Rising demand for Targeted Marketing and Competitive Intelligence drives Social Media Analytics market growth

According to predictions, the worldwide market for social media analytics is projected to exhibit a Compound Annual Growth Rate (CAGR) of 23% from 2023 to 2028.

The primary purpose of social media analytics is to assist in making business decisions, evaluate the efficacy of the decisions, and collect significant amounts of data from diverse social media platforms. It involves analyzing posts, tweets, images, videos, and other forms of content.

BFSI occupies a significant market share for Social Media Analytics

In today’s market, with a growing number of financial service providers competing for business, banks must consistently deliver the right solutions at every touchpoint to remain competitive. Maximizing the value of a bank’s customer base has become a crucial competitive advantage due to increasing competition in the banking industry.

While the banking and financial services sector has been slower to adopt social media marketing, they have established a stable online presence. They are rapidly progressing towards digitization to attract more customers and reach potential consumers. Prominent BFSI players in Europe, such as Citigroup Inc., HSBC, Barclays Bank, and NatWest, have used social media platforms like Twitter, Facebook, Google+, and LinkedIn to drive market growth.

By extracting valuable insights from the abundance of data on social media platforms, banks can enhance their customer service, marketing, product development, risk management, and overall business performance. The availability of such data has opened up new opportunities for banks to leverage the power of analytics and improve their operations.

Research and Markets report finds artificial intelligence has also been integrated into banking institutions to complement digital ad spending. By analyzing unstructured data using AI, banks can better understand consumer preferences and behavior, which can aid in targeting specific customers. Banks have recently utilized advanced predictive analytics techniques to analyze credit card databases, mortgage data, deposit data, and social networks to predict consumer behavior patterns and drive profitability.

Europe dominates the market share

The European social media analytics market will likely experience robust growth at a considerable CAGR over the forecast period. The growth is primarily fueled by increasing emphasis on competitive intelligence and expanding user involvement on social media platforms.

This growth can also be attributed to the rising number of mobile devices and tablets with internet access and increasing social media users, particularly as 5G may account for 40% of all mobile subscribers by 2025.

The importance of social media analytics is expected to grow with the proliferation of AI technologies, which can provide valuable insights and help promote businesses, products, and services aggressively through organic social media marketing, leading to increased engagement and traffic.

WRITTEN BY

Team Eela

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