Global Social Media Analytics Market Report 2023: Increased Emphasis on Target Marketing and Competitive Intelligence Drives Growth

DUBLIN, April 18, 2023 /PRNewswire/ -- The "Global Social Media Analytics Market - Growth, Trends, and Forecasts (2023-2028)" report has been added to  ResearchAndMarkets.com's offering.

The global social media analytics market is expected to record a CAGR of 23% during the forecast period.

Social media analytics is the ability to acquire and interpret data from social media channels to support business choices, track the effectiveness of activities based on those choices, and generate volumes of data in the form of blogs, tweets, updates, images, and videos.

Companies Mentioned

• Sprinklr
• Synthesio
• BrandWatch (Crimson Hexagon)
• Oracle Corporation
• NetBase Solutions Inc.
• Meltwater (Sysomos Inc.)
• Talkwalker
• Sprout Social
• Digimind Social
• YouScan.iO
• Keyhole
• Hootsuite Media Inc.
• Socialbakers

Social Media Analytics Market Trends

BFSI (Banking and Financial Services) Occupies Significant Market Share

• The increasing number of financial service providers in the market has made it essential for banks to consistently and professionally deliver the right solutions at every touchpoint to stay competitive. Due to the growing competition in the banking sector, maximizing the value of a bank's customer base can prove to be a competitive advantage.
• The banking and financial services sector has been a little slow to catch up with social media marketing. However, they have established a solid and stable online presence, rapidly moving toward digitization to secure more customers and reach more potential consumers. For instance, some prominent BFSI players in Europe, such as Citigroup Inc., HSBC, Barclays Bank, NatWest, and others, engaged in social media through Twitter, Facebook, Google+, and LinkedIn, were driving the market growth.
• With large amounts of data available on social media platforms, banks are expected to extract critical insights that are expected to enable them to improve customer service, marketing, product and service development, risk management, and business performance, thereby creating more opportunities in the market.
• Moreover, the integration of artificial intelligence in banking institutions has complemented digital ad spending. The organizations comb through the unstructured data, thereby leveraging AI to understand the consumer's preferences and behavior, which might aid the firms in targeting required customers. Lately, in order to serve customers effectively and drive profitability, banks have been using advanced predictive analytic techniques to parse credit card databases, mortgage data, deposit data, and even social networks to find specific cues to help analyze, categorize, and anticipate consumer-behavior patterns.
• With large amounts of data available on social media, banks are expected to extract key insights that will enable them to improve customer service, marketing, product and service development, risk management, and business performance.

Europe Dominates the Market

• During the forecast period, it is expected that the size of the social media analytics market in Europe will increase at a strong CAGR. The market's expansion is attributable to the spotlight being placed more heavily on competitive intelligence. Additionally, growing user involvement on social media is propelling market expansion.
• The expansion of the social media analytics market in the area throughout the forecast period is being driven by the rising number of mobile phones and tablets with internet access, as well as the steadily increasing user volume on social media platforms. By 2025, 5G is anticipated to account for an average of 40% of all mobile subscribers across Europe, with a significantly greater share in Western Europe, according to Ericsson. Additionally, through 2025, European mobile data traffic is anticipated to increase by more than 30% annually. Fast internet access and growing mobile phone subscriptions will enable higher use of social media platforms and, therefore, will boost the studied market in the region during the forecast time period.
• In the upcoming years, conducting social media analytics is expected to impact the proliferation of AI technologies significantly. AI can provide detailed advice on the steps that need to be performed to maintain the health of the company's assets. Through organic social media marketing, AI aids in aggressively promoting businesses, goods, services, solutions, offers, and more. This directly impacts client engagement and incoming traffic to your business's online portals (websites, landing pages, etc.).
• The social media landscape in Europe has changed in the last ten years. It is becoming a priority for many brands, which means they are searching for specialists and subject matter experts based on information provided by the marketing company Sortlist. Social media marketing will be the second most preferred area for investment in 2021, according to 14.5% of European small and medium-sized firms. The region now has a great need for social media analytics.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHT
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.3 Impact of COVID-19 on the Industry
4.4 Industry Value Chain Analysis

5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Exponential Growth of Number of Social Media Users
5.1.2 Increased Emphasis on Target Marketing and Competitive Intelligence
5.2 Market Challenges
5.2.1 Data and Security-related Issues
5.2.2 Deployment and Maintenance Challenges
5.2.3 Strict Rules and Regulations by Government

6 MARKET SEGMENTATION
6.1 By Type
6.1.1 Software (SaaS and On-premise)
6.1.2 Services (Professional and Managed)
6.2 By Module
6.2.1 Social Media Monitoring and Tracking
6.2.2 Social Media Measurement/Listening and Analytics
6.3 By End-user Industry
6.3.1 Media and Entertainment
6.3.2 IT and Telecom
6.3.3 BFSI
6.3.4 Retail (including E-commerce)
6.3.5 Travel and Hospitality
6.3.6 Other End-user Industries (Healthcare, Public Services, etc.)
6.4 By Geography

7 COMPETITIVE LANDSCAPE
7.1 Company Profiles

8 INVESTMENT ANALYSIS

9 FUTURE OF THE MARKET

For more information about this report visit https://www.researchandmarkets.com/r/lal7dt

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