Social Media Analytics Market by Offering (Solution and Services), Analytics Type, Business Function (Marketing, Sales and Lead Generation, Finance, Customer Service, Human Resource, Operations), Vertical and Region - Global Forecast to 2028
Social Media Analytics Market - Global
[341 Pages Report] The Social Media Analytics Market size as per revenue was surpassed $4.8 billion in 2023. Throughout the projection period, the social media analytics industry is poised to increase at a CAGR of 24.9% in between 2023 to 2028 to reach around $14.6 billion in 2028.
Social media analytics is being influenced by various players in the industry adopting advanced technologies. Social media analytics involves the process of collecting and analyzing data from various social networks to make informed business decisions. This process includes tracking, measuring, and evaluating social media metrics and data to understand audience engagement, sentiment, trends, and overall performance. The key elements of social media analytics include data collection, metrics and KPIs, audience analysis, competitor analysis, content optimization, campaign measurement, sentiment analysis, and real-time monitoring. Top companies dominating the social media analytics market include Oracle, Adobe, Salesforce, Inc., Digimind, SAS Institute Inc., Cision US Inc., and IBM. There are several advanced technologies used in social media analytics, such as data collection and storage, sentiment analysis, social network analysis, trend analysis, image and video analytics, analytics dashboards, and growth-driving and restraining techniques. These technologies enable companies to extract insights from social platforms to drive business value.
Technology Roadmap of Social Media Analytics till 2028
The Social Media Analytics Market report covers the technology roadmap till 2028, with insights into short-term, mid-term, and long-term developments.
Short-term roadmap (2023-2025)
- Investigate AR applications for social media analytics, offering innovative ways to analyze and enhance user interactions.
- Implement predictive analytics models to forecast emerging content trends, aiding in proactive content creation and strategy adjustment.
- Explore blockchain solutions to enhance data transparency, build trust, and ensure the authenticity of social media analytics data.
Mid-term roadmap (2025-2028)
- Upgrade natural language processing capabilities to better understand and interpret nuanced user sentiments, improving the accuracy of sentiment analysis.
- Implement state-of-the-art cybersecurity measures to safeguard social media analytics platforms from emerging threats and ensure data integrity.
Long-term roadmap (2029-2030)
- Introduce self-learning systems that continuously adapt and optimize based on evolving user behaviors, market dynamics, and emerging trends.
- Research and develop analytics models inspired by neuroscientific principles to enhance understanding of user behavior, preferences, and emotional responses.
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Social Media Analytics Market Growth Dynamics
Driver: Increased focus on the market and competitive intelligence
Global competition is affecting profit margins, and companies are seeking solutions to reduce their expenses. To outperform their competitors, companies need to integrate demographic, competitive, and business information with customer data. They focus on analyzing sales and various markets to identify gaps and meet customer demands. Advanced analytics is used to achieve market goals. Social media analytics analyzes unstructured social data to respond to dynamic market conditions and achieve high sales and operational profitability. Companies can retrieve customer sentiment information from social media platforms to strategize their marketing and sales activities. Social media analytics solutions have various applications, such as customer experience management, sales and marketing management, performance monitoring, and workforce management. They can help organizations gain a competitive edge by effectively analyzing the competition and customer behavior from social media platforms.
Restraint: Challenges and intricacies involved in the process of analyzing data
Analytical workflows involve several important steps, including data identification, parameter setting, defining business rules, data preparation, execution, data modeling, and visualization. Companies use various analytical methodologies, such as predictive, prescriptive, and descriptive analytics to extract maximum value from social media data. The data obtained from various social media sites is unstructured, and additional functionalities are required to structure and improve insights. This is because data is obtained in terms of comments, social listening, and opinion debates. Social media analytics is still in its early stages, and organizations are striving to create a single robust platform to extract, transform, load, evaluate, and analyze social media data. Analysts must integrate vast amounts of social media data from various social platforms and create efficient models to generate expected outcomes. Vendors must offer flexible options and straightforward workflows to reduce costs, attract SMEs, and encourage them to begin using social media platforms to make valuable insights from a business standpoint and increase the adoption of social media analytics.
