Journal of Digital Economy 2 (2023) 1–15

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Journal of Digital Economy

journal homepage: [Link]/en/journals/journal-of-digital-economy

Research article

Conceptualizing social media analytics in digital economy: An

evidence from bibliometric analysis☆
Mohd Junaid Akhtar *, Mohd Azhar, Nawab Ali Khan, Mohd Nayyer Rahman
Department of Commerce, Aligarh Muslim University, Aligarh, India

A R T I C L E I N F O A B S T R A C T

Keywords: The present study intends to provide a comprehensive overview based on existing literature
Social media analytics related to social media analytics and digital economy using bibliometric analysis from Scopus
Digital economy database, particularly from the year 1996–2022. The studies that have discussed social media
Bibliometric analysis
analytics and digital economy on a global scale using bibliometric analysis are very less in
Digitalization
VOSviewer
numbers. Therefore, this study determines the trends and maps in the digital economy and social
media analytics using VOSviewer. The present study analyses 1539 articles collected from the
Scopus database and uses VOSviewer that creates a visual representation of the data. Analyses of
co-occurrence of keywords, co-citation, journals, and co-authorship have been employed in the
study. The findings of the study reveal the most prominent trends in terms of influence, most
prolific journals, articles, authors, topics, keywords, and countries. Content analysis has been
employed using the bibliographic coupling of documents to identify the broad themes of the
clusters. Further, a conceptual quadrant model has been devised to examine the outcomes of the
interrelation between social media analytics and digital economy. This study further reveals that
research on digital economy and social media analytics has shifted from the developed world to
the developing nations. Now, more and more research is being conducted in the countries like
China, Pakistan, Bangladesh, Ukraine and India. Through the density visualization of keywords
analysis, it is revealed that keywords like “digitalization”, “artificial intelligence”, “blockchain”,
“cryptocurrency”, and “bitcoin” are in trends of research in the subject matter.

1. Introduction

The rise of computers and the internet has transformed the world with the services it provides. These technologies have changed the
way people carry out their activities and communicate with each other. The development of online communication tools has generated
new methods of interaction. Social media networks are one of those few methods of communication (Kumar and Nanda, 2019a). The

☆
Cluster 4 comprises articles from multi-disciplinary backgrounds of social media analytics and digital economy. The subtheme of this cluster is
pricing in e-business, consumer surplus, and operation management etc. This cluster started receiving articles in 2001 and continued the article
publication till the year 2021. Study by Brynjolfsson et al. (2003) is having highest number of citations (653) in this cluster. Cluster 5 consists of 9
articles with the main theme of Twitter analytics. Most of the studies in this cluster are concentrated on analytics of data from Twitter and Facebook.
This cluster started receiving articles from 2015 and continued to do so till 2019. Article published by Chae (2015) has received highest number of
citations (286) in this cluster.
* Corresponding author.
E-mail addresses: junaidakhtar10@[Link] (M.J. Akhtar), azharqamar@[Link] (M. Azhar), nawabalikhan@[Link] (N.A. Khan),
[Link]@[Link] (M.N. Rahman).

[Link]
Received 24 August 2022; Received in revised form 22 February 2023; Accepted 14 March 2023
2773-0670/© 2023 The Author(s). Published by Elsevier B.V. on behalf of KeAi Communications Co., Ltd. This is an open access article under the CC
BY license ([Link]
M.J. Akhtar et al. Journal of Digital Economy 2 (2023) 1–15

