Social Media Analytics Market to Be Worth $26.29 Billion by 2028
Research firm The Insight Partners valued the global social media analytics market at $7 billion in 2021 and projects it to reach $26.29 billion by 2028, increasing at a compound annual growth rate of 21.5 percent.
The growing number of mobile phones and tablets with access to the internet, coupled with ever-growing user volume on social media platforms, is boosting the growth of the social media analytics market. The proliferation of AI technologies is anticipated to play a significant role in the future, making specific recommendations on which actions need to be taken to maintain the health of company assets.
The report highlights growing adoption of these solutions by law enforcement agencies tohelp identify potential threats. Recent school and other mass shootings where the gunmen vividly expressed their desires on social media to perform such acts have been prompting such uptake by law enforcement.
The research firm found that the retail and e-commerce industry is among the largest adopters of social media analytics. Social media platforms are impacting how consumers research and buy products, connect with their favorite brands, and share feedback. With increasing digital browsing and purchasing, retailers and e-commerce companies are turning to data analytics to gain consumer insights and business intelligence. Social media analytics can provide detailed information about each consumer, allowing sellers to offer tailor-made products, solutions, or services.
The Insight Partners also expects media and entertainment to be the fastest growing sector. while banking, financial services, and insurance firms have gained profitable results using sentiment analysis to understand customers' requirements better.
Cision, Hootsuite, IBM, Meltwater, Oracle, Qualtrics, Salesforce, Sprout Social, Talkwalker, and Zoho were among the key social media analytics vendors highlighted in the report.