The global Social Media Analytics Market size is expected to grow from USD 3.6 billion in 2020 to USD 15.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 34.1% during the forecast period. Major factors fueling the market growth are increasing user engagement of social media using smartphones, and increased focus on the market and competitive intelligence.
The large enterprises segment to hold a larger market size during the forecast period
The social media analytics market is segmented into large enterprises and Small and Medium-sized Enterprises (SMEs) by organization size. The large enterprises segment is expected to have a larger market size during the forecast period, owing to large volumes of data being generated by large enterprises and the increasing demand for real-time social media analytics software and services. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period.
Due to the high availability of timesaving cloud solutions, social media analytics software and services are expected to witness a prominent growth rate among SMEs during the forecast period. Moreover, easy availability of social media analytics solutions as well as real-time support services are factors projected to drive the demand for such solutions across SMEs.
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By vertical, healthcare and life sciences to grow at the highest CAGR during the forecast period
The social media analytics market by vertical has been segmented into Banking, Financial Services and Insurance (BFSI), telecommunications and Information Technology (IT), retail and eCommerce, healthcare and life sciences, media and entertainment, government and defense, travel and hospitality, and others (education and research, transportation and logistics, and energy and utilities). A rise in the number of competitors and the emergence of a number of social media players in the online social platform are factors projected to contribute to the growth of this segment.
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), Sprout Social (US), MetaQuotes Software (Cyprus), Socialbakers (Czech Republic), Frrole (US), Prudence Analytics and Software Solutions (India), MavSocial (US), Oktopost (Israel), Quintly (Germany), Rival IQ (US), Buffer (US), Sotrender (UK), Awario (Belarus), Agorapulse (France), and Sendible (UK). 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 2018 to 2020, 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. Social Studio integrates with Customer Success Platform of the company and empowers organizations to listen to the conversations of their customers using the social listening tool. Social Studio further controls social connections through sales and services, marketing, social listening, social publishing, engagement, and customer service.
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Brandwatch (UK) specializes in the stream of social media monitoring, social media reporting, social intelligence, social listening, consumer market insights, and social insights. The company employs more than 300 people across 30 countries, worldwide. It has offices New York, San Francisco, Berlin, Stuttgart, Paris, Singapore, and is expected to expand its global presence in Sydney soon. The company is known for building platforms which help the brand to make chatter sense online. Brandwatch makes use of the internet and collects information and data from various social media channels from 20 million sources in 27 languages, with which users of Brandwatch’s can easily access the data in their web-based interface. The company is engaged is providing easy engagement for their clients by engaging the users with the communities they have isolated. The company caters to major brands, including Uniliver, Whirlpool, British Airways, Wallmart, and Dell. It has its application which is used to divide and segregate the data into small chunks and provide useful insights through graphing, categorization, and many other components. The company provides the cloud deployment model to serve its divers clientele. Further, the service scope of Brandwatch is restricted to publicly available data, as the company follows the fair usage policy. The company provides a plethora of paid and unpaid support services, including email or online ticketing, consulting, and professional services.
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