Market Trends of Social Media Analytics Industry
This section covers the major market trends shaping the Social Media Analytics Market according to our research experts:
Increased Emphasis on Targeted Marketing and Competitive Intelligence
- A steady decline in the effectiveness of traditional advertising campaigns and rising social media usage has prompted businesses to adopt a more data-oriented approach to their marketing strategies. The emergence of social media analytics has transformed how marketing campaigns are planned and carried out in the present day.
- During the COVID outbreak, numerous governments, hospitals, and public authorities used social media channels to raise awareness about the pandemic and connect with the public. These analytical methods are used to analyze and evaluate the pandemic condition.
- Social networks, such as Facebook, have realized the importance of targeted advertising that they offer through paid solutions to businesses, wherein location, demographics, and end-device information of consumers are made available for businesses to reach out to the targeted section of consumers.
- Rising usage of cloud-based and AI-powered social media analytics solutions in hospitality, retail, travel, and other industries will boost market expansion. AI-based analytics services are becoming more popular and prevalent across the globe.
- In 2022, more brands may strengthen their online customer service practices and even move to new platforms that may potentially offer more effective technology for customer service to thrive online, such as WhatsApp and Messenger.
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North America to Hold Major Share
- During the forecast period, North America is anticipated to have a substantial market share in the global market due to the growing number of social media subscribers in the region. Companies in this region use social media to improve the consumer experience. Most organizations optimize the benefits of social media data by monitoring user engagement and online activity.
- In 2022, there were 264 million monthly active Facebook users in the United States and Canada. Facebook is used by around 69% of US people, with 23.6% of those aged between 24 and 34 years. People in the United States spend an average of 16.1 hours a month on Facebook.
- However, in spite of Facebook's ubiquity, other social networking sites have also gained market share, especially among teenagers and young adults. Instagram and Snapchat are growing in popularity continually among young American internet users.
- Owing to the high participation of the population in social media, companies, such as Amazon, IBM, and Oracle, have been deploying social media analytics to generate insights and gain a better understanding of consumer behavior, which further guides their business and strategic decision making.
- In March 2022, Brandwatch acquired Paladin, an influencer marketing platform. With this acquisition, Brandwatch expanded its portfolio to include more influencer marketing features. It also assists brands in establishing significant connections with their customers. The Paladin platform discovers influencers, manages campaigns, and reports across the globe's major social media platforms.
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