MarketsandMarkets projects the global social media analytics market 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. Social media analytics enables users to create, generate, and access data for structuring and segmenting the accumulated data into meaningful information through web. Social media analytics gathers information from various websites, such as Facebook, Twitter, LinkedIn, and Instagram to measure the performance and compares the obtained data with competitors for market growth.
The risk management and fraud detection application is expected to grow at the highest CAGR during the forecast period. Social media analytics have emerged as a timesaving way to analyze the vast amount of data on social media platforms and provide insights for business decision. Vendors in the market offer software and services for businesses to work faster and achieve goals as well as gain customer trust and reliability.
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The healthcare and lifesciences industry vertical is expected to grow at the highest CAGR during the forecast period. Industry players need to identify latest trends by analyzing blogs, tweets, and reviews of customers on social media platforms and generate insights using their preferences. The real-time healthcare data availability, ease of access, and reduced costs are factors projected to increase the demand for social media analytics solutions in the healthcare and lifescience industry.
In terms of geographic coverage, the social media analytics market has been segmented into 5 regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. APAC is expected to record the highest growth rate during the forecast period, owing to the increasing investments in Artificial Intelligence (AI) and the growing digitalization trend throughout the region.
Major social media analytics vendors include 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). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global social media analytics market. Partnerships and new product launches have been the most dominating strategy adopted by the major players from 2017 to 2019, which has helped them innovate their product offerings and broaden their customer base.
Salesforce (US) specializes in the Customer Relationship Management (CRM) software and enterprise cloud computing. The company provides comprehensive customer and collaboration relationship management services to businesses of all sizes and industries and provides a technology platform for customers and developers to build and run their applications. The applications designed and developed by Salesforce are easy-to-use and can be deployed, customized, and integrated with other software applications. The company offers its services on a subscription basis, primarily through its direct sales efforts and indirectly through its partners. It further leverages the cloud deployment model in order to serve its customers in a better manner. The company operates in the social media analytics market through Social Studio, which provides an easy-to-use application in order to manage the social media marketing using numerous social channels.
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