“Final Report will add the analysis of the impact of COVID-19 on industry.”
A comprehensive market research report has recently analyzed the worldwide “Social Media Analytics Market” industry, employing segmentation based on Geographical Regions, Country, Company, Types, and Applications. Within the Beauty and Personal Care Packaging sector, numerous prominent Key Players[Sprout Social Inc., IBM Corporation, Netbase Solutions Inc., SAS Institute Inc., Salesforce.com Inc., Clarabridge Inc., Oracle Corporation, GoodData Corporation, Adobe Systems Inc., Crimson Hexagon Inc., Konnect Insights, Mnemonic AI, Socialbakers, Hootsuite, BRAND24, Meltwater, Quintly, Simplify360, Cision Ltd], have emerged as leaders by implementing diverse strategies aimed at extending their market presence and strengthening their industry position. This report furnishes valuable insights to stakeholders and participants operating in the global market, equipping them with a competitive edge and offering a robust resource to fulfill their business needs effectively.
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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments’ success, ICT vendors now annually set aside funding for the growth of the online market.Global ICT exports are anticipated to increase 3.9% on average year fromUS$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by228.2%year over year, while Sierra Leone has decreased by 61.7% year over year.
By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million.The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021,Germany came in first place with US$ 339,074 million.Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by16.5% year over year, while Italy ha s decreased by 0.2%.
Social Media Analytics Market to Grow at a CAGR of over 23% over Next Five Years
The social media analytics market is growing at a high CAGR due to the surging number of social media users on account of increasing penetration of smartphones and rising internet accessibility along with a rising focus towards enhancing customer experience and boosting brand awareness
A recent study conducted by the strategic consulting and market research firm,Report Ocean, revealed that the social media analytics market was worth USD 3.9 billion in the year 2021. The market is anticipated to grow at a CAGR of 23.40%, with revenues reaching USD 17.1 billion by 2028. The social media analytics market is growing at a high rate owing to the factors like the surging number of social media users due to increasing penetration of smartphones and rising internet accessibility. Furthermore, the rising focus on enhancing customer experience and boosting brand awareness and user engagement is also providing lucrative growth opportunities to the market. However, the lack of standards and regulations for social data mining may act as a huge restraining factor for the market growth.
Rising Application of Social Media Analytics in Sales and Marketing Management is Driving the Market Growth
Based on application, the social media analytics market is segmented into sales and marketing management, customer experience management, public safety and law enforcement, competitive intelligence, risk management, and fraud detection, and others. The sales and marketing management accounts for the largest market share. These tools help the businesses boost brand awareness among their target consumers along with increasing traffic to websites and sales. Social media analytics uses data to drive engagement, which proves favorable in driving the growth of the business.
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Increasing Cloud Deployment Model is Propelling the Social Media Analytics Market
Based on the deployment model, the social media analytics market is segmented into on-premises and cloud. The cloud-based segment holds the largest market share owing to its cost-effectiveness along with better opportunities for scalability. This kind of deployment allows the companies to add or remove different types of social media analytics tools based on their requirement and financial capacity. Furthermore, cloud deployment is also beneficial for reducing data redundancy along with keeping the cost minimal, which is acting as a major driving factor for its market growth.
Social Media Analytics Market – By End-User
Based on end-user, the social media analytics market is segmented into banking, financial services, insurance, telecommunications and IT, retail and e-commerce, healthcare and life sciences, government and defense, media and entertainment, travel and hospitality, and others. The e-commerce sector holds the largest market share and it is increasingly being used to perform various tasks including lead generation, tracking consumer behavior, predicting market trends, and stocking goods accordingly, etc., which can prove very helpful in boosting the business revenue.
Social Media Analytics Market – Regional Insights
Geographically, the social media analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the social media analytics market, followed by Europe. However, the Asia-Pacific region is projected to witness the highest growth rate during the forecast period. The increasing penetration of social media and its usage in Asian countries such as China, India, South Korea, etc., is offering promising growth opportunities to the market. India is among the leading markets for Instagram with a total of 210 million user base. Facebook is also dominating the market with around 410 million users in the country, according to official data.
Impact of COVID-19 on Social Media Analytics Market
The social media analytics market registered significant growth after the COVID-19 pandemic outbreak. The adoption of social media analytics solutions and services spiked during the quarantine period due to the restrictions on the business and the unpredictability of the market. These tools helped the businesses track consumer behavior and trends to get insights and extract new market opportunities. Furthermore, the rising number of social media users and increasing usage of these platforms post the pandemic is anticipated to present lucrative growth opportunities to the market in the forecast period.
Competitive Landscape
The leading market players of the social media analytics market are Sprout Social Inc., IBM Corporation, Netbase Solutions Inc., SAS Institute Inc., Salesforce.com Inc., Clarabridge Inc., Oracle Corporation, GoodData Corporation, Adobe Systems Inc., Crimson Hexagon Inc., Konnect Insights, Mnemonic AI, Socialbakers, Hootsuite, BRAND24, Meltwater, Quintly, Simplify360, Cision Ltd., and other prominent players.
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The social media analytics market is highly competitive with the presence of several established global as well as regional players. The companies often launch new products to advance their analytical tools and diversify their product portfolio to grab a larger share in the market. They offer suites that target both larger enterprises as well as SMEs. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
Market Segment-
By Component(Solution, Services)
By Analytics Type(Predictive Analytics, Prescriptive Analytics, Diagnostic Analytics, Descriptive Analytics),By Application(Sales And Marketing Management, Customer Experience Management, Public Safety And Law Enforcement, Competitive Intelligence, Risk Management And Fraud Detection, Others)
By Deployment Mode(On-Premises, Cloud)
By End-User(Banking, Financial Services, And Insurance, Telecommunications And It, Retail And E-Commerce, Healthcare And Life Sciences, Government And Defense, Media And Entertainment, Travel And Hospitality, Others)
By Region(North America, Europe, Asia-Pacific (Apac), Latin America (Latam), Middle-East & Africa (Mea)
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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