Social Media Analytics Global Market Report 2024

The social media analytics market encompasses the sales of social media analytics by entities (organizations, sole traders, and partnerships). It involves the ability to collect and interpret data from social channels to support business decisions and assess the performance of actions taken based on those decisions through social media. Key components of social media analytics include tracking conversations and measuring campaign effectiveness, with a focus on understanding how social activities influence business outcomes.

The primary types of components in social media analytics are software and services. Social media analytics software is designed to gather and interpret data from social channels to aid in business decision-making and analyze the performance of actions taken through social media. This software can be deployed through on-premise and cloud-based technologies, catering to both small and medium enterprises as well as large enterprises. The diverse applications of social media analytics include customer segmentation and targeting, competitor benchmarking, multichannel campaign management, customer behavioral analysis, and marketing management. These applications find use across various end-user industries such as banking and financial services, IT and telecommunications, retail, healthcare, government services, media and entertainment, utilities, transportation and logistics, and others.

The social media analytics research report is one of a series of new reports that provides social media analytics statistics, including social media analytics industry global market size, regional shares, competitors with social media analytics share, detailed social media analytics segments, market trends and opportunities, and any further data you may need to thrive in the social media analytics industry. This social media analytics research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The social media analytics market size has grown exponentially in recent years. It will grow from $11.11 billion in 2023 to $14.1 billion in 2024 at a compound annual growth rate (CAGR) of 26.9%. The growth observed in the historical period can be attributed to the proliferation of social media platforms, the rising level of user engagement, the business community's increasing adoption of social media, the evolution of marketing and advertising practices, the impact of user-generated content, and efforts related to regulatory compliance and risk mitigation.

The social media analytics market size is expected to see exponential growth in the next few years. It will grow to $38.65 billion in 2028 at a compound annual growth rate (CAGR) of 28.7%. The anticipated growth in the forecast period can be attributed to concerns about privacy and compliance, the increasing significance of video and visual content analytics, the implementation of employee advocacy programs, the utilization of social media analytics in political campaigns, and the incorporation of emotion and behavioral analytics. Key trends expected in the forecast period include cross-platform analytics, the integration of e-commerce, the adoption of geospatial and location-based analytics, the emergence of niche social platforms, and the prevalence of subscription-based analytics services.

The growth of the social media analytics market is being fueled by the increasing number of global social media users. The use of internet-enabled devices such as mobiles, laptops, and computers has witnessed a consistent rise, facilitating communication across international borders. Social networking platforms have played a crucial role in expanding networks, fostering new connections, advancing professional endeavors, recruiting talent, and identifying individuals with specialized skills. According to a 2021 report by Backlinko, a leading SEO training firm, the active global social media user count reached approximately 4.48 billion in 2021, marking a notable 13.13% increase from 3.69 billion in 2020. Consequently, the surge in social media users worldwide is anticipated to be a driving force behind the growth of the social media analytics market in the forecast period.

The anticipated growth of e-commerce and online shopping is poised to drive the social media analytics market forward. E-commerce, involving online buying and selling, and online shopping, specifically referring to consumer purchases through digital platforms, generate vast amounts of data. Social media analytics plays a pivotal role in leveraging this data for the benefit of businesses, offering insights for personalized marketing, analyzing product reviews, assessing influencer marketing campaign effectiveness, and enhancing customer support through prompt monitoring and responses. Notably, the first quarter of 2021 saw a significant 39.0% increase in U. S. e-commerce sales compared to the same period in 2020, as reported by the United States Department of Commerce. Thus, the growth of e-commerce and online shopping is a key driver for the social media analytics market.

A prominent trend in the social media analytics market is the influence of technological advancements, especially the integration of artificial intelligence (AI) in social media. AI has the potential to transform how brands market themselves on platforms like Facebook, Instagram, Twitter, and LinkedIn by automating various tasks associated with social media management. Facebook, for instance, is utilizing an AI tool named Deep Text to monitor and comprehend user-generated content, including comments and posts. This advanced technology aids in understanding language nuances and context, contributing to the monitoring of potentially hostile activities on the platform.

Major companies in the social media analytics market are adopting innovative solutions to maintain a competitive edge. This involves the development and application of advanced technologies that go beyond traditional data analysis, extracting valuable insights, patterns, and trends from social media platforms. This empowers businesses and organizations to make informed, data-driven decisions, enhance engagement, and gain a deeper understanding of their online audiences. In February 2022, Qualtrics, an experience management company, launched XM Discover, a suite designed to provide a comprehensive understanding of customer and employee sentiments by analyzing conversations across various platforms. Leveraging AI and machine learning, XM Discover processes structured and unstructured data from sources like social media posts, chat, and support conversations, facilitating improved experiences for customers, employees, brands, and products.

In December 2021, Comscore, a media measurement and analytics services provider, acquired Shareablee. This acquisition aims to bridge the gap between traditional digital and social measurement services by incorporating Shareablee's insights into Comscore's MMX and Video Metrix currencies. Shareablee, a social media analytics company, specializes in providing data-driven insights to enhance businesses' social media impact and presence.

Major companies operating in the in the social media analytics market report are International Business Machines Corporation, Google LLC, Oracle Corporation, SAS Institute Inc., Digimind, Hootsuite Inc., Talkwalker S. A., Oktopost Technologies Inc., Simplify360 Inc., Frrole Inc., Heuritech SAS, Salesforce Inc., Adobe Inc., Clarabridge Inc., Netbase Solutions Inc., Brandwatch Limited, Gooddata Corporation, Simply Measured Inc., Sysomos Inc., Sprout Social Inc., SAP SE, Unmetric Inc., Rival IQ Inc., Meltwater Us Holdings Inc., SpreadFast Inc., MetaQuotes Software Corp., Emplifi Inc. (Socialbakers), Sprinklr Inc., Synthesio Inc., Brand24 Inc., Qualtrics LLC, Cision Ltd., Zoho Corporation Pvt. Ltd.

North America was the largest region in the social media analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the social media analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the social media analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The social media analytics market includes revenues earned by entities by spotting trends related to offerings and brands and deriving customer sentiment towards products and services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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