human desire to communicate and the advancements in digital technology have been the key drivers behind the rise of social media. For
over a decade, social media has become the most influential and effective way for customers to share their thoughts and ideas (Alkhodair
et al., 2020). Social media differs largely from previous forms of communication because of its extensive reach and ease of instant
communication with others (Kumar and Nanda, 2019b). In a very short period, social media has transformed from a means of direct
electronic information sharing to a virtual gathering place, a shopping platform, and a 21st-century marketing weapon. The present
study discusses the growing significance of social media in the digital world and visualizes the interaction of social media analytics and
digital economy.
Social networking sites have billions of users worldwide, generating massive amounts of unstructured data in a very little period of
time (Gandomi and Haider, 2015; Yaqoob et al., 2016; Stieglitz et al., 2018). This massive amount of created data, dubbed as “big data”,
has recently been the subject of intense study (Bello-Orgaz et al., 2016; He et al., 2017). Big data from massive datasets gathered in
various formats (structured, semi-structured, and/or unstructured) have been studied in a variety of fields, including healthcare, pol-
itics, astronomy, geoscience and economy (Stieglitz and Dang-Xuan, 2013; Rahmani et al., 2014; Hashem et al., 2015; Ji et al., 2017;
Kotsilieris et al., 2017). When utilized in marketing research, social media analytics, as opposed to traditional approaches, may quickly
and unobtrusively collect and evaluate customers’ data and assist businesses in better understanding their clients (Ghani et al., 2019;
Azhar and Akhtar, 2020; Yun et al., 2021).
The global COVID-19 pandemic has hastened the transition to the digital era. Today, digital economy continues to develop at an
incredible rate towards all spheres of economic activity (Mamatzhonovich et al., 2022), powered by the capability to capture, utilize and
analyze massive volumes of machine-readable information (digital data) on nearly anything (UNCTAD, 2019). Personal, social, and
commercial activity on various digital platforms leaves digital footprints that may be used to gather this information (Chang et al., 2019;
He et al., 2015). The advent of social media measurement tools has made it feasible for marketing professionals to have unprecedented
access to critical and useable data about clients’ demographics, purchasing behaviours, and more (Stieglitz et al., 2018). The devel-
opment of big data from social media has sparked renewed interest in the fields of artificial intelligence and data analytics (He et al.,
2017). Social media analytics transform these data into valuable information, which results in economic capital for businesses (Kumar
et al., 2020; Zhang et al., 2022). Over the last decade, social media research has grown exponentially, and several algorithms linked to
machine learning and artificial intelligence have been created (Ghani et al., 2019).
The study of social media analytics is not restricted to corporate applications; it is also commonly employed in academic research
(Culotta and Cutler, 2016; Carducci et al., 2018). Current academic studies on the digital economy are primarily concerned with the
economic benefits of the digital economy, as well as the processes of digitalization in industry and digital industrialization (Zhang and
Bai, 2018). Because of the widespread availability of the internet and the emergence of Web 2.0 technologies, social media analytics has
rapidly developed as a distinct field of study (Carducci et al., 2018). The expansion and acceptance of social media networks by the
masses and their usage in digital economy have offered extensive opportunities and challenges to researchers. This research aims to
present a bibliometric approach to social media analytics and digital economy and provides a vivid picture of the subject concern by
using data from the Scopus database and subsequent treatment employing VOSviewer.

