At 21.6% CAGR, the North America Social Media Analytics Market is projected to be worth US$ 9,100.81 million by 2028, says Business Market Insights           

According to Business Market Insights’ research, the North America social media analytics market was valued at US$ 2,811.62 million in 2022 and is expected to reach US$ 9,100.81 million by 2028, registering a CAGR of 21.6% from 2022 to 2028. Growing importance of social media platforms and increasing demand for business intelligence (BI) are the critical factors attributed to the market growth.              

Cambridge dictionary defines social media as "websites and computer programs that allow people to communicate and share information on the internet using a computer or mobile phone." Facebook, WhatsApp, Twitter, YouTube, and Instagram are some of the most popular social media platforms in North America. Social media platforms have become a necessity for both individuals and businesses. The number of social media users has been growing exponentially over the past few years, due to which these platforms have also been gaining importance for most industry verticals. The active social media user base rose by 13.7% in 2020, from 3.44 billion in 2019 to 3.960 billion in 2020. Again, social media's active users rose by 13.13% in 2021, from 3.960 billion in 2020 to 4.480 billion in 2021. Compared to the 2.078 billion in 2015, active social media users rose by 115.59% from 2015 to 2021. The growing penetration of smartphones and the decreasing prices of internet subscriptions have made the access to these platforms much easier. It has been promoting the usage of social media platforms among people of developed and developing nations alike. Additionally, the capability to create and share visual content among large groups of people, often leading to overnight fame, has further increased the attractiveness of these platforms to common people. Furthermore, most of these platforms are quite dynamic and have been updating their platform as per the demands of users, thus increasing their attractiveness. Thus, all forms of social media platforms, such as social networking, media sharing, social blogging, and discussion sites, have witnessed a tremendous rise in active users. Such exponential growth in active users has also led to an increasing amount of data being generated. Users have been sharing varied data on these platforms, including their likes and dislikes of a brand or product, reviews about a flight journey, places they want to travel to, experiences they had at a shop, and recommendations. Additionally, collecting such data through traditional channels and then analyzing the same for gathering insights would either be financially impractical or consume a lot of time. Such factors have promoted the usage of social media platforms among businesses. Social media solution and service providers can aid businesses in gathering such data easily, analyzing them, and deriving meaningful insights to aid business decisions. Social media intelligence, social competitive analysis, social media listening, image analytics, social media sentiment analysis, social media monitoring, and customer experience analytics are a few common tools or methods used in social media analytics. By using social media analytics, businesses can build a community, gauge the valuation of their brands or products, understand what the consumers want, tailor their offerings, accordingly, gain better business leads through advanced targeting and easily reach out to millions of prospective clients among other benefits. Cloud-based typing assistant provider Grammarly, Inc’s social support team has been utilizing Sprout Social Inc’s social media analytics solution for managing users’ questions, product concerns, and audience conversations across social media platforms, such as Facebook, Twitter, and Instagram. Brandwatch-powered Hootsuite Insight from Hootsuite, Inc., has been aiding its customers in monitoring millions of online conversations in real-time, segregating data based on demographics, and receiving alerts when there is a sudden rise in mentioning of their brands. Such examples demonstrate how businesses are relying on customer inputs on social media platforms to improve their business. Hence, the growing importance of social media platforms is boosting the North America demand for social media analytics. This is expected to drive the market during the forecast period.

On the contrary, data privacy and security concerns hurdles the growth of North America social media analytics market. 

• Based on component, the North America social media analytics market is bifurcated into solutions and services. The solutions segment held 81.4% market share in 2022, amassing US$ 2,289.05 million. It is projected to garner US$ 7,580.31 million by 2028 to expand at 22.1% CAGR during 2022–2028. Further, the component is bifurcated into Professional Services and Managed Services.
• Based on application, the North America social media analytics market is categorized into customer experience management, competitive intelligence, sales & marketing management, and others. The competitive intelligence segment held 31.5% market share in 2022, amassing US$ 882.68 million. It is projected to garner US$ 2,821.28 million by 2028 to expand at 21.4% CAGR during 2022–2028.
• Based on deployment, the North America social media analytics market is bifurcated into cloud and on-premise. The cloud segment held 79.5% market share in 2022, amassing US$ 2,234.10 million. It is projected to garner US$ 7,395.22 million by 2028 to expand at 22.1% CAGR during 2022–2028.
• Based on organization size, the North America social media analytics market is bifurcated into large enterprises and SMEs. The large enterprises segment held 54.8% market share in 2022, amassing US$ 1,541.12 million. It is projected to garner US$ 4,849.42 million by 2028 to expand at 21.1% CAGR during 2022–2028.
• Based on vertical, the North America social media analytics market is categorized into BFSI, IT & telecommunication, media & entertainment, retail & e-commerce, and others. The retail & e-commerce segment held 25.9% market share in 2022, amassing US$ 729.31 million. It is projected to garner US$ 2,423.05 million by 2028 to expand at 22.2% CAGR during 2022–2028.
• Based on country, the North America social media analytics market has been categorized into the US, Canada, and Mexico.  Our regional analysis states that the US captured 85.4% market share in 2022. It was assessed at US$ 2,400.08 million in 2022 and is likely to hit US$ 7,823.79 million by 2028, exhibiting a CAGR of 21.8% during the forecast period.             

Key players dominating the North America 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.

• In April 2022, acquisition of Realtime media monitoring company Stream.
• In May 2022, Hootsuite Announces Integration with TikTok, Empowering Customers To Be Fearless Through Video.

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