Social Media Analytics Market Size

Social Media Analytics Market Analysis

The Social Media Analytics Market size is estimated at USD 6 billion in 2024, and is expected to reach USD 17.57 billion by 2029, growing at a CAGR of 24% during the forecast period (2024-2029).

Social media analytics is widely considered a significant business and marketing tool in the present-day business scenario. To gain actionable insights into consumer perceptions and improve their services and product portfolio, businesses worldwide use social media analytics.

• The rise of mobile phones and tablets with access to the internet, coupled with the ever-growing user volume on social media platforms, is boosting the growth of the social media analytics market over the forecast period.
• Incremental technological advancements may pave the way for several growth opportunities by making social analytics tools more accessible to small/medium-scale organizations worldwide.
• The demand for social analytics tools has been bolstered by the increased emphasis on consumer feedback, as they exhibit greater bargaining power in the market. Currently, the consumer is accessible through social media platforms, further reinforcing the need for social media analytics tools for enterprises globally.
• According to Facebook, it had 2.93 billion active monthly users as of the second quarter of 2022. In fact, Twitter stated that more than 800 million tweets are sent each day, reinstating the growing penetration of social media networks at a global level.
• Several strategic developments are taking place in the market. For instance, in April 2021, Meltwater acquired Linkfluence to increase AI-driven social media analytics. Linkfluence is a SaaS company based in France that employs artificial intelligence to improve social media intelligence platforms for consumer insights. Through this acquisition, Meltwater can deliver AI-enabled consumer insights to global companies through social listening and analytics.
• Due to the high installation effort and the demand for critical technical skills, social media analytics organizations suffer discrepancies in analytical processes. Furthermore, data analysis and customization are both time-consuming and challenging. This is a significant obstacle to the overall growth of the social media analytics industry.
• The COVID-19 pandemic significantly impacted the industry due to increased online shopping and e-commerce. During COVID times, for example, IBM and Influential announced a social targeting solution (AI-enabled) to assist companies in identifying credible social influencers. That shows even after the pandemic, there is a significant growth in the usage of technologies like natural language processing, artificial intelligence, machine learning, and augmented reality, boosting the market growth.