social media analytics Market

The social media analytics market is projected to reach US$ 26,295.33 million by 2028 from US$ 7,007.84 million in 2021, growing at a CAGR of 21.5% from 2022 to 2028.

Advanced predictive maintenance solutions and services are being increasingly adopted by businesses to gain a competitive edge and prevent unforeseen production delays. Despite numerous macroeconomic challenges faced by businesses globally, such as the COVID-19 pandemic causing significant disruptions and resulting in substantial losses across various industry verticals, as well as negative political factors affecting different industry verticals in Europe, the Middle East, and South America, the use of predictive maintenance has emerged as a solution. Additionally, the economic downturns in several countries have resulted in decreased consumer spending on discretionary or optional goods.

Enterprises are responding to these challenges by adopting strategies to reduce capital expenditure and remain competitive. One such strategy is the adoption of technologies that can minimize production downtime and facilitate continuous manufacturing activities. Predictive maintenance solutions have emerged as an effective way for organizations to reduce costs while maintaining a competitive edge. Research suggests that an offshore oil and gas company can reduce downtime by 20% by utilizing predictive maintenance solutions, resulting in an annual production increase of over 500,000 oil barrels. These benefits are expected to contribute to the growth of the social media analytics market during the forecast period.

Impact of COVID-19 Pandemic on Social Media Analytics Market Growth

During the initial stages of the COVID-19 outbreak, most governments imposed strict limitations to control its spread, which greatly affected the day-to-day operations of enterprises worldwide. Stringent restrictions and supply chain disruptions left most companies vulnerable, and the situation was similar across different countries and regions. The pandemic had a significant impact on various industries, including the economy, transportation, infrastructure, and electronics & semiconductor industries. The operations of electronics & semiconductor firms, clients, and partners were disrupted for an indefinite period due to travel restrictions and business shutdowns, severely affecting revenue generation and reducing technological spending. With the work-at-home modality expected to become the new normal for many people, social media platforms experienced a sudden spike in usage as people spent more time at home. This led to an increase in social media users and data generation, creating opportunities for businesses to leverage such data for business intelligence, gaining a competitive edge, and improving customer experience. As a result, there was a sudden rise in demand for social media analytics market players worldwide, with both large enterprises and SMEs utilizing social media analytics solutions and services. Looking ahead, the post-COVID-19 outlook for the social media analytics market growth seems favorable for most market players.

The social media analytics market in Asia Pacific is dominated by China, followed by India and Japan. China's social media analytics market is growing at a rapid pace, driven by the increasing number of social media users and the growing importance of social media platforms. Moreover, the region's growing competitiveness amongst businesses is expected to further fuel the growth of the social media analytics market. In recent years, the big data and AI ecosystem in the region has seen the entry of several large and small players. As a result, India is also expected to emerge as one of the world's largest social media analytics markets, with better use cases and significant opportunities for data scientists in the future. The country's rising social media user base is anticipated to have a positive impact on the market growth.

The major source of revenue in the social media analytics market was the solutions segment, which consists of advanced tools that gather data from multiple sources, analyze it, and offer valuable insights. These modern solutions are equipped with AI, ML, and NLP technologies, which have boosted their demand. One of the key factors contributing to the market growth is the rising demand among enterprises for easy-to-use solutions that can monitor and analyze social media data to gain insights into customer preferences without requiring complex IT infrastructure. Moreover, the increasing adoption of social media analytics solutions by small and medium businesses has also fuelled market expansion.

The vendors offer a combination of professional and managed support services to assist businesses with implementing and maintaining social media analytics solutions. The services segment is anticipated to experience consistent growth during the projected period, given the increasing popularity of social media among businesses. Social media can serve as a useful tool for various functions such as networking, content promotion, search engine optimization, research, and recruitment in modern organizations. Service providers can support businesses in creating a social media advertising plan, which can include logo promotion, lead generation, and skill development. As the utilization of social media analytics expands, the demand for professional and managed services is predicted to grow, leading to an increase in both the segments and the social media analytics market size.

Cision Ltd.; Hootsuite Inc.; IBM Corporation; Meltwater NV; Oracle Corporation; Qualtrics International Inc.; Salesforce.com, Inc.; Sprout Social, Inc.; Talkwalker S.?.r.l.; and Zoho Corporation Pvt. Ltd. are a few key social media analytics market players.

The research on the growth size of the market has been conducted using a combination of primary and secondary sources. The research process began with extensive secondary research using both internal and external sources to collect qualitative and quantitative information related to the market. This process aimed to provide an overview and forecast of the social media analytics market size across all market segments. Furthermore, industry participants and experts conducted numerous primary interviews to validate the data and gather additional analytical insights. The participants in this process included various professionals such as VPs, business development managers, market intelligence managers, national sales managers, external consultants like valuation experts, research analysts, and key opinion leaders who specialize in the social media analytics market.