Europe Social Media Analytics Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component [Solutions and Services (Professional Services and Managed Services)], Application (Customer Experience Management, Competitive Intelligence, Sale

Europe Social Media Analytics Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component [Solutions and Services (Professional Services and Managed Services)], Application (Customer Experience Management, Competitive Intelligence, Sales & Marketing Management, and Others), Deployment (Cloud and On-Premise), Organization Size (Large Enterprises and SMEs), and Vertical (BFSI, IT & Telecommunication, Media & Entertainment, Retail & e-Commerce, and Others)

The social media analytics market in Europe is expected to grow from US$ 2,438.93 million in 2022 to US$ 7,672.98 million by 2028; it is estimated to grow at a CAGR of 21.0% from 2022 to 2028.

Expanding Number of Social Media Users in Developing Nations

The number of social media users has been rising rapidly across the Europe. However, the growth rate in developing nations has been faster than in developed nations. The World Bank’s International Finance Corporation piloted a project to inform farmers about market trends through messages on the phone aimed at the social empowerment of weaker sections of society. Additionally, the growth of social media platforms as protest platforms for atrocities and rights violation have also promoted such demand. Furthermore, social media platforms have become the preferred choice for showcasing talents, which were mostly reserved through various telecast programs. All such factors have become more accessible to people of developing nations due to the rising penetration of the internet and smartphones. Several such factors led to an exponential surge in the social media user base in developing nations. Such a huge increase in social media user base has led to the generation of a large amount of data. Such data can provide great growth opportunities for social media analytics solution and service providers to attract enterprises planning businesses to expand in the region. The generated data, by application of social media analytics, can be utilized for understanding regional competition, creating brand awareness amongst consumers, promoting products or services, and effectively handling consumer queries, among several others. Additionally, social media platforms can allow businesses to access user data from remote locations in a developing nation, which might not have been possible through traditional modes of data collection. Collection and analysis of such data can help to understand consumer requirements better, thus further aiding in business decisions. Hence the rising number of social media users in developing nations can be expected to provide ample growth opportunities for the social media analytics market over the next few years.

Market Overview

The Europe social media analytics market is spread into Germany, France, Russia, the UK, Italy, and the rest of Europe. The increasing adoption of big data analytics software by various organizations to make better and faster decisions and deliver a competitive advantage by analyzing and acting on timely information contributed significantly to the growth of the European social media analytics market. In addition, the growing demand for cloud-based social media analytics software among SMEs is positively impacting the growth of the social media analytics market in Europe. However, high implementation costs and a shortage of skilled workers are expected to hinder the market's growth in Europe. On the contrary, the growing need to gather better information for business planning and emerging trends such as social media analytics are expected to present favorable market expansion opportunities. Each of these factors is expected to impact the growth of the European social media analytics market.

Europe Social Media Analytics Market Revenue and Forecast to 2028 (US$ Million)

Europe Social Media Analytics market Segmentation

The Europe social media analytics market is segmented on the basis of component, application, deployment, organization size, vertical, and country. Based on component, the market is bifurcated into solutions and services. The solutions segment held a larger market share in 2022. Further the component is bifurcated into professional services and managed services.

Based on application, the market is bifurcated into customer experience management, competitive intelligence, sales & marketing management, and others. The competitive intelligence segment held the largest market share in 2022. Based on deployment, the market is bifurcated into cloud and on-premise. The cloud segment held a larger market share in 2022. Based on organization size, the market is bifurcated into large enterprises and SMEs. The large enterprises segment held a larger market share in 2022. Based on vertical, the market is segmented into BFSI, IT & telecommunication, media & entertainment, retail & e-commerce, and others. The retail & e-commerce segment held the largest market share in 2022. Based on country, the market is segmented into the Germany, France, Italy, the UK, Russia, and the Rest of Europe. The Germany dominated the market share in 2022. Cision Ltd.; Hootsuite Inc.; IBM Corporation; Meltwater N.V.; Oracle Corporation; Qualtrics International Inc.; Salesforce, Inc.; Sprout Social, Inc.; Talkwalker S.a.r.l; Zoho Corporation Pvt. Ltd. are the leading companies operating in the Europe social media analytics market.

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