The social media analytics market size is projected to grow from USD 3.2 billion in 2021 to 9.3 USD billion in 2026, at a Compound Annual Growth Rate (CAGR) of 24.0% during the forecast period. The major factors driving the growth of the social media analytics market are the, rising number of social media users, increased focus on the market and competitive intelligence, rising need for social media measurement to enhance the customer experience.
Based on the Component, solution segment to account for a larger market size during the forecast period
The social media analytics market has been segmented by two components: solution and services. The deployment of social media analytics has witnessed an increase in adoption, as serves a variety of purposes, such as competitive intelligence and customer experience management. The growing adoption of social media analytics across all major verticals, such as BFSI, telecom and IT, retail and e-commerce, health care and life science, government and defense, media and entertainment, travel and hospitality and other (research and education, transportation and logistics, and energy and utilities) industry vertical.
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Based on deployment mode, cloud segment is expected to grow at a higher CAGR during the forecast period
Most of the social media analytics market demand cloud-based solution as it is cost-effective and easily scalable. It is also easy to maintain and manage data. Its low cost of Operating Expenditures (OPEX) helps users pay per usage and invest more time and energy in concentrating on core business goals. In the cloud deployment model, the social media analytics solution is offered as SaaS, and all the social media analytics workloads are cloud-based. IT infrastructure requirements of the customer, data redundancies, data availability, virtual private network setup (related to customer IT teams), setting security protocols and audits, configuration, and maintenance and updates are handled by the social media analytics solution vendors. End-users have shown high interest in cloud-based solutions, owing to low operational expenses, easy deployment, scalability, flexibility, and easy collaboration.
Major social media analytics vendors include IBM (US), Google (US), Oracle (US), Salesforce (US), Adobe (US), SAS (US), Clarabridge (US), NetbaseQuid(US), Digimind (France), Talkwalker (Luxembourg), Hootsuite (Canada), GoodData (US), Meltwater (US), Khoros (US), SproutSocial (US), CISION (US), BRAND24 (US), Storender (Uk), RivalIQ(US), Quintly (Germany), Socialbakers (Czech Republic), Awario (Belarus), Oktopost (Israel), Simplify360 (India), Frrole (US), Mavsocial (US), Heuritech (France), Mnemonic AI (US), Konnect Insights (India). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2019 to 2021, which helped companies innovate their offerings and broaden their customer base.
Adobe is one of the prominent players focusing on developing multimedia and creative software products and services. Since its inception, the company has been offering social media analytics solutions. The company partnered with social media analytics platforms to support brands in delivering personalized and relevant experiences across the whole customer journey. The company offers Adobe experience cloud products, which is a collection of applications and services. It comes with various functionalities which help to gather insights about the audience, content management, campaign management, customer engagement, advertisement management, channel management. It allows measuring the success of campaigns which helps to predict and understand customer behavior. Adobe integrates with ML to optimize and test web and mobile applications. It offers a variety of products with an integrated set of solutions, for instance, Adobe Experience Manager, journey orchestration, campaign management, customer engagement, advertising management. It offers business solutions to a broad clientele located in the Americas, APAC, Europe, and MEA.
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Google is a global technology company, and its primary business areas include web-based search, desktop and mobile operating systems, display advertising and tools, enterprise solutions, hardware products, consumer content platform, advertising platform, and cloud computing platform. The company generates revenues by delivering relevant, cost-effective online advertising, cloud-based solutions that provide customers with platforms, collaboration tools and services, and sales of other products and services, such as apps and in-app purchases, digital content, and subscriptions for digital content, and hardware. Its search engine maintains a list of websites and online content for Google network members, advertisers, and content providers. The company’s core products include Android, Maps, Chrome, YouTube, Google Play, and Gmail. Google also sells hardware products such as Chromebook, Chromecast, and Nexus. The company has a worldwide presence in more than 40 countries. In the social media analytics market, the company offers Google Analytics that comes with a unified dashboard that allows customers to analyze the performance for different campaigns across different social platforms. It helps them to track which social platform is driving more traffic on their website. It delivers real-time insights about traffic and click-through rates as well. Google Analytics assists enterprises in discovering who their customers are and helps to analyze the ROI on advertisement spending.
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