IMARC Group’s latest report, titled “Social Media Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global social media analytics market size reached US$ 7.26 Billion in 2020. Social media analytics, or SMA, refers to a marketing tool used to monitor, collect and analyze data from multiple social channels, such as Facebook, Instagram, and Twitter. It gathers valuable insights that help organizations improve their strategic business decisions. It also assists marketers in spotting the latest trends, understanding consumer behavior, mapping third-party channels and partners, and identifying high-value features for products and services. In recent years, SMA has gained immense traction among businesses as it aids in monitoring social media metrics, evaluating the brand image and audience demographics in real-time and creating customized reports.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Social Media Analytics Market Trends:
The rising usage of social networking sites and the growing penetration of the internet and smartphones represent the primary factors driving the global market. Additionally, the increased emphasis on consumer feedback and competitive intelligence, and the widespread adoption of a more data-oriented approach for marketing strategies are escalating the demand for SMA solutions. Besides this, the recent outbreak of coronavirus disease (COVID-19) has increased the dependency of organizations on SMA for understanding and minimizing the real-time impact of the COVID-19 pandemic on business operations and revenues. Furthermore, the rising consciousness about brand image and the growing need for social media measurement to enhance customer experience, operational profitability, and quality of products or services are catalyzing the market growth. Other factors, including the increasing popularity of SMA as software-as-a-service (SaaS), improving focus on targeted marketing, and rising cloud adoption, are also propelling the market growth. Looking forward, the market value is anticipated to reach US$ 26.39 Billion by 2026, expanding at a CAGR of 24.0% during the forecast period (2021-2026).
- Based on the component, the market has been bifurcated into solutions and services.
- On the basis of the deployment mode, the market has been classified as on-premises and cloud-based.
- Based on the organization size, the market has been categorized into small and medium, and large enterprises.
- The market has been divided based on the application into customer segmentation and targeting, competitor benchmarking, multichannel campaign management, customer behavioral analysis and marketing management.
- Based on the end user, the market has been segmented into BFSI, media and entertainment, travel and hospitality, IT and telecom, retail, healthcare, and others.
- Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Adobe Inc., Brandwatch (Cision US Inc.), Clarabridge, Inc., Hootsuite Inc., International Business Machines Corporation, NetBase Quid, Oracle Corporation, Salesforce.com, Inc., SAP SE, and SAS Institute Inc.
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