Social Media Analytics Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Mode Of Deployment (On-Premise, Cloud), By End-User (Retail, Media And Entertainment, BFSI, Travel And Hospitality, Others), And By Geography - Forecasts From 2022 To 2027
- Published : Nov 2022
- Report Code : KSI061610520
- Pages : 135
The social media analytics market was estimated at US$5.530 billion in 2020.
The primary growth driver of the market is the surge in the number of social media users across the globe. The changing business requirements and the changing business scenarios are further leading to a shift from traditional business intelligence to the rising adoption of the latest and most advanced business solutions across the different industry verticals, which is also anticipated to positively impact the growth of the market during the coming years. The rising penetration of smartphones on account of rising disposable income and the availability of cheaper and faster internet in some countries is also one of the key factors spurring the demand for social media analytics solutions because a large number of the population has access to the content available on the social media sites through their portable devices such as smartphones and tablets. Furthermore, the evolving trend of cloud computing and the growing popularity of the e-commerce industry in the major developing economies are also anticipated to propel the market’s growth opportunities as the companies are focused on gaining deeper insights into consumer spending behaviour as a support for their branding and sales.
Cloud-based solutions are expected to witness a significant market growth rate
Based on deployment, the social media analytics market has been segmented based on cloud-based solutions and on-premise solutions. The cloud social media analytics solutions are projected to grow at a significant CAGR during the forecast period because the product offering for the cloud solutions is comparatively high than on-premise solutions since high scalability and cost-effectiveness can be achieved with the adoption of these cloud solutions, thereby supplementing the growth during the forecast period.
Furthermore, due to the high adoption of these solutions by the SMEs on account of the increasing affordability of SMEs for the adoption of these tools coupled with growing awareness regarding the adoption of analytical solutions among the SMEs due to the cost advantage and better efficiency provided by these solutions, is also projected to boost the adoption of social media analytics solutions as a part of their marketing strategy, thereby supplementing the market growth significantly. However, the risk of data security is expected to be one of the prime factors that may hinder the adoption of cloud solutions, especially in the case of large enterprises that are highly cautious about cloud-based services.
The retail segment holds a notable market share
On the basis of industry vertical, the social media analytics market is classified into retail, media and entertainment, BFSI, travel and hospitality, and others. The retail segment is projected to hold a notable share during the year 2019. This is due to the fact that these solutions help retailers to enhance the customer experience through brand awareness on social media platforms and also help them connect with the audience in a better manner. Furthermore, with the help of these solutions, the gaps between the sales cycles are also reduced, thereby positively impacting the demand for these solutions across the retail sector.
Moreover, these solutions are highly useful for fashion brands to track the brand’s online mentions and related metrics like sentiments to brand success. The listing of companies on social media platforms further helps retailers to boost their sales through successful campaigns. In addition, the e-commerce industry is also on the rise, which is further pushing retailers to adopt these solutions to identify consumer behaviour and trends to keep up with the changing business environment and to maintain a balance in the highly competitive market scenario. Through social media analytics platforms, brands can have real-time insight into consumer behaviour and thereby plan their investments accordingly to the market demand and can boost brand perception, sales, and competitiveness, thereby augmenting their demand significantly during the coming years.
North America is the largest regional market
Geographically, the global market has been segmented into North America, South America, Europe, the Middle East, and Africa, and the Asia Pacific. The North American region is projected to hold a notable market share on account of the early adoption of technology and well-established infrastructure. The high internet penetration in countries such as the United States and Canada and the rising penetration of the internet in Mexico, coupled with growing investments in 5G technology, are the factors that collectively contribute to the growth of the market in North America. For instance, according to the World Bank Group, the number of individuals using the internet (% of the population) in Canada increased from 73.2% in 2007 to 91% by 2017. Similarly, in Mexico, it increased to 65.773% by 2018 from 20.81% in 2007. Furthermore, the presence of key players in the market in the region also supports the growth of the market in the North American region.
The increasing penetration of social media platforms in major developing economies such as India, China, and Indonesia, coupled with a surge in the penetration of faster and cheaper internet along with a considerably larger number of social media users among other regions, is one of the key factors for the market to grow at a decent rate in the Asia Pacific region. In India, the number of individuals using the internet (% of the population) increased drastically by more than 30% during the period 2007 to 2017.
- January 2022: As per the press release in January 2022 by NetBase Quid, NetBase Quid and Linqia provided comprehensive social listening research to the influencer marketing arena, including influencer identification, creative strategy, and share of voice measurement in order to ensure that each influencer program they run is more sophisticated and intentional.
- September 2021: As per the press release by Talkwalker in September 2021, two new products were launched by Talkwalker, a consumer intelligence company. With these enhancements, its Consumer Intelligence Acceleration PlatformTM and social listening capabilities were strengthened. The new products provided brands with actionable consumer intelligence and had a huge business impact. Three industry-leading products were made available on Talkwalker's platform, powered by Blue SilkTM technology.
Impact of COVID-19 on the Social Media Analytics Market
There were a large number of deaths, lockdowns, and travel bans as a result of the COVID-19 pandemic. Consequently, the social media management market grew across the globe due to the growing need for internet penetration. The increase in unemployment rates in 2020 hampered the social media management industry. Furthermore, social media impressions have increased by a high number year on year, implying that more social media users are seeing more advertising than in previous years prior to the outbreak. As a result, the demand for social media management is increasing, which is positively impacting market growth. As a result, it can be said that the COVID-19 pandemic had a positive impact on the market during the forecast period.
Social Media Analytics Market Scope:
|Market Size Value in 2020||US$5.530 billion|
|Growth Rate||CAGR during the forecast period|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Deployment, End-User, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||SAS Institute Inc., IBM Corporation, SAP, Oracle, NetBase Quid, Inc., Adobe Inc., Salesforce, Inc., GoodData Corporation, Clarabridge|
|Customization Scope||Free report customization with purchase|
- By Deployment
- By End-User
- Media and Entertainment
- Travel and Hospitality
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Social Media Analytics Market Analysis, By Deployment
6. Social Media Analytics Market Analysis, By End-User
6.3. Media and Entertainment
6.5. Travel and Hospitality
7. Social Media Analytics Market Analysis, By Geography
7.2. North America
7.3. South America
7.4.3. United Kingdom
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.3. South Korea
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. SAS Institute Inc.
9.2. IBM Corporation
9.5. NetBase Quid, Inc.
9.6. Adobe Inc.
9.7. Salesforce, Inc.
9.8. GoodData Corporation
SAS Institute Inc.
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