The social media analytics market size is set to grow by USD 7,260.33 million from 2022 to 2027, progressing at a CAGR of 23.29% during the forecast period. Discover Application Software industry potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports.Â
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GLOThe social media analytics market size is set to grow by USD 7,260.33 million from 2022 to 2027, progressing at a CAGR of 23.29% during the forecast period. Discover Application Software industry potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports.
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Company Landscape
The social media analytics market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. Some vendors who are experts in the process industry are trying to increase their presence and market share by horizontally integrating with system integrators. End-users in discrete industries rely on their experiences from past purchases, based on which they maintain future relationships with vendors. This enables global and established RPA vendors to dominate the local and regional vendors in terms of quality, durability, reliability, and technological innovations. Hence, the competition among the vendors in the global RPA market is expected to intensify during the forecast period.
- Agorapulse SAS: The company offers social media analytics such as social media reports, sentiment analysis, third-party cookies, and engagement analysis.
- Adobe Inc: The company offers social media analytics such as Adobe campaigns, adobe audience manager, adobe experience manager, and customer acquisition.
- Digimind: The company offers social media analytics such as Cision’s social media listening and monitoring and analyses.
Social Media Analytics Market – Market Segmentation
The market share growth by the sales and marketing management segment will be significant during the forecast period. Consumer reviews and feedback help in sales and marketing management. The analytics tools offer meaningful insights into the marketing techniques adopted by end users. Organizations leverage the information available on the Internet to improve their sales and marketing strategies. Thus, SMA helps companies to boost sales by streamlining their marketing techniques. Hence, such factors are expected to drive the growth of the segment during the forecast period.
Social Media Analytics Market – Regional Market Outlook
North America is estimated to account for 40% of the market growth during the forecast period. Some of the key countries where there is significant adoption of social media in North America include the US and Canada. The rise in the use of social media has incentivized companies to provide advanced SMA solutions to enterprises. Additionally, several market players in these regions are forming strategic partnerships to improve their product offerings and expand their geographic presence. Hence, such factors are expected to drive market growth in the region during the forecast period.
Major Driver
The increasing use of social media analytics to enhance brand loyalty drives market growth during the forecast period. Various promotions on different social media platforms significantly contribute to brand loyalty. Additionally, these analytics tools enable direct communication between brands and customers, fuelling customer interaction and offering insights into consumer behavior. Furthermore, as per research, many customers look for product information, reviews, and suggestions through social media platforms which influences their buying decision. Hence, such factors are expected to drive market growth during the forecast period.
Major Trend
Increasing demand for online security is a primary trend influencing the social media analytics market. Social media sites store sensitive personal information that is prone to data security breaches. So, online security is a concern for both users and major corporations. However, Snapchat is a popular online photo-sharing service because of its safe and private conversations. For instance, in 2015, Ashley Madison, which is a discrete dating website, was hacked by a hacker group called The Impact Team that condemned the morals of the company and demanded the shutdown of the site. Since the company did not comply, the hackers released the private information of more than 30 million users. Thus, data leaks have increased the demand for online security. Hence, social media analytics helps social media platforms in performing a close analysis of the data. Hence, such factors are expected to drive market growth during the forecast period.
Significant Challenge
Deciphering unstructured data is a significant challenge impeding the social media analytics market. Social media analytical tools help users analyze and monitor the popularity of their web pages by processing vast amounts of unstructured data. Organizations in several industries carry out research and invest in tools, such as social media analytics, to extract meaning from this data and drive strategic business decisions. As a result of the growing adoption of the Internet and social media sites, there has been an explosion of companies trying to mine value from the overwhelming amount of data present on these social media sites in the form of posts, emails, /images, product reviews, and others. Hence, such factors may have a negative impact on the market which in turn hinders the market growth during the forecast period.
Source: Technavio
