Social Media Analytics Market Size, Share & Trends Analysis Report By Component (Software, Services), By Function (Sentiment Analysis), By Application, By Analytics Type, By Vertical, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global social media analytics market size was valued at USD 6.36 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 27.1% from 2023 to 2030. The increasing demand for business intelligence (BI) methodologies in tandem with sophisticated analytics techniques and the tremendous increase in social media users have increased the global usage of social media analytics. Additionally, rising analytics spending and a growing interest in competitive intelligence are the drivers promoting the expansion of the social media analytics industry. In addition, rising SME adoption rates and rising cloud use indicate significant market development prospects. Real-time analytics are becoming more popular as companies try to keep track of user activity and swiftly respond to social media conversations. Advanced sentiment analysis and predictive analytics are made possible by integrating artificial intelligence and machine learning, providing deeper insights into customer behavior. 

The increase in social media influencers fuels the demand for influencer analytics, which aids companies in partnering with the best collaborators. Concerns about privacy and data security lead to the creation of reliable tools and solutions to assure compliance and safeguard user data. Social media analytics is also increasingly integrated into customer experience management plans to improve satisfaction and loyalty. The market for social media analytics is expanding due to rising social media usage, increased smartphone penetration, and other developments in digital technology. Additionally, some individuals use it for business, while others use it for networking and advertising. These elements encourage social media analytics to comprehend user requirements, demand, and scalability for the product. The market for social media analytics is also expanding due to rising cloud use and different uses for social media analytics, including better consumer data collection and improved customer behavioral analysis.

Component Insights

The software segment dominated the market in 2022 with a market share of 59.0%. With the increasing volume and speed of social media data, software tools are focusing on real-time monitoring capabilities. This enables businesses to track and respond promptly to customer feedback, emerging trends, or potential crises on social media. AI and ML technologies are being employed to enhance social media analytics software.

These technologies enable automated data processing, pattern recognition, and predictive analytics, helping businesses uncover valuable insights and optimize their social media strategies. Social media analytics software is increasingly incorporating features to identify and analyze influencers. These tools help businesses identify influential individuals who can promote their products or services, track their impact, and measure the success of influencer marketing campaigns.

Businesses seek service providers that can tailor their offerings to specific industry verticals, business objectives, and social media platforms. Customized services enable companies to obtain insights directly relevant to their unique needs and help them make data-driven decisions. For instance, in March 2022, Concept BIU introduced a customizable social media analytics and intelligence solution. This service provides accurate and fast social media updates, trends, and on-the-ground data to corporate clients and their agencies at the touch of a few clicks. With this initiative, Concept BIU establishes itself as India's only media monitoring and PR analytics service provider with the necessary tools to provide customers with a 360-degree perspective of the media environment and pertinent data for a more effective brand strategy.

Function Insights

The sentiment analysis segment dominated the market with a revenue share of 38.3% in 2022. Researchers and developers are exploring sentiment analytics to identify emotions like joy, sadness, anger, fear, surprise, and disgust within social media data. Sentiment analysis is integrated with other analytics techniques, such as topic modeling, network analysis, or influencer identification. Moreover, businesses can better understand social media data and derive deeper insights by combining sentiment analysis with other techniques responsible for market expansion. Sentiment analysis algorithms are being improved to understand the text's context better. Contextual information has been successfully captured using deep learning and contextual word embeddings.

The dashboard & visualization segment is expected to grow with the fastest CAGR of 29.3% from 2023 to 2030. With social media’s increasing volume of data and its velocity, real-time data visualization is becoming more crucial. Businesses and organizations want to monitor conversations and trends on social media so they can respond quickly and stay current on the latest developments. Network analysis techniques and social graph visualizations are employed to comprehend social connections' structure, recognize influential users, detect communities, and analyze information flow within social media platforms.

Application Insights

The risk management and fraud detection segment dominated the market in 2022 with a market share of 32.2%. Advanced analytics methods and artificial intelligence (AI) have become more critical in risk management and fraud detection in social media analytics. Faster detection and reaction to potential hazards and fraudulent activity is made possible by the real-time analysis of enormous volumes of social media data by AI-powered algorithms. Moreover, NLP is also essential for comprehending and gleaning valuable information from social media posts. By utilizing NLP approaches, organizations can analyze social media interactions more effectively, spot patterns, gauge mood, and expose possible hazards or dishonest behavior.

Social media analytics offers insightful data about client preferences, viewpoints, and requests. Businesses may use these insights to stimulate the creation of new products. Companies may find market gaps, find new product possibilities, and improve their current offers to better serve customer demands by watching social media conversations and examining client comments. This user-centric approach to product creation enhances the total consumer experience.

Analytics Type Insights

The predictive analytics segment dominated the market in 2022 with a market share of 35.9%. Predictive analytics and social media data are used to improve conventional client segmentation methods. Businesses may develop more precise and dynamic client categories by examining social media behavior, interaction trends, and consumer demographics. Then, these groups can enhance total consumer targeting, personalize marketing efforts, and customize product suggestions. Predictive analytics uses sentiment analysis, a crucial social media analytics component, to improve customer experience.