Opportunity: Rising trends in cloud adoption
Cloud adoption has increased in recent times as vendors are delivering cloud computing solutions through Software-as-a-Service (SaaS). Business users are always on the lookout for effective yet economical solutions, and cloud computing makes it possible to outsource operational IT work to another company, who then takes on all the risks and burdens associated with it. According to industry experts and cloud vendors, cloud computing is expected to grow at an even higher rate in the coming years due to its range of features, such as flexibility, reliability, scalability, and low costs. Cloud deployment mode provides SaaS, Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS). Vendors are increasingly using the SaaS model to offer social media analytics solutions over the cloud. Although social media analytics is still in its nascent phase and is being adopted only by large enterprises currently due to the high costs involved, SMEs are also looking for cheaper options for social media analytics. Therefore, cloud adoption is expected to drive the growth of the social media analytics market.
Challenge: Lack of a single solution to manage the increasing unstructured data
The rise of social media analytics has led to an increase in unstructured data, making it challenging for organizations to analyze data related to images, videos, and audio content directly. This is because most social media platforms rely heavily on text data. While some platforms can provide useful information from metadata and comments associated with social media content, they cannot make complete sense of non-textual content, which is also an essential source of information. Nowadays, users are creating vlogs to share product reviews and real-life experiences. This means that the growing content on video-sharing sites like YouTube, photo-sharing sites like Instagram and Pinterest, and podcasts and data obtained from Facebook cannot be efficiently analyzed. Although major vendors offer social listening tools, these solutions are not robust enough to handle the increasing amount of unstructured data. Therefore, the lack of a single solution to manage the unstructured data is considered a challenge for the market.
Social Media Analytics Market Ecosystem
By vertical, travel & hospitality accounts for the largest market size during the forecast period.
Effective engagement with customers across various social media channels is crucial for brand engagement in the travel and hospitality industry. Hotels are actively managing multiple social platforms to address guest concerns on Twitter, respond to queries on Facebook Messenger, share captivating visuals on Instagram, or create unique filters on Snapchat, as part of their branding strategy. The service-oriented nature of this industry demands a proactive approach in leveraging social media tools to streamline content creation, facilitate posting on diverse platforms, engage in social listening, and integrate advanced analytics. Talkwalker has highlighted the dominance of airline brands, exemplified by Hong Kong Airlines, in the social conversation surrounding travel and hospitality. Their strategic focus on developing engaging content and expanding target audiences exemplifies how businesses in this industry can utilize social media tools to enhance their brand presence and resonate with their customer base.
Based on the business functions, customer services holds the highest CAGR during the forecast period.
Businesses are increasingly using social media analytics to improve their customer service and engage with their customers. This entails using social media platforms to respond to customer queries, provide support, and build stronger relationships. Companies such as Nike, Spotify, Wendy's, and Starbucks are great examples of organizations that harness the power of social media to interact with customers, resolve concerns, and offer timely solutions. Social media analytics allows businesses to identify problems and opportunities on social channels, gather and analyze data from social media platforms, and evaluate the effectiveness of their strategies on various business activities.
By deployment mode, the cloud accounts for the largest market size during the forecast period.
Social media analytics providers are increasingly using cloud-based solutions to leverage big data and improve their services. The convergence of social, mobile, analytics, and cloud (SMAC) technologies has brought a revolutionary change in the business landscape by providing new ways to reach and interact with customers. Social media platforms, such as Twitter, Facebook, and Instagram, have become valuable sources of data, enabling businesses to understand customer behavior and preferences. Mobile devices have facilitated the generation of vast amounts of data, while cloud computing has provided the infrastructure to efficiently store and analyze this data.
North America to account for the largest market size during the forecast period.
