|SAS Institute (U.S.)|
|HootSuite Media (U.S)|
|Tableau Software (U.S)|
|IBM Corporation (U.S.)|
|Oracle Corporation (U.S.)|
|Adobe Systems (U.S.)|
|SAP SE (Germany)|
|NetBase Solutions (US|
|Market Driving Forces|
|One of the major drivers is the increasing number of social media users|
The use of mobile devices, laptops, and computers with access to the internet has increased over the years. This has largely affected the social media platforms. Nowadays, most people are addicted to social media as social media has been a great medium for entertainment and also news. The demand for social media is increasing, and with it, the social media analytics market is also growing, and it is expected to grow more. Social media analytics is a process of collecting data from all the social media platforms and analyzing it to make business decisions.
Social media analytics is used to extract hidden data about the market, and It is also known as social media monitoring. Social media analytics has six steps to process, and that includes identification, extraction of data, cleaning, analyzing the data, and last is interpretation.
Technology advancement has created so many opportunities by creating social media analytics tools for all the business organizations all over the world.
The demand for social media customers is accessible through social media, and the need for social media analytics has also increased. According to Facebook, in 2019, it has 1562 million active users, and Twitter says 500 million tweets are sent each day 9% more people are using social media these days. The social media market is expanding with the use of social media platforms.
The covid-19 pandemic had a big positive impact on the social media analytics market. The covid-19 has shown the need for data and how analytics can play a big role in pandemic management. This pandemic had a bad impact on the business all over the world, but so social media analytics market came up with so many opportunities. Due to the lockdown, people stayed at home most of the time all over the world, and at that time, social media platforms are crowded. People started using social media platforms as a way of interaction around the globe. So many governments, public authorities, and hospitals used social media platforms to communicate with the people and spread awareness regarding safety and actions to be taken in the pandemic.
The media holders and big organizations are trying to find a way to engage their customers, and they have taken the help of social media to do it. Many creators are using social media to connect with their customers, and social media analytics is a great way to know the customer's demand and finding new ways to connect with them. So, the covid-19 has a good impact on the global social media analytics market.
Many factors influenced the social media analytic market growth and brought opportunities to the social media analytics business. The market also faces challenges and restraints that affect the social media analytics market size.
Key drivers of the social media analytics market
Some major drivers drive the growth of the social media analytics market growth all over the world. One of the major drivers is the increasing number of social media users. With the increasing number of social media users, the business is using social media analytics as a tool to reach their audience, and in this way, the social media analytics market is growing.
The competition is growing for businesses, and they are finding new ways to reduce their expenses. Companies need the business information, along with customers’ data, and find out about their customers. Customers these days demand better quality of products and services at lower prices and faster delivery. Analytics is helping business to achieve their goals. Social media analytics helps analyze the unstructured data to respond to dynamic markets to get high sales and profit. Businesses can use social media analytics to improve their market presence and to get customer reviews, and this is another driver that is driving the social media analytics market.
Restraints in the social media analytics market
The analytical process includes so many steps such as identification, business rules, data preparation, data modeling, and visualization. Companies are using different analytical solutions to get the maximum value of social media data. The data collected from various social media platforms is unstructured. This is because the data is collected from comments, opinions, social listening. Analysts have to gather all types of social media data from various platforms to generate the best outcomes. Sometimes these complexities become one of the major restraints in the social media analytics market.
Challenges in the social media analytics market
The analyzed data collected from the social media platforms need to be reliable and valid so that the correct information can be obtained. If there is any mistake in the data, then it won’t be of any use, and it would lead to wrong decision-making for the businesses. So, it becomes very important to validate all the data carefully using algorithms to get the expected results. The lack of standard measures for social media analytics has become a challenge for the growth of the social media analytics market.
Opportunities in the social media analytics market
Cloud technology adoption has increased over the years. The providers are always on the lookout to make sure they are providing effective and economical solutions. It is expected that cloud computing to grow at and higher rate in the upcoming years due to its range of features, flexibility, and low costs. Vendors are deploying the SaaS model to provide social media analytics over the cloud. In 2015, IBM with Twitter and this partnership wanted to provide IBM’s social media analytics SaaS customers with access to data from Twitter that IBM can use to know about customer's issues and know the trend to connect with the customers in a better way.
Social media analytics is still in the growing phase, and it is only used by big companies due to the huge cost involved. Small businesses are looking for cheaper alternatives when it comes to social media analytics, and the adoption of the cloud is expected to bring opportunities in the social media analytics market.
The key players are playing a big role in the growth of the social media analytics market. They know the value of social media analytics, and they have understood the use of it. And they want the social media analytics market to grow more.
Value chain analysis
The global social media analytics market to grow at 25% CAGR between 2021-2030, and it is expected to grow at approximately $30.2 billion by 2030.
The segmentation of the social media analytics market is on following:
The regional analysis of the social media analytics market is a part of studies in so many regions such as North America, Europe, Asia-pacific, and other regions in the world. North America has the largest share in the social media analytics market industry. The Asia-Pacific region is expected to grow at the fastest rate in the upcoming years in the forecast period. Due to the technical advancement in the North American region and the increasing use of mobiles and tablets, the growth in the social media analytics industry can be seen.
The key players are the main reasons behind the social media analytics market growth, and some of the key players of the market are:
Some of the key players are contributing highly in social media analytics market sales,such as SAS Institute (U.S.), Salesforce.com (U.S), GoodData (U.S), HootSuite Media (U.S), Tableau Software (U.S), IBM Corporation (U.S.), Oracle Corporation (U.S.), Adobe Systems (U.S.), SAP SE (Germany), and among them, SAS Institute (U.S.), is contributing the most in social media analytics market sales.
|Market Size||USD USD 30.96 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application|
|Geographies Covered||North America, Europe, Aisa Pacific|
|Key Vendors||SAS Institute (U.S.) com (U.S) GoodData (U.S) HootSuite Media (U.S) Tableau Software (U.S) IBM Corporation (U.S.) Oracle Corporation (U.S.) Adobe Systems (U.S.) SAP SE (Germany) NetBase Solutions (US|
|Key Market Opportunities||Cloud technology adoption has increased over the years.|
|Key Market Drivers||Some major drivers drive the growth of the social media analytics market growth all over the world.|
The major factors boosting the growth of the social media analytics market are directed towards surging social media users and a high focus on market intelligence and an increase in spending on analytics.
The market has been included with the segments such as type, deployment, organization size, application and vertical.
The market will be achieving a valuation of approx. USD 30.2 Billion by the forecast period of 2030.
As per the study, the market will be attaining 25% of CAGR during the forecast period.
North America, Europe, Asia, and the Rest of the World (ROW).