Social Media Analytics Market worth approximately $14.6 billion by 2028

(IT-NEWSWIRE.COM, February 12, 2024 ) According to a research report "Social Media Analytics Market by Offering (Solution and Services), Analytics Type, Business Function (Marketing, Sales and Lead Generation, Finance, Customer Service, Human Resource, Operations), Vertical and Region - Global Forecast to 2028" published by MarketsandMarkets, the global market for Social Media Analytics is projected to grow from USD 4.8 billion in 2023 to USD 14.6 billion by 2028, at a CAGR of 24.9% during the forecast period.

The social media analytics market is expanding due to the increasing usage of social media, higher smartphone penetration, and other developments in digital technology. The market growth is further boosted by the impact of technologies such as natural language processing, artificial intelligence, machine learning, and augmented reality. Social media analytics enables businesses to maximize the impact of their social media marketing efforts. Future trends that will shape the landscape of social media analytics include artificial intelligence and machine learning.

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Solution segment to account for the largest market size during the forecast period.

Based on the offering segment, the solution is anticipated to hold the largest market size during the forecast period. In today's constantly evolving digital landscape, businesses need innovative tools to overcome the challenges of online interactions. These cutting-edge solutions help organizations extract valuable insights, monitor trends, and measure their online impact. From sentiment analysis to audience segmentation, these offerings enable businesses to make informed decisions, refine marketing strategies, and enhance customer engagement. As the demand for comprehensive analytics continues to rise, providers are continuously developing advanced solutions, driving the evolution of this dynamic market.

Managed service to account for higher CAGR during the forecast period.

Based on the services, managed services are anticipated to hold the highest CAGR during the forecast period. Managed service providers are playing a crucial role in the field of social media analytics. They offer a wide range of services to businesses to help them optimize their social media presence and gain valuable insights from their social media data. These services include advanced social media analytics tools that can track user traffic, measure customer experience, and identify trends and patterns in social media data. Additionally, managed service providers offer social media management services to maintain a consistent and effective social media presence, data consolidation, and management to ensure that all relevant data is easily accessible for analysis, and integration with other services such as customer relationship management systems.

Asia Pacific to exhibit the highest CAGR during the forecast period.

The CAGR of Asia Pacific is estimated to be highest during the forecast period. The market for Social Media Analytics in the Asia Pacific region is expected to experience significant growth, mainly due to population growth and government policies. This growth is being fueled by the increasing significance of social media platforms for businesses, a growing demand for business intelligence, and the adoption of advanced technologies such as natural language processing, artificial intelligence, machine learning, and augmented reality. The expansion of digital technology and the increasing adoption of cloud-based solutions are further driving this growth.

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Major vendors in the global Social Media Analytics market are IBM (US), Google (US), Oracle (US), Salesforce (US), Adobe (US), SAS (US), Qualtrics (US), Digimind (France), Talkwalker (Luxembourg), Hootsuite (Canada), GoodData (US), Meltwater (Norway), Khoros (US), Sprout Social (US), Cision (US), Dash Husdson (Canada), Brand24 (US), Sotrender (Poland), Rival IQ (US), Facelift (Germany), Emplifi (US), SocialPilot (US), Agorapulse (France), Keyhole (Denmark), Sendible (UK), Buffer (US), Hubspot (US), Databox (US), Tailwind (US), Semrush (US), Awario (US), Oktopost (Israel), Simplify360 (US), Frrole (India), Mavsocial (US), Heuritech (France), Mnemonic Ai (US), Konnect Insights (India), Lucidya (Saudi Arabia), and Catalytics Datum (India).

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Social Media Analytics Market worth approximately $14.6 billion by 2028