Social media analytics has a significant impact on North America by providing businesses with real-time insights into customer emotions, trends, and challenges. This enables timely decision-making, proactive consumer interaction, and efficient crisis management. The market is driven by the increasing importance of social media platforms, rising smartphone penetration, and the adoption of advanced technologies like natural language processing, artificial intelligence, machine learning, and augmented reality. The media and entertainment vertical is also benefiting from social media analytics as it helps them better understand how their content connects with viewers and make data-driven decisions. Due to the region's focus on real-time social media analytics and the need to comply with privacy rules like GDPR and CCPA, there is a growing demand for such services.
Social Media Analytics Companies
The top Social Media Analytics companies have implemented various types of organic and inorganic growth strategies, such as partnerships and agreements, new product launches, product upgrades, business expansions, and mergers and acquisitions to strengthen their offerings in the market. The major vendors in the global market for Social Media Analytics include IBM (US), Google (US), Oracle (US), Salesforce (US), Adobe (US), SAS (US), Qualtrics (US), Digimind (France), Talkwalker (Luxembourg), Hootsuite (Canada), GoodData (US), Meltwater (Norway), Khoros (US), Sprout Social (US), Cision (US), Dash Husdson (Canada), Brand24 (US), Sotrender (Poland), Rival IQ (US), Facelift (Germany), Emplifi (US), SocialPilot (US), Agorapulse (France), Keyhole (Denmark), Sendible (UK), Buffer (US), Hubspot (US), Databox (US), Tailwind (US), Semrush (US), Awario (US), Oktopost (Israel), Simplify360 (US), Frrole (India), Mavsocial (US), Heuritech (France), Mnemonic Ai (US), Konnect Insights (India), Lucidya (Saudi Arabia), and Catalytics Datum (India).
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Report Metrics |
Details |
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Market size available for years |
2019–2028 |
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Base year considered |
2022 |
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Forecast period |
2023–2028 |
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Forecast units |
USD Billion |
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Segments Covered |
Offering, Analytics Type, Business Functions, Verticals, and Region |
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Geographies covered |
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
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List of Social Media Analytics Companies |
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This research report categorizes the Social Media Analytics Market based on Offering, Analytics Type, Business Functions, Verticals, and Region.
By Offering:
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Solution
-
By Software Type
- Social Listening and Monitoring
- Social Media Marketing
- Social Media Advertising Software
- Social Media Management Software
- Others
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By Deployment Mode
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Cloud
- Public
- Private
- Hybrid
- On-Premises
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Cloud
-
By Software Type
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Services
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Professional Services
- Consulting Services
- Deployment And Integration
- Support And Maintenance
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Professional Services
- Managed Services
By Security Type:
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Diagnostic Analytics
By Business Function:
- Marketing
- Sales and Lead Generation
- Finance
- Operation
- Human Resources
- Customer Service
By Vertical:
- BFSI
- Retail & eCommerce
- Government & Defense
- Travel And Hospitality
- Healthcare & Life Sciences
- Media & Entertainment
- Telecommunications
- Energy & Utilities
- Education
- Other Verticals
By Region:
-
North America
- US
- Canada
-
Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
-
Asia Pacific
- China
- Japan
- India
- South Korea
- ANZ
- Rest of Asia Pacific
-
Middle East & Africa
- UAE
- Kingdom of Saudi Arabia
- Qatar
- Turkey
- South Africa
- Rest of the Middle East & Africa
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Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
Recent Developments in Social Media Analytics Industry:
- IBM partnered with American Tower to deploy a hybrid multi-cloud computing platform at the edge for enhanced innovation and customer experience.
- Agorapulse recently added Google Analytics 4 (GA4) to its Social Media ROI dashboard. This integration helps businesses measure how social media affects sales, leads, and traffic more accurately. Users can track customer engagement across multiple devices with ease and make data-driven decisions with precision.
- Oracle has expanded its cloud CX ecosystem by integrating with Sprinklr. This integration will help marketers to keep engaged on social media channels and enhance the customer experience.
