SAN FRANCISCO, July 12, 2023 /PRNewswire/ -- The global social media analytics market size is expected to reach USD 43.25 billion by 2030, expanding at 27.1% CAGR from 2023 to 2030, according to a study conducted by Grand View Research, Inc. The market for social media analytics is expanding owing to the rising usage of social media platforms for online shopping, brand marketing, and eCommerce, as well as growing awareness of market trends and competition strength. The media and entertainment categories are anticipated to expand during the projection period. Companies in the media and entertainment industries are using social media analytics to gather social data, better understand customer needs, and create timely corporate growth plans.
Key Industry Insights & Findings from the report:
- The predictive analytics segment dominated the market with a revenue share of 35.9% in 2022. Predictive analytics are increasingly used to identify trends in social media data. It involves sophisticated tools and methods to convert social media data into meaningful insights.
- The North America region dominated the social media analytics industry with a revenue share of 33.0% in 2022. The growth is attributed to the region's maximum number of social media users. The growing adoption of social media analytics by organizations in this region, mainly the U.S., to enhance customer experience is responsible for the market expansion.
- The growing adoption of social media analytics by organizations propels the market growth. Businesses leverage social media analytics as it helps organizations understand targeted audiences, increase engagement and responsiveness, and detect problems and weaknesses to avoid a brand crisis and discover new trends.
- Adopting emerging technology in social media analytics, such as artificial intelligence and machine learning, helps focus on delivering better results and interacting with customers in the virtual world, which is expected to increase market demand in the upcoming years.
Read 115 page market research report, "Social Media Analytics Market Size, Share & Trends Analysis Report By Component (Software, Services), By Function (Sentiment Analysis), By Application, By Analytics Type, By Vertical, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Social Media Analytics Market Growth & Trends
With the proliferation of video content on social media platforms, video analytics are becoming more and more significant. Tools for social media analytics are being created to analyze video material to learn more about consumer behavior, monitor engagement rates, and improve video marketing tactics. Additionally, the market for social media analytics is seeing a rise in the usage of AI-powered analytics as companies need to analyze massive amounts of data quickly and correctly. Businesses may obtain insights into consumer behavior, spot patterns and trends in social media data, and make data-driven choices using AI-powered analytics solutions.
Social media analytics services increasingly employ advanced methods, including artificial intelligence (AI), machine learning, and natural language processing (NLP). These methods, which include sentiment analysis, topic modeling, social network analysis, and predictive analytics, allow for a deeper examination of social media data. Service providers use these advanced methods to give customers more precise and thorough information. For instance, in November 2021, Oracle unveiled new AI-powered features, and UX changes to its Analytics Cloud service as part of the Oracle Live virtual event series.
As competition in the BFSI sector has increased, boosting the banking sector's client base has become a critical competitive advantage. In contrast, the BFSI industry has begun utilizing social media marketing and is quickly moving towards digitalization to increase client retention and reach new consumers. Social networking sites like Twitter, Facebook, Google+, and LinkedIn have been utilized by prominent BFSI businesses in Europe, including Citigroup Inc., HSBC, Barclays Bank, and NatWest, to spur market expansion. Banks improve their customer service, marketing, product development, risk management, and overall company performance by gaining insight from the vast social media data. The availability of such data has provided banks with new options to use analytics to their advantage and enhance their operations.
Social Media Analytics Market Report Scope
Report Attribute | Details |
Market size value in 2023 | USD 8.07 billion |
Revenue forecast in 2030 | USD 43.25 billion |
Growth rate | CAGR of 27.1% from 2023 to 2030 |
Base year for estimation | 2022 |
Historical data | 2017 - 2021 |
Forecast period | 2023 - 2030 |
Social Media Analytics Market Segmentation
Grand View Research has segmented the global social media analytics market based on component, function, application, analytics type, verticals, and region.
Social Media Analytics Market - Components Outlook (Revenue, USD Million, 2017 - 2030)
- Software
- Services
Social Media Analytics Market - Function Outlook (Revenue, USD Million, 2017 - 2030)
- Sentiment Analysis
- Competitive Analysis
- Hashtag Analysis
- Dashboard & Visualization
- Others
Social Media Analytics Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
- Sales And Marketing Management
- Customer Experience Management
- Competitive Intelligence
- Risk Management And Fraud Detection
- Public Safety And Law Enforcement
- Others
Social Media Analytics Market - Type Outlook (Revenue, USD Million, 2017 - 2030)
- Predictive Analytics
- Prescriptive Analytics
- Diagnostic Analytic
- Descriptive Analytics
Social Media Analytics Market - Vertical Outlook (Revenue, USD Million, 2017 - 2030)
- BFSI
- IT And Telecommunications
- Retail And Consumer Goods
- Healthcare And Lifesciences
- Government And Public Sector
- Media And Entertainment
- Travel And Hospitality
- Others
Social Media Analytics Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Latin America
- Mexico
- Brazil
- Middle East and Africa
- Kingdom of Saudi Arabia (KSA)
- UAE
- South Africa
List of Key Players in the Social Media Analytics Market
- Adobe
- Brand24 Global, Inc
- GoodData Corporation
- Hootsuite Inc.
- IBM Corporation
- NetBase Quid, Inc.
- Oracle
- Salesforce, Inc.
- Sprinklr
- Sprout Social
- Synthesio
Check out more related studies published by Grand View Research:
- Edge Analytics Market - The global edge analytics market size is estimated to reach USD 40.71 billion by 2030, registering a CAGR of 25.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. Performing data analysis and processing on the edge devices themselves, robots can quickly respond to their environment without relying heavily on a centralized system. This approach offers real-time insights, reduced latency, improved security, and optimized bandwidth. With the rise of the Internet of Things and the increasing amount of data generated at the edge, edge analytics has gained significant attention. Many industrial organizations use the Internet of Things (IoT) to monitor manufacturing machinery, pipelines, and equipment.
- Data Analytics Market - The global data analytics market size is expected to reach USD 302.01 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 26.7% from 2023 to 2030. The data analytics industry is essential for improving business operations and reducing data loss. Moreover, it enables businesses to develop marketing strategies, accelerate corporate growth, and distinguish themselves from rivals while retaining procurement efficiency. These factors are expected to increase acceptance by numerous companies from various industries, propelling the data analytics market forward.
- Content Analytics Market - The global content analytics market is expected to reach USD 26.48 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 19.4% from 2022 to 2030. The market is being driven ahead by the expanding demand for digitization in the government sector, the growing adoption of advanced analytics, and the significant expansion of business content across various business verticals.
Browse through Grand View Research's Next Generation Technologies Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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