence.com/

About DataM Intelligence

DataM Intelligence 4Market Research is a Market Research firm that provides end-to-end business solutions to organizations from Research to Consulting. We at DataM Intelligence leverage our top trademark trends, insights, and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of Syndicate Reports & and; Customized Reports with a robust methodology.

Our research database features countless statistics and in-depth analyses across a wide range of 6300+ reports in 40+ domains creating business solutions for more than 200+ companies across 50+ countries, catering to the key business research needs that influence the growth trajectory of our vast clientele.

This release was published on openPR.