Report : Asia Pacific Social Media Analytics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Component [Solutions and Services (Professional Services and Managed Services)], Application (Customer Experience Management, Competitive Intelligence, Sales &
At 22.3% CAGR, the Asia Pacific Social Media Analytics Market is speculated to be worth US$ 7,428.43 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific social media analytics market was valued at US$ 2,222.20 million in 2022 and is expected to reach US$ 7,428.43 million by 2028, registering a CAGR of 22.3% from 2022 to 2028. Mounting importance of social media platforms and cumulative demand for business intelligence (BI) are the critical factors attributed to the market growth.
Several factors present in Asia Pacific today suggest an ominous business scenario in the next few years. Effects of the pandemic, political disruptions, rising prices, and forecasts of recession are some examples of the same. Additionally, globalization has been increasing business competitiveness across most sectors. Furthermore, several countries have recorded higher interest rates on lending and decreased consumer spending. Such factors have led businesses to focus strongly on customer experience management to retain existing customers and convert first-time users to repeat customers. Customers' retention has been proven more cost-effective than acquiring new customers. Similarly, growing social media usage ensures that a positive experience with a product or service is most likely to be posted on social media platforms. Thus, it automatically promotes the brand without any charges. Such factors are expected to increase the demand for social media analytics in customer experience management. Social media analytics is witnessing increasing demand to understand customers' sentiments and provide them with a better experience. Several surveys indicate that consumers who have had a bad experience contacting a company on social media are likely to switch to a different brand. Again, several products were designed based on the feedback received on social media platforms. For instance, P&G launched Gillette TREO in 2020, a razor specifically designed for caregivers. The product was designed based on an analysis of social media comments received. While traditionally, companies have been focusing on improving customer service, customer experience encompasses several other factors and personnel. It can include customer feedback, analysis of preferences and behavior, and advocacy of a brand. Thus, customer experience management through social media analytics can be expected to be highly prominent soon. This is expected to drive the market during the forecast period.
On the contrary, data confidentiality and security concerns hurdles the growth of Asia Pacific social media analytics market.
Based on component, the Asia Pacific social media analytics market is bifurcated into solutions and services. The solutions segment held 79.7% market share in 2022, amassing US$ 1,771.73 million. It is projected to garner US$ 6,071.97 million by 2028 to expand at 22.8% CAGR during 2022–2028. Further, the component is bifurcated into Professional Services and Managed Services.
Based on application, the Asia Pacific social media analytics market is categorized into customer experience management, competitive intelligence, sales & marketing management, and others. The competitive intelligence segment held 32.8% market share in 2022, amassing US$ 728.49 million. It is projected to garner US$ 2,411.42 million by 2028 to expand at 22.1% CAGR during 2022–2028.
Based on deployment, the Asia Pacific social media analytics market is bifurcated into cloud and on-premise. The cloud segment held 76.4% market share in 2022, amassing US$ 1,698.38 million. It is projected to garner US$ 5,898.00 million by 2028 to expand at 23.1% CAGR during 2022–2028.
Based on organization size, the Asia Pacific social media analytics market is bifurcated into large enterprises and SMEs. The large enterprises segment held 62.0% market share in 2022, amassing US$ 1,378.05 million. It is projected to garner US$ 4,430.56 million by 2028 to expand at 21.5% CAGR during 2022–2028.
Based on vertical, the Asia Pacific social media analytics market is categorized into BFSI, IT & telecommunication, media & entertainment, retail & e-commerce, and others. The retail & e-commerce segment held 24.5% market share in 2022, amassing US$ 544.17 million. It is projected to garner US$ 1,870.65 million by 2028 to expand at 22.9% CAGR during 2022–2028.
Based on country, the Asia Pacific social media analytics market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 42.8% market share in 2022. It was assessed at US$ 950.29 million in 2022 and is likely to hit US$ 3,252.17 million by 2028, exhibiting a CAGR of 22.8% during the forecast period.
Key players dominating the Asia Pacific social media analytics market are Cision Ltd.; Hootsuite Inc.; IBM Corporation; Meltwater N.V.; Oracle Corporation; Qualtrics International Inc.; Salesforce, Inc.; Sprout Social, Inc.; Talkwalker S.a.r.l; and Zoho Corporation Pvt. Ltd., among others.
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