Social Media Analytics Market to Experience CAGR of 21.5% during 2024-2032; Rising Use of SaaS Model and Artificial Intelligence (AI) based Social Media Analytics to Propel Market Growth

The global social media analytics market size was valued at USD 10.99 billion in 2023. The market is projected to grow from USD 13.47 billion in 2024 to USD 63.85 billion by 2032, exhibiting a CAGR of 21.5% during the forecast period. Fortune Business Insights provide this information in its report titled, “Social Media Analytics Market Size, Share & COVID-19 Impact Analysis, By Deployment (Cloud and On-premise), By Enterprise Type (Small and Medium-sized Enterprises and Large Enterprises), By Function (Sentiment Analysis, Competitive Analysis, Hashtag Analysis, Dashboard & Visualization, and Others), By Application (Sales & Marketing Management, Customer Experience Management, Risk Management & Fraud Detection, and Others), By End User (BFSI, Media & Entertainment, Retail, IT & Telecom, Healthcare, Government, and Others), and Regional Forecasts, 2024-2032”.

During the forecast period, the social media analytics market share is expected to grow with the increase in online shopping and e-commerce sales. Social media analytics may be described as a method to shop information from social media structures and combine that information to make important commercial enterprise decisions.

E-commerce Sales During Pandemic Supported Market Growth

Due to the sudden outbreak of COVID-19, stringent restrictions were imposed on people worldwide to minimize the spread of the virus. Of which, manufacturing units and other retail stores were shut down. Hence, the e-commerce platform led the market during the pandemic and is expected to continue during the forecast period. The COVID-19 pandemic left a favorable impact on market growth.

Growing Number of Social Media Users to Propel Market Growth

The growing use of social media and increased internet penetration globally are estimated to drive market growth during the forecast period. Brands depend upon social media platforms to engage their customers. Moreover, the rising use of smartphones is predicted to fuel social media analytics market growth.

Qualtrics International Inc. launched XM Discover to Grow the Market Share

Qualtrics International Inc. introduced XM Discover, the use of the Clarabridge era to assist businesses higher recognize their customers. XM Discover allowed businesses to report comments from structured/unstructured statistics sources, including social media posts, chat, and evaluate sites, onto one platform.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/social-media-analytics-market-106800

Competitive Landscape:

Key Players Focus on Partnerships to Gain a Competitive Advantage

Prominent market players are partnering with other companies to stay ahead. Many companies also invest in new product launches to expand their product portfolio. Mergers and acquisitions are the players' key strategies for expanding their product portfolio.

Notable Industry Development:

• March 2022: Sprout Social, Inc., in partnership with Salesforce, helps Salesforce customers manage their social media presence through Sprout’s social suite. Salesforce customers can manage analytics, listening, engagement, publishing & scheduling, platform integrations, and advocacy.

Further Report Findings:

• North America is expected to hold the biggest global market share from 2023-2030. The region is anticipated to continue to grow due to the maximum number of social media users.
• Europe’s market is projected to grow by increasing the usage of smartphones in the region. Due to the cheaper rates of smartphones, social media usage is increasing daily.
• The Asia Pacific market is predicted to grow with the highest CAGR owing to the increasing adoption of digitalization and the urge to opt for advanced analytics.
• The rising number of social media users has attracted various companies to use social media websites, making the Middle East and Africa region dominate the market with the extensive adoption of digital technologies.
• The South American market is anticipated to grow due to multiple small & medium enterprises adopting these analytics. Moreover, mass communication technology continues to grow in this region, boosting the market growth.

List of Key Players Mentioned in the Report:

• IBM Corporation (U.S.)
• Oracle Corporation (U.S.)
• Sprout Social, Inc. (U.S.)
• Meltwater (Netherlands)
• Hootsuite Inc. (Canada)
• NetBase Quid, Inc. (U.S.)
• Brandwatch (Cision US Inc.) (U.K.)
• Digimind (France)
• Qualtrics (Australia)
• Talkwalker Inc. (Luxembourg)

Table of Segmentation