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The social media analytics market size is forecast to increase by USD 14.01 billion at a CAGR of 31.33% between 2023 and 2028. The market in the travel industry is experiencing significant growth due to the increasing number of social media subscribers and the importance of understanding user sentiments. Market trends include the growing availability and complexity of data, as well as the surging use of advanced targeting options. However, there are challenges associated with interpreting unstructured data from various social media platforms. Travel companies are leveraging social media analytics to gain competitor intelligence, monitor brand reputation, and enhance customer engagement. By harnessing the power of social media analytics, travel businesses can make data-driven decisions to improve their offerings and stay competitive in the digital landscape.
Social media analytics is a rapidly growing market fueled by advanced technologies like AI speech recognition and sentiment analysis. Data collection is at the core of social media analytics, enabling audience analysis and competitor analysis. Real-time monitoring is essential for businesses to optimize content and measure campaign performance. Cloud-based analytical solutions offer flexibility and scalability for small/medium-scale organizations. Emerging technologies like Digimind AI Sense are revolutionizing social media analytics with advanced capabilities. With increasing internet penetration and social media users, businesses across industries are adopting social media analytics for various applications, including audience engagement, competitor intelligence, and campaign measurement. Mobile phones and tablets facilitate internet access, making social media analytics accessible to a wider audience.
However, data security concerns remain a challenge for businesses adopting cloud deployment models. Online shopping and e-commerce are major sectors benefiting from social media analytics for customer insights and campaign measurement.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The sales and marketing management segment is estimated to witness significant growth during the forecast period.Social media analytics (SMA) professionals utilize advanced natural language processing and analysis techniques to extract valuable insights from social media platforms. These insights encompass demographic information, business intelligence, competitive landscapes, and customer data. SMA tools enable sales and marketing management to optimize marketing strategies based on consumer feedback and reviews. In today's business landscape, the COVID-19 pandemic has necessitated a shift in marketing approaches, compelling organizations to reassess their current and future campaigns. SMA plays a crucial role in this regard, providing performance monitoring capabilities and aiding workforce management. Data identification and preparation are essential aspects of SMA, ensuring the accuracy and relevance of the information used to inform strategic decision-making.
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The sales and marketing management segment accounted for USD 511.90 million in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 56% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in North America is experiencing significant growth due to the high adoption rate of social media platforms in countries like the US and Canada. According to recent studies, approximately 90% of companies in the US utilize social media for marketing purposes. This trend has led companies to develop sophisticated Social Media Analytics Solutions (SMA) to cater to the increasing demands of enterprises. In order to expand their product offerings and broaden their reach, companies are forging strategic alliances. For instance, in October 2019, Cision, a leading global provider of public relations and marketing communications software, acquired Unmetric, a social media management solution provider, through its subsidiary Falcon.
Furthermore, these advanced SMA solutions enable businesses to gain valuable insights into customer data, performance monitoring, workforce management, data identification, and data preparation. Furthermore, they provide essential competitive and business information, allowing companies to stay informed about industry trends and their competitors. Consequently, the market in North America is poised for continued growth in the coming years.
Our researchers analyzed the data with 2023 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.
Growing availability and complexity of data is the key driver of the market. Social media analytics plays a pivotal role in leveraging advanced technologies for data collection and content optimization. companies utilize these tools to expand their customer base and enhance brand visibility. Real-time monitoring of social media platforms enables businesses to measure campaign performance and make data-driven decisions. Blockchain solutions and cybersecurity measures ensure secure data collection and analysis.
Furthermore, self-learning systems, driven by neuroscientific principles, enable personalized content delivery and user engagement. Social media analytics tools facilitate content optimization, enabling manufacturers to reach a wider audience and increase sales through targeted product promotions. The insights gained from social media analytics help businesses in making informed marketing strategies and improving customer engagement.
Surging use of advanced targeting options is the upcoming trend in the market. Social media analytics refers to the use of advanced technologies for data collection and analysis of user behavior on social media platforms. These tools enable businesses to optimize content, measure campaign performance, and monitor social media activity in real-time. The market for social media analytics is continually evolving, with innovations such as blockchain solutions and cybersecurity measures ensuring secure data collection and analysis.
Moreover, self-learning systems and neuroscientific principles are also being integrated to enhance the accuracy and effectiveness of social media analytics. Interest targeting is a popular feature of social media advertising, allowing businesses to identify potential consumers based on their interests, activities, and skills as mentioned in their social media profiles. This targeted approach promotes keyword research and helps brands explore specific product segments on platforms like Facebook, LinkedIn, Pinterest, and Twitter.
Concerns associated with interpreting unstructured data is a key challenge affecting the market growth. In today's digital age, social media analytics has become an essential tool for businesses to understand customer behavior, optimize content, and measure campaign performance. Advanced technologies, such as data collection, real-time monitoring, and self-learning systems, enable organizations to gain valuable insights from social media platforms.
Furthermore, neuroscientific principles and blockchain solutions are also being integrated into social media analytics to enhance cybersecurity measures and ensure data privacy. As companies increasingly rely on social media for customer engagement and brand promotion, the demand for effective social media analytics is on the rise. A professional team or individual is required to manage a company's social media presence, ensuring the timely update of official pages with relevant content and interacting with customers to foster brand loyalty. Data collection and analysis are crucial for determining the success of products and services, making social media analytics an indispensable component of modern marketing strategies.
The market forecasting 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 market growth analysis strategies.
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.
Adobe Inc. - The company offers social media analytics such as adobe campaigns, adobe audience manager, adobe experience manager, and customer acquisition.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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.
Social media analytics is a dynamic and evolving market, driven by the increasing use of advanced technologies for data collection, content optimization, campaign measurement, and real-time monitoring. The market is witnessing significant growth due to the adoption of cloud-based analytical solutions and SaaS (Software-as-a-Service) offerings. Social media platforms and tools are increasingly being used for customer service, engagement, and performance monitoring, leading to the identification and preparation of vast amounts of customer data. Emerging technologies such as blockchain solutions, cybersecurity measures, self-learning systems, neuroscientific principles, and AI speech recognition are being integrated into social media analytics to enhance data security, improve accuracy, and provide deeper insights.
Furthermore, the market caters to various industries, including large enterprises in media & entertainment, IT & telecom, healthcare, travel, and e-commerce, among others. Internet penetration and the growing number of social media users have led to data security concerns, necessitating the deployment of cloud-based solutions with strong cybersecurity measures. The market also offers targeted marketing opportunities, enabling businesses to understand user sentiments, demographic information, and competitive intelligence. The travel industry and online shopping sectors are particularly significant in driving the growth of the market.
Market Scope |
|
Report Coverage |
Details |
Page number |
208 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 31.33% |
Market growth 2024-2028 |
USD 14.01 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
25.12 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 56% |
Key countries |
US, China, UK, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adobe Inc., Agorapulse SAS, Big Propeller LLC, Brand24 Global Inc., Cision US Inc., Digimind, GoodData Corp., International Business Machines Corp., Khoros LLC, Meltwater NV, MetaQuotes Ltd., NetBase Solutions Inc., Oracle Corp., Reputation Group of Companies, Salesforce Inc., SAP SE, SAS Institute Inc., Simplify360, Sprout Social Inc., and Talkwalker Sarl |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Market Segmentation by Deployment
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Opportunity/Restraints
12 Competitive Landscape
13 Competitive Analysis
14 Appendix
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