According to a new research report, titled "Social Media Analytics Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 26,295.33 million by 2028, registering a CAGR of 21.5% from 2022 to 2028.
Europe encompasses several established economies, including France, Germany, Russia, the UK, and Italy. The social media analytics market in Europe spans across Germany, France, Russia, the UK, Italy, and other parts of the continent. The European social media analytics market has experienced significant growth due to the increasing adoption of big data analytics software by various organizations. This software enables organizations to make better and faster decisions, gain a competitive advantage, and analyze and act on timely information. Additionally, the rising demand for cloud-based social media analytics software among small and medium-sized enterprises (SMEs) has positively impacted the growth of the social media analytics market in Europe. As a result, these factors are expected to contribute positively to the growth of the European social media analytics market.
The market for social media analytics is expected to experience a significant boost due to the estimated increase in smartphone penetration, which will result in more internet users. The need for social media analytics software is constantly increasing due to the many benefits it provides, including easy access to key business metrics, useful insights into customer behavior, increased revenue, and improved organizational efficiency to process data faster and gain valuable insights. Additionally, the ability of social media analytics solutions to mitigate risks by optimizing complex decisions related to unforeseen events, such as fraud and other crises, is driving market growth.
The COVID-19 pandemic led to a surge in social media platform usage rates, with varying effects in different European countries. Countries like Germany, Italy, the UK, Russia, France, and Turkey were severely impacted by the pandemic, resulting in extended lockdown periods and social isolation measures. The European social media analytics market faced a slight decline during the first three quarters of 2020, as disruptions caused by the pandemic led to changes in the functioning patterns of enterprises. Multinational companies faced severe challenges due to the differing scenarios in each European country, leading to decreased customer spending and lower revenue generation for social media analytics market players. However, the relaxation of restrictions across different parts of the world led to a quick rebound of almost all industry verticals, which was a positive sign for social media analytics market players. In the second half of 2020, there was an increased demand for social media analytic solutions and services as different industry verticals sought to gain a competitive edge and minimize pandemic-related losses, ultimately leading to the growth of the social media analytics market.
The social media analytics market can be divided into different categories, including component, application, deployment, organization size, and vertical. The component category is divided into two segments, solutions, and services, with the latter further categorized into professional and managed services. The application category is segmented into customer experience management, competitive intelligence, sales & marketing management, and others. The deployment category is bifurcated into cloud and on-premise. The organization size category is divided into large enterprises and SMEs, and lastly, the vertical category is segmented into BFSI, IT & telecommunication, media & entertainment, retail & e-commerce, and others.
The top 5 global social media analytics market players include Oracle Corporation, IBM Corporation, Qualtrics International Inc., Salesforce.com, Inc., and Zoho Corporation Pvt. Ltd. in 2021. The positioning of these “Five Key Players” is derived by giving weightage to the following key performance parameters: overall revenue, segment revenue, geographical reach, customer base, new solution/service launches, market initiatives, investment in technology up-gradation, R&D investments, mergers & acquisitions, and other market-related activities. Other notable social media analytics market players profiled in the global report are Cision Ltd., Hootsuite Inc., Meltwater NV, Sprout Social, Inc., and Talkwalker S.à.r.l.
Key Findings of Market Study:
The global social media user base has been increasing rapidly, with a particularly high growth rate observed in developing nations compared to developed nations. Notably, India has experienced the highest growth in social media users over the past few years, with the number of users increasing by 78 million from 2020 to 2021. Brazil has also seen significant growth, with its social media user base rising from 143 million in 2019 to 159 million in 2021. This growth has been facilitated by various initiatives by global regulatory bodies to increase penetration and acceptance of electronic media. The rise in social media users has also led to the generation of vast amounts of multivariate data, which can be collected and analyzed to gain insights into consumer requirements and support business decisions. These trends are expected to fuel the growth of the global social media analytics market in the future.
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