- Sprout Social and X have extended their strategic partnership, enabling Sprout customers to implement a comprehensive social strategy that incorporates advanced listening, analytics, and reporting capabilities at a larger scale.
- Khoros and Talkwalker have partnered to offer brands a comprehensive social media management and intelligence experience. This partnership enables brands to stay responsive and adaptable to market trends.
Frequently Asked Questions (FAQ):
What is Social Media Analytics?
What is the future of Social Media Analytics Industry?
What is the Social Media Analytics Market Growth?
Which regions will offer the most promising opportunities on the basis of social media analytics market size?
Which are the Social Media Analytics Companies? What strategies are they adopting to stay ahead of competition?
Which are the major drivers for Social Media Analytics Market Growth?
What are the key opportunities in the Social Media Analytics Market?
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The research study for the Social Media Analytics Market involved the use of extensive secondary sources and directories, as well as various reputed open-source databases, to identify and collect information useful for this technical and market-oriented study. In-depth interviews were conducted with various primary respondents, including key opinion leaders, subject matter experts, high-level executives of multiple companies providing Social Media Analytics offerings, and industry consultants to obtain and verify critical qualitative and quantitative information and assess the market prospects and industry trends.
Secondary Research
In the secondary research process, various sources were referred to for identifying and collecting information for this study. Secondary sources included annual reports, press releases, and investor presentations of companies; white papers, journals, and certified publications; and articles from recognized authors, directories, and databases. The data was also collected from other secondary sources, such as the Data Science Journal, Institute of Electrical and Electronics Engineers (IEEE) Journals and magazines, and other magazines. Secondary research was mainly used to obtain key information about the industry’s value chain and supply chain to identify key players based on solutions, services, and market classification and segmentation according to offerings of major players, industry trends related to the offering, analytics type, business functions, verticals, and region, and key developments from both market and technology-oriented perspectives.
Primary Research
In the primary research process, various primary sources from the supply and demand sides of the Social Media Analytics market ecosystem were interviewed to obtain qualitative and quantitative information for this study. The primary sources from the supply side included industry experts, such as chief executive officers (CEOs), vice presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various vendors providing Social Media Analytics offerings; associated service providers; and system integrators operating in the targeted regions. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
After the complete market engineering (including calculations for market statistics, market breakup, market size estimations, market forecast, and data triangulation), extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. Primary research was also undertaken to identify and validate the segmentation types; industry trends; key players; the market's competitive landscape, and key market dynamics, such as drivers, restraints, opportunities, challenges, industry trends, and key strategies.
In the complete market engineering process, the top-down and bottom-up approaches and several data triangulation methods were extensively used to perform the market estimation and market forecast for the overall market segments and subsegments listed in this report. Extensive qualitative and quantitative analysis was performed on the complete market engineering process to record the critical information/insights throughout the report.
The following is the breakup of primary profiles:
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Market Size Estimation
For making market estimates and forecasting the Social Media Analytics market and the other dependent submarkets, top-down and bottom-up approaches were used. The bottom-up procedure was used to arrive at the overall market size of the global Social Media Analytics market, using the revenue from the key companies and their offerings in the market. With data triangulation and validation through primary interviews, this study determined and confirmed the exact value of the overall parent market size. The overall market size was then used in the top-down procedure to estimate the size of other individual markets via percentage splits of the market segments.
The top-down approach prepared an exhaustive list of all the vendors offering Social Media Analytics. The revenue contribution of the market vendors was estimated through annual reports, press releases, funding, investor presentations, paid databases, and primary interviews. Each vendor’s offerings were evaluated based on the breadth of solution and service offerings, analytics types, business functions, and verticals. The aggregate of all the companies' revenues was extrapolated to reach the overall market size. Each subsegment was studied and analyzed for its global market size and regional penetration. The markets were triangulated through both primary and secondary research. The primary procedure included extensive interviews for key insights from industry leaders, such as CIOs, CEOs, VPs, directors, and marketing executives. The market numbers were further triangulated with the existing MarketsandMarkets repository for validation.
