Social Media Analytics Market
Social Media Analytics Market (Components - Software (On-premise based and Cloud Based) and Services (Professional Services and Support & Maintenance); End-use Industry - BFSI, Retail, Telecommunication & IT, Transportation & Logistics, and Media & Entertainment) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025
Global Social Media Analytics Market: Snapshot
The global social media analytics market is anticipated to display stellar growth in the upcoming years. Growing popularity of different social media platforms such as Snap Chat, Twitter, Facebook, We Chat, and LinkedIn that generates massive volume of data is arousing the interest of businesses to use this data for business gains.
Social media analytics involves analyzing data collected from different social media platforms to make strategic business decisions. Social media analytics allow businesses to understand consumer sentiments, purchasing behavior, and emotions for a particular product or service.
The rise in social media usage among a large chunk of the populace across the globe is increasing the growth rate of the global social media analytics market substantially.
- The growing usage of smartphones and the influence of technology are serving as prominent growth factors affecting the growth of the social media analytics market. Technological advancements are further paving way for social media analytics tools to serve numerous small and medium organizations across the world.
- Currently, the consumer is mostly accessible to social media due to the increasing popularity of social media platforms like Facebook and Instagram. Hence, this aspect may serve as a prominent growth generator for the social media analytics market.
- There are 3.81 bn active social media users across the globe. The active social media base has increased by 9.2 percent from what it was in the year 2019. Thus, these aspects prove to be fruitful for the social media analytics market and help them expand their growth prospects.
- The influence of targeted marketing has increased exponentially over the years. The locations, demographics, and end-device information of the consumers are provided to various businesses through which they get an idea of the current consumer base, their interests, and other trends. Thus, this factor helps the businesses to market their product accordingly.
- The advent of the novel coronavirus pandemic led to the enforcement of strict stay-at-home orders. Eventually, this aspect led to an increase in social media usage as well as users. Hence, it benefitted the social media analytics market to a certain extent.
- A wide social media user base in Asia Pacific may serve as a significant growth generator for the social media analytics market. Densely populated countries like India have a massive number of active social media users, eventually increasing the growth rate of Asia Pacific’s social media analytics market.
Ubiquity of smartphones that are equipped with mobile data has increased the use of social media platforms manifold. Consumers use social media platform for communication, announcements, opinions that businesses are leveraging to their advantage.
As per a new report by Transparency Market Research (TMR), the global social media analytics market is predicted to clock a CAGR of 15.4% between 2017 and 2025, for the market to be worth US$7.8 bn by 2025. The market stood at a valuation of US$2.1 bn in 2016.
Cloud-based Software Component Segment Contributes Maximum Market Share
The social media analytics market is classified in terms of component, end-use, and geography. By component, the social media analytics market is segregated into software and services. The software segment is further divided into cloud based and on-premise. Cloud based software segment holds a larger revenue share in the social media analytics market due to its low cost and ease of deployment. The services segment is sub-segmented into professional services, support and maintenance services, and others (education services and research services). Software component segment holds larger share in the social media analytics market due to the increasing adoption of social media analytics software by businesses to analyze consumer generated social media data.
By end-use, the social media analytics market is segregated into BFSI, telecommunication & IT, retail, transportation and logistics, media and entertainment, and others (healthcare and education). Among them, BFSI end-use segment is predicted to hold the leading share owing to early adoption of social media analytics solutions to leverage consumer generate social media data. BFSI accounts for high adoption of social media analytics solutions in order to analyze customer feedback, analyze competition, identify business prospects, and for comprehensive understanding of the market. However, retail segment is anticipated to surpass other segments in terms of growth rate between 2017 and 2025.
Home to Key Industry Players Makes North America Dominant
Geography-wise, the social media analytics market is studied across North America, Asia Pacific, Europe, Middle East and Africa, and South America. Of them, North America is the leading contributor to the worldwide social media analytics market. The region being home to several key industry players along with rising number of startups offering social media analytics solutions account for large share of North America social media analytics market. Furthermore, the region being home to several social media platforms such as Facebook and Twitter attracts small-sized technology companies to provide social media analytics solutions.
Asia Pacific is the second-leading revenue contributor to global social media analytics market. Massive user base of social media channels such as Facebook and Twitter in countries such as India accounts for widespread demand of social media analytics solutions from businesses.
Key players operating in the global social media analytics market include Brandwatch, Simply Measured Inc., Crimson Hexagon, Oracle Corporation, Talkwalker Inc., Adobe Systems Incorporated, NetBase Solutions Inc., Clarabridge, IBM Corporation, and Sysomos.
Global Social Media Analytics Market: Overview
The report provides an in-depth analysis of the global social media analytics market for the period 2017 – 2025, wherein 2016 is the base year, data for the year 2015 is considered as historical information and the years from 2015 to 2025 is the forecast period. The report also provides compound annual growth rate (CAGR %) from 2017 to 2025 for all the segments in the scope of study. The report covers key trends prevailing in the global social media analytics market over the forecast period. The report also describes various factors impacting the global social media analytics market growth during the forecast period including market drivers, restraints, and opportunities.
Global Social Media Analytics Market: Scope of the Study
The study provides a holistic perspective on global social media analytics market growth in terms of revenue estimates (in US$ Mn) globally. The market estimates have been analyzed by taking into account the impact of various economic, political, technological, social, and legal and the existing market dynamics influencing market growth. The report would also include executive summary, providing the overview of the global social media analytics market. The report provides industry development and key market indicators for the global social media analytics market. Furthermore, report provides market attractiveness analysis, for each segment based on their CAGR and market share. The report also provides porter’s five forces analysis about the industry competition, market dynamics and the most profitable segments in the market.
Global Social Media Analytics Market: Key Segments
This research study on the global social media analytics market provides a detailed cross segment and cross country analysis based on the different segments including components and end-use industry. Based on the components, the market is segmented into software, and services. The software segment is further bifurcated into on-premise based and cloud based software. Furthermore, the services segment is bifurcated into professional services and support & maintenance, and others. Others include education services and research services. Additionally, by end-use industry, the social media analytics market is segmented into BFSI, retail, telecommunication & IT, transportation & logistics, media & entertainment, others. Others includes healthcare, and education. The report also covers profiles of major players, their growth strategies and focuses on the recent developments under the competition matrix section and includes market positioning analysis of key players operating in the social media analytics market.
The competition matrix for key players in the global social media analytics market notes their capabilities and growth potential and also benchmarks the key companies in the global social media analytics market on the basis of top line growth, market share, segment growth, infrastructure capabilities, market position, product offerings, R&D focus and future outlook.
Global Social Media Analytics Market: Competitive Landscape
Under the company profiles section, the report also includes an overview of the players operating in the market, the annual revenue generated by them in the past two or three years, SWOT analysis, regional breakdown and their relevant business segment revenue. The report also contains market share analysis of the key players in the social media analytics market for the year 2016 based on their revenues generated for the same year.
The key players profiled in this report include – Brandwatch, Adobe Systems Incorporated, Simply Measured, Inc., NetBase Solutions, Inc., Crimson Hexagon, Clarabridge, Oracle Corporation, IBM Corporation, Talkwalker Inc., and Sysomos.
The global Social media analytics market has been segmented as follows: