
North America Social Media Analytics Market
No. of Pages: 166 | Report Code: BMIRE00027668 | Category: Technology, Media and Telecommunications
No. of Pages: 166 | Report Code: BMIRE00027668 | Category: Technology, Media and Telecommunications
The social media analytics market in North America is expected to grow from US$ 2,811.62 million in 2022 to US$ 9,100.81 million by 2028; it is estimated to grow at a CAGR of 21.6% from 2022 to 2028.
Increasing Demand for Business Intelligence (BI)
The increasing competitiveness amongst businesses can be attributed to several factors that differ from country to country. Globalization, rising adoption of Industry 4.0, growing promotional activities, increasing brand awareness, and higher price sensitivity amongst consumers are a few major factors fueling the same. Thus, in a bid to gain a competitive edge, most enterprises have been exploring newer avenues for gaining intelligence on their competitors. Business intelligence (BI) uses different solutions and services to transform gathered data into actionable insights. Traditional BI was mostly restricted to identifying competitors and gathering as much information as possible on them but could not structure, analyze and provide meaningful insights from multivariate data pointers. Social media analytic solutions and services can provide varied BI information. It can aid in identifying competitors, understanding which and how they are utilizing social media platforms, understanding their strategy, compare own social results with competitors, and identifying gaps or threats in social strategy. Additionally, social media analytics can aid performance benchmarking of ad campaigns, understanding appropriate posting time, revealing customers' pain points, and differentiating one’s brand from its competitors. Such benefits have led to a growing demand for gathering BI through social media analytics. For instance, Northern Light Group, LLC aided one of its clients to gain BI by developing and managing a knowledge management platform. Northern Light Business News and 5 other subscription-based market intelligence sources feed data to this platform. Similarly, NapoleonCat, developed by Napoleon Sp. z o.o. have been aiding collectible metal poster e-commerce site Displate (GWD CONCEPT Sp. z o.o.) to analyze their social media performance, connect to newer customers and gather BI on their competitors among others. All such factors collectively have been driving the social media analytics market growth. Several startups, providing social media analytic solutions, have come up in the past few years, again suggestive of the growing importance businesses place on social media analytics. NeenerAnalytics, Catalytics Datum, Astroscreen, ViralStat, and CircusSocial are some prominent startups providing such solutions. CircusSocial raised US$ 1.0 million in 2021 to fund its business activities, suggesting venture capitalists' faith in their solution's demand. The growing demand for BI and social media analytics is promoting the development of several such startups.
Market Overview
The North American social media analytics market is spread into the US, Canada, and Mexico. North America is one of the technologically advanced regions in the world owing to the factors such as early adoption of technologies, investment of government in new advancements, and strong economic growth. Several social media sites have started in this region. Sites such as Facebook and Twitter have a maximum number of users from this region. With the advent of social media on smartphones, the usability of social media increased. The regional businesses noticed this huge market of social media users, and they are using this medium to target their products. Social media analytics helped companies accurately identify the users they want to target. With the growth of social media, the usage of social media analytics will only grow. Therefore, this drives the need for social media analytics solutions across the North American region.
North America social media analytics Market Revenue and Forecast to 2028 (US$ Million)
Strategic insights for the North America Social Media Analytics provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market. The geographic scope of the North America Social Media Analytics refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.North America Social Media Analytics Strategic Insights
North America Social Media Analytics Report Scope
Report Attribute
Details
Market size in 2022
US$ 2,811.62 Million
Market Size by 2028
US$ 9,100.81 Million
Global CAGR (2022 - 2028)
21.6%
Historical Data
2020-2021
Forecast period
2023-2028
Segments Covered
By Component
By Application
By Deployment
By Organization Size
By Vertical
Regions and Countries Covered
North America
Market leaders and key company profiles
North America Social Media Analytics Regional Insights
North America social media analytics market Segmentation
The North America social media analytics market is segmented on the basis of component, application, deployment, organization size, vertical, and country. Based on component, the market is bifurcated into solutions and services. The solutions segment held a larger market share in 2022. Further the component is bifurcated into professional services and managed services.
Cision Ltd.; Hootsuite Inc.; IBM Corporation; Meltwater N.V.; Oracle Corporation; Qualtrics International Inc.; Salesforce, Inc.; Sprout Social, Inc.; Talkwalker S.a.r.l; Zoho Corporation Pvt. Ltd. are the leading companies operating in the North America social media analytics market.
The North America Social Media Analytics Market is valued at US$ 2,811.62 Million in 2022, it is projected to reach US$ 9,100.81 Million by 2028.
As per our report North America Social Media Analytics Market, the market size is valued at US$ 2,811.62 Million in 2022, projecting it to reach US$ 9,100.81 Million by 2028. This translates to a CAGR of approximately 21.6% during the forecast period.
The North America Social Media Analytics Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Social Media Analytics Market report:
The North America Social Media Analytics Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Social Media Analytics Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Social Media Analytics Market value chain can benefit from the information contained in a comprehensive market report.