Social Media Analytics Market Forecast (2024-2031)
The social media analytics market size is projected to reach US$ 42.90 billion by 2031 from US$ 8.37 billion in 2023. The market is expected to register a CAGR of 22.7% during 2023–2031. The growing importance of social media platforms and increasing demand for business intelligent are likely to be the key drivers and trends of the market.
Social Media Analytics Market Analysis
The social media analytics market is experiencing significant growth globally. This growth is attributed to the growing importance of social media platforms and the increasing demand for business intelligence. Moreover, the rising number of social media users in developing nations, increasing usage of social media analytics by law enforcement agencies, increasing integration of AI in social media analytics and growing importance of customer experience management are anticipated to hold several opportunities in the market.
Social Media Analytics Market Overview
Social media analytics is the capability to gather and find meaning in data gathered from social channels to support business decisions and compute the performance of actions considering those decisions through social media. Social media can benefit businesses by allowing marketers to spot trends in consumer behavior that are related to a business's industry and can influence the success of marketing efforts.
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Social Media Analytics Market: Strategic Insights
Market Size Value in US$ 7,007.84 Million in 2021 Market Size Value by US$ 26,295.33 Million by 2028 Growth rate CAGR of 21.5% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Social Media Analytics Market: Strategic Insights
| Market Size Value in | US$ 7,007.84 Million in 2021 |
| Market Size Value by | US$ 26,295.33 Million by 2028 |
| Growth rate | CAGR of 21.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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Social Media Analytics Market Drivers and Opportunities
Growing Importance of Social Media Platforms to Favor Market
The growing importance of social media platforms is indeed driving the market. Social networking platforms allow immediate contact with loved ones, overcoming distances and promoting stronger bonds. In today's fast-paced environment, retaining relationships and engaging in real-time exchanges is crucial. Social media facilitates the quick dissemination of information, making it easy to stay up to speed on news and current events. It offers a forum for exchanging differing viewpoints and accessing real-time information during crises or momentous international events. Social media analytics is broader than metrics such as likes, retweets, follows, previews, clicks, and impressions gathered from individual channels. Thus, the increasing importance of social media is driving the social media analytics market.
Rising Number of Social Media Users in Developing Nations.
The rising number of social media users in developing nations is anticipated to hold several opportunities in the coming years. As more social media users generate more data for posts, likes, shares, comments, and interactions. This large amount of data leads to the need for analytics. Moreover, social media analytics helps various companies to understand new audience preferences. As of 2024, there are 5.17 billion social media users worldwide, a 5.5% annual increase. Thus, the increasing number of social media users in developing nations is anticipated to hold several opportunities in the coming years.
Social Media Analytics Market Report Segmentation Analysis
Key segments that contributed to the derivation of the social media analytics market analysis are component, application, deployment, organization size, and vertical.
- Based on components, the social media analytics market is divided into solutions and services (professional services and managed services). The solutions segment is anticipated to hold a significant market share in the forecast period.
- Based on application, the social media analytics market is divided into customer experience management, competitive intelligence, sales & marketing management, and others. The customer experience management segment is anticipated to hold a significant market share in the forecast period.
- By deployment, the market is segmented into cloud and on-premise. The cloud segment is anticipated to hold a significant market share in the forecast period.
- By organization size, the market is segmented into large enterprises and SMEs. The large enterprises segment is anticipated to hold a significant market share in the forecast period.
- By vertical, the market is segmented into BFSI, IT & telecommunication, media & entertainment, retail & e-commerce, and others. The BFSI segment is anticipated to hold a significant market share in the forecast period.
Social Media Analytics Market Share Analysis by Geography
The geographic scope of the social media analytics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the social media analytics market. High technology adoption trends in various industries in the North American region have fuelled the growth of the social media analytics market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American social media analytics market growth. The growing importance of social media platforms and increasing demand for business intelligence. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of social media analytics market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth in the social media analytics market.
Social Media Analytics Market Report Scope
Social Media Analytics Market News and Recent Developments
The social media analytics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the social media analytics market are listed below:
- Social media has emerged as a critical channel for brands to engage with their audiences, and according to Muck Rack’s 2023 State of PR report, two of the top three platforms in communications strategies are Instagram (75%) and Twitter (72%). Muck Rack is thrilled to announce its partnership with the social media analytics tool Keyhole, which allows customers to include Keyhole's social listening platform as an add-on to a Muck Rack subscription. (Source: Muck Rack Company Website, November 2023)
- Concept BIU, India's Media Monitoring, PR Measurement, & Analytics front runner, launched a fast, high-end, holistic, and customizable social media analytics & intelligence service. This service arms corporate clients with accurate and timely social media updates, trends & on-ground intelligence at the click of a few buttons. (Source: Concept BIU Company Website, March 2022)
Social Media Analytics Market Report Coverage and Deliverables
The “Social Media Analytics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Social media analytics market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Social media analytics market trends, as well as market dynamics such as drivers, restraints, and key opportunities.
- Detailed PEST/Porter’s Five Forces and SWOT analysis.
- Social media analytics market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the social media analytics market.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Application, Deployment, Organization Size, and Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, UAE, UK, US
Frequently Asked Questions
The global social media analytics market is expected to reach US$ 42.90 billion by 2031.
The key players holding majority shares in the global social media analytics market are Cision Ltd, Hootsuite Inc., IBM Corporation, Meltwater NV, Oracle Corporation, Qualtrics International Inc., Salesforce.com Inc., Sprout Social, Inc., Talkwalker, Zoho Corporation Pvt Ltd.
The growing importance of customer experience management is anticipated to drive the market in the forecast period.
The growing importance of social media platforms and increasing demand for business intelligence are some of the factors driving the social media analytics market.
North America is anticipated to dominate the social media analytics market in 2023.
The expected CAGR of the social media analytics market is 22.7%.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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