South America 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 & Marketing Management, and Others), Deployment (Cloud and On-Premise), Organization Size (Large Enterprises and SMEs), and Vertical (BFSI, IT & Telecommunication, Media & Entertainment, Retail & e-Commerce, and Others)
The social media analytics market in South America is expected to grow from US$ 387.95 million in 2022 to US$ 1,180.66 million by 2028; it is estimated to grow at a CAGR of 20.4% from 2022 to 2028.
Rising Number of Social Media Users in Developing Nations
The number of social media users has been rising rapidly across the SAM.However, the growth rate in developing nations has been faster than in developed nations.
The number of social media users rose by 78 million from 2020 to 2021.Similarly, in Brazil, the numbers grew from 143 million in 2019 to 159 million in 2021.
Several factors have promoted such growth, including initiatives from global regulatory bodies to promote penetration and acceptance of electronic media.The World Bank’s International Finance Corporation piloted a project to inform farmers about market trends through messages on the phone aimed at the social empowerment of weaker sections of society.
Additionally, the growth of social media platforms as protest platforms for atrocities and rights violation have also promoted such demand. Furthermore, social media platforms have become the preferred choice for showcasing talents, which were mostly reserved through various telecast programs. All such factors have become more accessible to people of developing nations due to the rising penetration of the internet and smartphones. Several such factors led to an exponential surge in the social media user base in developing nations. Such a huge increase in social media user base has led to the generation of a large amount of data. Such data can provide great growth opportunities for social media analytics solution and service providers to attract enterprises planning businesses to expand in the region. The generated data, by application of social media analytics, can be utilized for understanding regional competition, creating brand awareness amongst consumers, promoting products or services, and effectively handling consumer queries, among several others. Additionally, social media platforms can allow businesses to access user data from remote locations in a developing nation, which might not have been possible through traditional modes of data collection. Collection and analysis of such data can help to understand consumer requirements better, thus further aiding in business decisions. Hence the rising number of social media users in developing nations can be expected to provide ample growth opportunities for the social media analytics market over the next few years.
The social media analytics market in South America is further segmented into Brazil, Argentina, and the Rest of South America.The South America market has the potential to implement social media analytics across various sectors, such as banking and financial services, manufacturing, transportation, and healthcare.
This technique is already used in various applications such as customer relationship management, clinical decision support system, collection analysis, customer retention, direct marketing, and fraud detection, among many others.Due to the benefits offered by these analytical tools, companies are increasingly adopting such highly innovative predictive methods.
Countries such as Brazil, Colombia, Argentina, Chile, and Peru have good opportunities in the market.In addition, increasing adoption of these data mining tools across multiple domains, cloud adoption, and rigorous demand for data analysis leads to market growth during the forecasted period.
The South America social media market is growing at a phenomenal rate. The number of internet users is nearly 160 million. The number of Facebook users in the South America region is around 179 million, and around 41 million Twitter users in Brazil, making it the second largest market. Advertisers use this huge social media marketplace to make their products more popular and increase online sales. Social media analytics will help businesses gain a significant share of the advertising market on social media sites. The retail & e-commerce sector in the region is steadily growing with the increase in the adoption and use of smartphones and other devices to purchase goods and commodities. Globalization is bridging the gap between international brands and retailers to consumers in various countries of South America. Growing interest among the South America population, especially millennials, toward online shopping substantially supports the growth of the retail and e-commerce industry. Therefore, the growing retail and e-commerce industry helps increase the demand for social media analytics solutions.
South America social media analytics Market Revenue and Forecast to 2028 (US$ Million)
South America social media analytics market Segmentation
The South 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.
Based on application, the market is bifurcated into customer experience management, competitive intelligence, sales & marketing management, and others.The competitive intelligence segment held the largest market share in 2022.
Based on deployment, the market is bifurcated into cloud and on-premise.The cloud segment held a larger market share in 2022.
Based on organization size, the market is bifurcated into large enterprises and SMEs.The large enterprises segment held a larger market share in 2022.
Based on vertical, the market is segmented into BFSI, IT & telecommunication, media & entertainment, retail & e-commerce, and others. The retail & e-commerce segment held the largest market share in 2022. Based on country, the market is segmented into the Brazil, Argentina, and the Rest of South America. The Brazil dominated the market share in 2022. 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 South America social media analytics market.