Social Media Analytics Market Outlook - 2022
Social Media Analytics Market size was valued at $1,269 million, and is expected to reach $9,383 million by 2022, supported by a CAGR of 29.2%. The exceptional evolution from business intelligence (BI) techniques to advanced analytics techniques and the massive upsurge in the number of social media users have elevated the adoption of social media analytics across the globe. Furthermore, increased expenditure on analytics and growth in focus on competitive intelligence are the factors that support the overall social media analytics market growth. Apart from this, increase in rate of adoption in SMEs and increased cloud adoption depict major growth opportunities for the market.
The global social media analytics market involves the study of various applications such as customer segmentation & targeting, competitor benchmarking, multichannel campaign management, customer behavioral analysis, and others (customer behavioral analysis and marketing management). There is a growth in need for customer segmentation and targeting, among both large enterprises and SMEs for the purpose of building marketing strategies and brand planning.
The report focuses on the growth prospects and restraints of the market based on the analysis of regional trends. The study provides Porter’s Five Forces analysis of the market to understand the impact of factors such suppliers, competitors, new entrants, substitutes, and buyers on the growth of the social media analytics market.
Some of the significant players in the social media analytics market that are profiled in the report include Oracle Corporation, Adobe Systems, Inc., IBM Corporation, SAP SE, Netbase Solutions, Inc., Hootsuite Media, Inc., Tableau Software, Crimson Hexagon, SAS Institute, and Salesforce.com Inc.
The social media analytics market is segmented into application, end user, and geography. In application segment, customer behavioral analysis dominated the global social media analytics market size in terms of revenue generation. Further, based on the end users, retail was the leading sub-segment among others.
Geographically, North America generated the highest revenue in 2014 and is projected to maintain its dominance throughout the forecast
Number of Active Social Media Users Around the World
Top Impacting Factors
According to the current and the future scenarios of the various factors impacting the global social media analytics industry, increase in number of social media users and complexities in analytical workflow are projected to have a positive influence on the market during the forecast period. In addition, high rate of adoption in SMEs and increase in cloud adoption are expected to boost the market growth. However, lack of skilled expertise is expected to decrease during the forecast period.
Increasing Number of Social Media Users
The increase in the number of social media users majorly drives the market and is expected to remain so during the forecast period. This enables the social media analytics companies to gain better customer data and enhance customer behavioral analysis.
Complexities in Analytical Workflow
Social media analytics companies face discrepancies in analytical workflow owing to high implementation efforts and requirement of significant technical expertise. Furthermore, data analysis and customization is highly complex and time-consuming. This is a major hindrance that impedes the growth of the overall social media analytics market.
High Rate of Adoption in SMEs
Small businesses increasingly adopt social media analytics owing to the availability of specifically designed cheaper tools. In addition, the growth in awareness of analytics for competitive advantage and better efficiency has created a growth avenue for social media analytics in SMEs.
Increase in Cloud Adoption
A large number of organizations are already using cloud or planning to do so and this is expected to result in the exponential growth of the market. It has been observed that while startups or small companies quickly adopt cloud, large enterprises are more cautious to migrate to cloud. One of the biggest concerns that hinders the adoption of cloud for an enterprise is data security. Despite such concerns, the adoption of cloud is increasing at a fast pace due to the obvious benefits of flexibility and cost that it offers over the legacy systems. Increase in adoption of cloud is an opportunity for growth of the global social media analytics market.
Key Benefits for Social Media Analytics Market:
- This study comprises analytical depiction of the market, with global social media analytics market trends and future estimations to depict the imminent investment pockets.
- The overall market potential is determined to understand the profitable trends to gain a stronger coverage in the market.
- The report presents information regarding key drivers, restraints, and opportunities with a detailed impact analysis.
- Quantitative analysis from 2014 to 2022 is provided to highlight the financial competency of the market
- Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers in the social media analytics industry
Social Media Analytics Market Report Highlights
By End User
Key Market Players
CRIMSON HEXAGON, SAP SE, ORACLE CORPORATION, SALESFORCE.COM INC., HOOTSUITE MEDIA, INC., TABLEAU SOFTWARE, NETBASE SOLUTIONS, INC., IBM CORPORATION, SAS INSTITUTE, ADOBE SYSTEMS INC.
Several industries such as retail, travel & hospitality, media & entertainment, and others have inclined towards the adoption of social media analytics to analyze customer behavior, benchmark competitors, and enhance their brands. Further, the increase in number of organizations and SMEs effectively utilize social media analytics tools. This has induced extensive requirement for solutions that provide operational efficiency, data resiliency, and timely information.
Social media analytics is increasingly deployed in North America followed by Europe, Asia-Pacific, and LAMEA. The highest social media analytics market share in North America is attributable to the presence of numerous vendors that offer customized tools and solutions.
The social media analytics market has witnessed immense growth in the recent years owing to factors, such as increase in number of social media users, rise in expenditure on analytics, and growth in market strategy & competitive intelligence. In addition, the rise in demand for cost-effective tools have further propelled the social media analytics market growth.
Oracle Corporation, Adobe Systems, Inc., IBM Corporation, SAP SE, Netbase Solutions, Inc., Hootsuite Media, Inc., Tableau Software, Crimson Hexagon, SAS Institute, and Salesforce.com Inc. are some of the leading market players that occupy a prominent revenue share in the social media analytics industry.