Social Media Analytics Market by Component, Application (Sales and Marketing Management, Customer Experience Management, and Competitive Intelligence), Deployment Model, Organization Size, Industry Vertical, and Region - Global Forecast to 2024
The global social media analytics market size is projected to grow at a CAGR of 25.4% during the forecast period
The social media analytics market size is projected to grow from USD 3.0 billion in 2019 to USD 9.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 25.4% during the forecast period. The social media analytics market is driven by increased focus on competitive intelligence and increasing user engagement of social media using smartphones. However, rising numbers of users on various websites on social media platforms further contributes to the growth of the social media analytics market.
Services segment to grow at a higher CAGR during the forecast period
The social media analytics market by component is segmented into solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The services considered in the report are professional services and managed services. Professional services are further bifurcated into consulting, and training and education. The growth of this segment can be attributed to the increasing deployment of the social media analytics software, which leads to the increasing the demand for pre- and post-deployment services, as these solutions require training, owing to technical complexities.
Healthcare and lifesciences industry vertical to grow at the highest CAGR during the forecast period
The social media analytics market by vertical has been segmented into Banking, Financial Services and Insurance (BFSI), telecommunications and Information Technology (IT), retail and eCommerce, healthcare, media and entertainment, government and defense, travel and hospitality, others (education and research, transportation and logistics, and energy and utilities). A rise in competition among players across social media platforms and the emergence of a number of healthacre and lifescience players in the social analytics market space are factors projected to drive the growth of this vertical.
APAC to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The region is becoming a new hotspot in the social media analytics market, due to rising investments in the process of using social media platforms across potential economies. Several Asian countries are leveraging on information-intensive data management technologies, and social media analytics is one of the leading technology trends. Companies have achieved a strong position in the social media analytics market due to their well-practiced strategy of increasing the customer base through acquisitions and partnerships with significant players in the market
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the social media analytics market.
By Company: Tier I: 38%, Tier II: 41%, and Tier III: 21%
By Designation: C-Level Executives: 65%, Directors: 20%, and Others: 15%
By Region: North America: 45%, Asia Pacific (APAC): 30%, Europe: 15%, Middle East and Africa (MEA): 5%, and Latin America: 5%
The report includes the study of the key players offering social media analytics solutions and services. It profiles major vendors in the global social media analytics market. The major vendors are Oracle (US), Salesforce (US), IBM (US), SAS Institute (US), Adobe (US), Clarabridge (US), NetBase Solutions (US), Brandwatch (UK), Talkwalker (UK), Digimind (US), Meltwater (US), SpreadFast (US), Cision (US), Simplify360 (India), and Hootsuite (Canada). It further includes an in-depth competitive analysis of key players in the social media analytics market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
The market study covers the social media analytics market across segments. It aims at estimating the market size and the growth potential of this market, across different segments, such as component, deployment model, organization size, application, industry verticals, and region.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall social media analytics market and its subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report further helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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