In the bottom-up approach, the adoption rate of Social Media Analytics hardware, solutions, and services among different end-users in key countries with respect to their regions contributing the most to the market share was identified. For cross-validation, the adoption of Social Media Analytics hardware, solutions, and services among industries, along with different use cases with respect to their regions, was identified and extrapolated. Weightage was given to use cases identified in different regions for the market size calculation.
All the possible parameters that affect the market covered in the research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The data is consolidated and added with detailed inputs and analysis from MarketsandMarkets.
- The pricing trend is assumed to vary over time.
- All the forecasts are made with the standard assumption that the accepted currency is USD.
- For the conversion of various currencies to USD, average historical exchange rates are used according to the year specified. For all the historical and current exchange rates required for calculations and currency conversions, the US Internal Revenue Service’s website is used.
- All the forecasts are made under the standard assumption that the globally accepted currency, USD, remains constant during the next five years.
- Vendor-side analysis: The market size estimates of associated solutions and services are factored in from the vendor side by assuming an average of licensing and subscription-based models of leading and innovative vendors.
- Demand/end-user analysis: End users operating in verticals across regions are analyzed in terms of market spending on Social Media Analytics solutions and services based on some of the key use cases. These factors for the Social Media Analytics tool industry per region are separately analyzed, and the average spending was extrapolated with an approximation based on assumed weightage. This factor is derived by averaging various market influencers, including recent developments, regulations, mergers and acquisitions, enterprise/SME adoption, startup ecosystem, IT spending, technology propensity and maturity, use cases, and the estimated number of organizations per region.
Market Size Estimation: Top Down And Bottom Up Approach
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Data Triangulation
After arriving at the overall market size using the market size estimation processes as explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakup procedures were employed, wherever applicable. The overall market size was then used in the top-down procedure to estimate the size of other individual markets via percentage splits of the market segmentation.
Market Definition
According to IBM, social media analytics is the ability to gather and find meaning in data gathered from social channels to support business decisions — and measure the performance of actions based on those decisions through social media.
Social media analytics is mainly concerned with developing and evaluating informatics tools and frameworks through a set of analytical tools, which enable end users to listen, monitor, analyze, and generate insights using data collected from blogs and social media websites. The tools also incorporate advanced analytic techniques, such as predictive, prescriptive, descriptive, and diagnostic, to enable data collection, analysis, and interpretation across social media platforms. It is useful in understanding customers influenced by economic, social, or political happenings.
Key Stakeholders
- Social Media Analytics Vendors
- Research organizations
- Network and system integrators
- Managed Service Providers (MSPs)
- Business Intelligence (BI) solution providers
- Marketing analytics executives
- Third-party service providers
- Technology providers
Report Objectives
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To describe and forecast the social media analytics market, in terms of value,
by offering, analytics type, business function, and vertical -
To describe and forecast the market, in terms of value,
by region—North America, Europe, Asia Pacific, Middle East & Africa and Latin America - To provide detailed information regarding major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contribution to the overall social media analytics market
- To profile key players and comprehensively analyze their market positions in terms of ranking and core competencies2, along with detailing the competitive landscape for market leaders
- To analyze competitive developments such as joint ventures, mergers and acquisitions, product developments, and ongoing research and development (R&D) in the social media analytics market
- To provide the illustrative segmentation, analysis, and projection of the main regional markets
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
Product Analysis
- Product matrix provides a detailed comparison of the product portfolio of each company
Geographic Analysis
- Further breakup of the North American market for Social Media Analytics
- Further breakup of the European market for Social Media Analytics
- Further breakup of the Asia Pacific market for Social Media Analytics
- Further breakup of the Latin American market for Social Media Analytics
- Further breakup of the Middle East & Africa market for Social Media Analytics
Company Information
- Detailed analysis and profiling of additional market players (up to five)
Generating Response ...
Growth opportunities and latent adjacency in Social Media Analytics Market