Prescriptive analytics mixed with social media analytics enables firms to optimize their social media initiatives in real-time. Prescriptive analytics may advise the ideal timing, topic, and targeting strategies for social media postings by continually analyzing social media data and performance indicators. Organizations can quickly modify their campaigns to increase engagement, reach, and conversions. Prescriptive analytics may also use social media analytics to determine consumer sentiment, preferences, and feedback. Businesses may get practical suggestions on improving their goods or services by integrating these insights.

Vertical Insights

The media and entertainment segment dominated the market in 2022 with a share of 25.5%. The media and entertainment industries are increasingly utilizing social media analytics tools to assess the success of their content. To better understand how their content connects with viewers and to make data-driven decisions to optimize their content strategy, this involves measuring metrics like engagement, reach, and audience sentiment. Media and entertainment organizations may segment their audience depending on demographics, interests, and behaviors with the help of social media analytics tools. This allows companies to focus their marketing and content efforts on specific target segments, ensuring that they create relevant and interesting experiences that increase viewing and engagement.

Social media analytics technologies track and examine talks about medications, treatments, and medical equipment. When patients or healthcare professionals report adverse events, side effects, or other safety concerns on social media platforms, this aids the identification and tracking of those issues by healthcare and life sciences businesses. Using social media analytics, healthcare organizations may learn important information about patient experiences, views, and preferences. Healthcare professionals may comprehend patient attitudes, get input on procedures or services, and spot opportunities for improvement by analyzing social media data, which can improve patient engagement and satisfaction.

Regional Insights

The North America region accounted for the highest share in the market at 33.0% in 2022. Businesses in North America are increasingly looking for real-time social media analytics to keep on top of the newest trends, customer emotions, and developing challenges. Timely decision-making, proactive consumer interaction, and efficient crisis management are all made possible by real-time data. There is a rising focus on maintaining compliance and preserving user data in social media analytics due to the shifting environment of privacy rules, such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). Companies in North America are making investments in solutions that comply with strict privacy laws to provide strong data security protection.

Social media platforms have a sizable and expanding user base in the Asia Pacific region. Social media use has increased in nations including India, China, Indonesia, and Japan. The massive data drives the need for social media analytics solutions. This growing need makes way for more analysis. Additionally, businesses in the Asia Pacific region are starting to see the importance of data-driven decision-making. Businesses can make wise decisions using social media analytics to acquire insights into customer behavior, sentiment analysis, and market trends. This trend is driving the use of social media analytics solutions across several sectors.

Key Companies & Market Share Insights

The market is quite competitive as there are so many well-known businesses. Agreements, expansions, partnerships, and joint ventures have all been employed by players. They are creating new products with quicker speeds and enhanced features to diversify their portfolio and keep a commanding market share. For instance, in March 2022, Brandwatch acquired Paladin, an influencer marketing platform. With this acquisition, Brandwatch increased the number of influencer marketing tools in its portfolio. Additionally, the platform helps businesses build meaningful relationships with their consumers. The Paladin platform monitors the major social media networks worldwide, organizes campaigns, and reports on influencers.

In another instance,in May 2023, Audiense, one of the prominent audience intelligence platforms, acquired Tweet Binder, a well-known Twitter analytics tool. This transaction combines two complimentary products and services, allowing both firms to extend their product offerings and enhance their positions in the Twitter analytics industry: Some prominent players in the global social media analytics market include:

• Adobe

• Brand24 Global, Inc

• GoodData Corporation

• Hootsuite Inc.

• IBM Corporation

• NetBase Quid, Inc.

• Oracle

• Salesforce, Inc.

• Sprinklr

• Sprout Social

• Synthesio

 Social Media Analytics Market Report Scope

Global Social Media Analytics Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global social media analytics market report based on component, function, application, analytics type, vertical, and regions.

• Component Outlook (Revenue, USD Million, 2017 - 2030)

  • Software

  • Services

• Function Outlook (Revenue, USD Million, 2017 - 2030)

  • Sentiment Analysis

  • Competitive Analysis

  • Hashtag Analysis

  • Dashboard & Visualization

  • Others

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Sales And Marketing Management

  • Customer Experience Management

  • Competitive Intelligence

  • Risk Management And Fraud Detection

  • Public Safety And Law Enforcement

• Analytic Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Predictive Analytics

  • Prescriptive Analytics

  • Diagnostic Analytic

  • Descriptive Analytics

• Vertical Outlook (Revenue, USD Million, 2017 - 2030)

  • BFSI

  • IT And Telecommunications

  • Retail And Consumer Goods

  • Healthcare And Lifesciences

  • Government And Public Sector

  • Media And Entertainment

  • Travel And Hospitality

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • UK

    • France

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

  • Latin America

    • Mexico

    • Brazil

  • Middle East and Africa

    • Kingdom of Saudi Arabia (KSA)

    • UAE

    • South Africa