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The social business intelligence market size is forecast to increase by USD 5.75 billion, at a CAGR of 5.82% between 2022 and 2027. The ability of social media analytics to improve brand loyalty by providing insights into customer preferences and behavior is a key driver of market growth. Businesses are increasingly recognizing the need to improve efficiency in their operations, and social media analytics can help by providing valuable data and insights for decision-making. Additionally, social media platforms offer a powerful channel for brand recognition, and businesses are leveraging social media analytics to enhance their brand presence and engage with customers more effectively. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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This social business intelligence market report extensively covers market segmentation by deployment (on-premises and cloud), end-user (enterprises and government), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
By Deployment
The On-premises segment is the largest growing segment. The main reason for selecting the on-premises deployment approach over the cloud-based deployment paradigm is that it provides better security for sensitive data. Data are kept in several servers in the cloud-based deployment approach, as opposed to dedicated servers in the on-premises deployment strategy. Information security and control are provided well by this. Data can only be accessed through dedicated client servers in the on-premises deployment approach. Still, data can be accessed through a variety of sites in the cloud-based deployment model. As a result, security flaws are more likely to affect data stored on the cloud.
On-premises segment was valued at USD 8.55 billion in 2017 and continued to grow. On-premises information software solutions are used by large healthcare companies that handle sensitive patient data because they offer the highest level of data security with physical access restrictions and security. With all such factors, the global social business intelligence market is expected to witness high growth during the forecast period.
The market leverages cloud-based solutions and big data analytics to provide valuable business insights from social media data. With the advent of the General Data Protection Regulation (GDPR), ensuring data security and compliance is crucial. Social BI integrates with enterprise IT systems and CRM conversations, offering deep insights into consumer behavior and market trends. This market demands qualified personnel and innovative technology firms to develop new social BI use cases and enhance BI methods for extracting meaningful information from unstructured data on social media platforms. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market is that social media analytics helps in improving brand loyalty. There is a rising demand for tools such as HubSpot, BuzzSumo, and Google Analytics, which act as interfaces between brands and customers. These tools play a crucial role in improving customer engagement and providing insights into consumer behavior. This trend aligns with the increasing use of social media technology, big data solutions, and other business intelligence (BI) methods to analyze unstructured data and integrate it with enterprise IT systems.
For example, approximately 32% of global customers make purchases after accessing product information, reviews, and recommendations on these platforms. In developed countries like the UK and the US, about 50% of the population relies on these platforms when making purchases. This reliance on social media platforms and other technology firms has significant implications for industry participants in terms of understanding consumer behavior and adapting their marketing strategies. Therefore, the increasing emphasis on engaging existing customers and attracting new ones is expected to drive the demand for social business intelligence in the forecast period.
A key factor shaping the market is the advanced targeting options. These analytics tools can be used to identify potential customers through product promotions and personalized services.
These tools are widely used by advertising companies as they can be used to target a wide range of audiences based on demographics as well as to gather vast amounts of information. Some of the main targeting options include interest targeting, behavioral and connection targeting, custom targeting, and lookalike targeting. Hence such kind of features and applications of these analytics tools are expected to drive the market during the forecast period.
Increasing connection and bandwidth difficulties are one of the key challenges hindering the market. High bandwidth is one of the key requirements to access data from cloud-based systems to retrieve it more quickly. Terabytes of data must be retrieved from cloud-based storage systems, which calls for effective IT infrastructure free of networking bottlenecks.
Thus, any connectivity issues in the ICT infrastructure can negatively impact business performance, and if the issues persist, businesses and enterprises may shift to on-premise solutions. Remote users should be able to access cloud computing services to achieve service level agreements and improve performance without packet loss or latency problems. Factors such as connection problems forced high-speed Internet, and data recovery will hinder the global market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their expansion strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Acquia Inc: The company offers social business intelligence reporting or analytics, making it extremely challenging for marketers to understand and interpret the data they are collecting and translate it into informed campaigns.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides a market growth analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is driven by real-time insights derived from social media usage. A customer-centric approach is crucial, supported by advancements in technology for risk management and regulatory compliance. Monitoring posts, comments, likes, and shares provides valuable insights into consumer behaviour. Social BI tools analyze patterns and sentiments from surveys, interviews, and real-time data, including brand mentions and customer questions. Organizations use this data to address client problem spots, improve client satisfaction, and make informed decisions. Solutions range from cloud-based BI systems to specialized software tools, catering to various industries like retail, manufacturing, government, media, healthcare, and tourism.
Furthermore, the market focuses on analyzing interactions, user behaviours, and consumer feedback across various organizations and communities. It helps businesses understand customer problems, queries, and feedback, providing insights into client issues and improving client satisfaction. These solutions cater to organizations of all sizes, from small and medium-sized enterprises (SMEs) to large enterprises, across different sectors like finance, human resources, sales and marketing, government, media, transportation, BFSI, telecom and IT, healthcare, and tourism and hospitality.
The market offers solutions that cater to various organizations and verticals including government and public services, media and entertainment, transportation and logistics, and healthcare and life sciences. It focuses on understanding people's thoughts and analyzing goods using business intelligence (BI) solutions. These solutions are designed to accommodate organizations of different sizes and provide insights that can drive strategic decision-making and improve overall performance.
Social Business Intelligence Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.82% |
Market growth 2023-2027 |
USD 5.75 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.5 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 37% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acquia Inc., Adobe Inc., Alphabet Inc., Cision US Inc., Emplifi Inc, GoodData Corp., Hewlett Packard Enterprise Co., International Business Machines Corp., Ipsos Group S A, Maritz Holdings Inc., Microsoft Corp., NetBase Solutions Inc., Oracle Corp., Piano Software Inc., Qualtrics International Inc., Salesforce Inc., SAP SE, SAS Institute Inc., Sprout Social Inc., and Vista Equity Partners Management LLC |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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