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(IT-NEWSWIRE.COM, May 04, 2023 ) According to MarketsandMarkets, the global Social Media Analytics Market size projected to grow from USD 3.2 billion in 2021 to 9.3 USD billion in 2026, at a Compound Annual Growth Rate (CAGR) of 24.0% during the forecast period.
The major factors driving the growth of the social media analytics are the rising number of social media user, increased focus on the market and competitive intelligence, rising need for social media measurement to enhance the customer experience.
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Based on the Component, solution segment to account for a larger market size during the forecast period
The social media analytics market has been segmented by two components: solution and services. The deployment of social media analytics has witnessed an increase in adoption, as serves a variety of purposes, such as competitive intelligence and customer experience management. The growing adoption of social media analytics across all major verticals, such as BFSI, telecom and IT, retail and e-commerce, health care and life science, government and defense, media and entertainment, travel and hospitality and other (research and education, transportation and logistics, and energy and utilities) industry vertical.
Based on deployment mode, cloud segment is expected to grow at a higher CAGR during the forecast period
Most of the social media analytics market demand cloud-based solution as it is cost-effective and easily scalable. It is also easy to maintain and manage data. Its low cost of Operating Expenditures (OPEX) helps users pay per usage and invest more time and energy in concentrating on core business goals. In the cloud deployment model, the social media analytics solution is offered as SaaS, and all the social media analytics workloads are cloud-based. IT infrastructure requirements of the customer, data redundancies, data availability, virtual private network setup (related to customer IT teams), setting security protocols and audits, configuration, and maintenance and updates are handled by the social media analytics solution vendors. End-users have shown high interest in cloud-based solutions, owing to low operational expenses, easy deployment, scalability, flexibility, and easy collaboration.
Based on application, risk management and fraud detection segment is expected to grow at a higher CAGR during the forecast period
The social media analytics market has been segmented by application into sales and marketing management, customer experience management, competitive intelligence, risk management and fraud detection, public safety and law enforcement, others (workforce management and compliance management) Among application, risk management and fraud detection to account for the largest market during the forecast period as risk management and fraud detection application include identifying location-based risks, identifying and mitigating reputational risks, determining risk exposures, and identifying and responding to disasters. The use of social media monitoring for risk management helps significantly with decision making. Risk managers can use social media monitoring to tap into different global markets and see the sentiment around the industry in each geographical location. Governments and private companies can also monitor social media to evaluate the risks and see what people are saying about supply chains, top leaders, or events on social media.
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Based on analytics, descriptive analytics segment is expected to grow at a higher CAGR during the forecast period
The social media analytics market has been segmented by analytics type into predictive analytics, prescriptive analytics, descriptive analytics and diagnostic analytics, descriptive analytics to grow at a higher CAGR during the forecast period. Descriptive analytics is characterized by analyzing past events and behaviors to generate powerful insights that are instrumental to the enterprise for future use
Based on vertical, the healthcare and life science segment is expected to grow at a higher CAGR during the forecast period
Social media analytics are gaining acceptance among all verticals to improve profitability and reduce overall costs. The major verticals adopting social media analytics solutions are BFSI, telecom and IT, retail and e-commerce, health care and life science, government and defense, media and entertainment, travel and hospitality and other (research and education, transportation and logistics, and energy and utilities) industry vertical. Healthcare and life science, by vertical segment, is expected to grow at a higher CAGR during the forecast period
Based on organization size, large enterprises segment to hold the largest market size during the forecast period
The traction of social media analytics tools in large enterprises is expected to be high due to the affordability and high economies of scale that enable organizations to leverage the benefits of social media analytics tools.
North America to hold the largest market size during the forecast period
North America is estimated to account for the largest market share during the forecast period. In North America, sales and marketing management and competitive intelligence are considered highly effective by most organizations and verticals. On the other hand, Europe is gradually incorporating these advanced solutions within its enterprises. APAC is witnessing a substantial rise in the adoption of social media analytics owing to the increasing digitalization and rising demand for centrally managed systems.
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Major Social Media Analytics vendors include IBM (US), Google (US), Oracle (US), Salesforce (US), Adobe (US), SAS (US), Clarabridge (US), NetbaseQuid (US), Digimind (France), Talkwalker (Luxembourg), Hootsuite (Canada), GoodData (US), Meltwater (US), Khoros (US), SproutSocial (US), CISION (US), BRAND24 (US), Storender (Uk), RivalIQ (US), Quintly (Germany), Socialbakers (Czech Republic), Awario (Belarus), Oktopost (Israel), Simplify360 (India), Frrole (US), Mavsocial (US), Heuritech (France), Mnemonic AI (US), Konnect Insights (India). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2019 to 2021, which helped companies innovate their offerings and broaden their customer base.
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Content Source: https://www.marketsandmarkets.com/PressReleases/social-media-analytics.asp
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