2. Literature review

The word “Social Media” was collectively born from social networking through technology and internet-based instruments. Today,
because of its ability to draw consumers and inspire them to take action, social media is a powerful tool for all sorts of companies (Radi
and Shokouhyar, 2021). Nowadays, the use of social media is an excellent opportunity to link individuals to a shared subject matter.
Social networking allows the exchange of knowledge through the internet, the development of ideas, interaction with like-minded
individuals and the diffusion of information through online communities (Sujata et al., 2019). Social media is a broad forum that en-
compasses a variety of different platforms or vehicles, such as collective writing, content-sharing communities, social networking sites,
social bookmarking sites, business communities, micro-blogging sites, etc. (Mangold and Faulds, 2009; Biswas and Roy, 2014). During
the last several years, social media has become an important element of digital marketing and will continue to do so in the future
(Dialani, 2020). It is now possible for people to express their opinions about items and services via well-known social media platforms
like Facebook and Twitter, as well as online commerce firms like eBay and Amazon (Chang et al., 2019; Lutu, 2019). Nowadays, people
spend a substantial amount of their time using social media (Windels et al., 2018; Khan et al., 2022; Ansari et al., 2022). In 2019, internet
users throughout the world spent an average of 144 min a day on social media, an increase over the previous year's average of 142 min
(Tankovska, 2021).
People in diverse industries can now extract valuable insights from social media data to understand their users more thoroughly and
accurately by using different social media analytics methods (Mirchandani and Gaur, 2019). The power of social media is being used to
influence business, global culture, politics, employment, education, creativity, and other areas (Simplilearn, 2021; Xiong et al., 2022).
The goal of social media analytics is to collect and analyze data from various social media platforms in order to get meaningful in-
formation and knowledge (Stieglitz et al., 2018). The data derived from social media analytics can be used to learn human behaviour
and gain new insights (Ghani et al., 2019). Data has evolved into a modern form of economic asset for extracting and gathering value
(Bhardwaj and Agarwal, 2022). Control over data is tactically critical so that it can be turned into digital information (UNCTAD, 2019).
The widespread use of social media for business reasons necessitates the formation of frameworks, tools and techniques for methodically
analyzing enormous volumes of social media data (Hussain and Vatrapu, 2014). Social media analytics is associated with designing and
assessing resources and systems for compiling, tracking, processing, presenting, and displaying data from social media, typically based
on the basic specifications of the targeted application (Zeng et al., 2010). An effective social media analytics program may assist or-
ganizations in enhancing their activities to improve performance across a wide range of business areas (Ruhi, 2014). Businesses may

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benefit from data analytics by making sense of the huge amounts of information that are available for future growth and development
(TechnologyHQ, 2021).
Internet-based systems have become greatly popular over recent years as many businesses are looking to improve efficiency and
reduce operating costs while simultaneously allowing them to operate on multiple platforms (Trac
a et al., 2019; Xiong et al., 2022). Both
businesses and societies are undergoing radical changes as a result of digitalization (Shi et al., 2022). The evolution of internet-based
businesses allows many economic entities to adapt to function in real-time (Farjami and Molanapour, 2015). Internet-based businesses
earn revenue from internet transactions, financial processing fees, paying ads, cloud computing, and through a variety of other industrial
lines (Bhimani and Willcocks, 2014; Lin et al., 2015). Amazon, Alphabet Incorporation, Facebook, Tencent Holdings and Alibaba are the
top five internet-based business companies in terms of market cap (Bloomenthal, 2020).
The implementation of the proposed achievements of information and communication technology (ICTs) in all domains of the so-
cioeconomic structure of society makes a significant contribution to accelerating the growth of industries (OECD, 2019). Since we are
still in the infancy stage of the digitalization process worldwide, there is a lack of generally accepted concepts of the emerging digital
economy and many other similar economic terms (UNCTAD, 2019). Tapscott (1996) first coined the word “digital economy” in his
best-selling book “The Digital Economy: Promise and Peril in the Age of Networked Intelligence”. Bukht and Heeks (2017) summed up
the digital economy through three sectors that are core digital sector, narrow scope and broad scope. They defined the digital economy
as “that part of economic output derived solely or primarily from digital technologies with a business model based on digital goods or
services” (Bukht and Heeks, 2017).
The roots of the digital economy were defined by Knickrehm et al. (2016) in a larger context, refers as the proportion of overall
economic output that is obtained from a variety of different types of digital inputs (hardware, software and communications equipment).
The emerging digital economy is inextricably linked to many cutting-edge technological innovations and is driven by data (Srnicek,
2017; Rong, 2022). These technological innovations include blockchain, IoT, artificial intelligence, data analytics, automation, robotics,
3D printing, cloud computing etc. (UNCTAD, 2018). There is ample evidence that suggests the increasing application of cloud
computing technologies in the operations of the business (Rahman and Iqbal, 2019). Because of the exponential evolution and the use of
information and communication technology, the global economy is undergoing a massive transformation.
The digital economy is evolving fast, especially in developing countries (Bukht and Heeks, 2017). For developing nations, the digital
economy holds great promise to boost economic growth, increase resources and labour efficiency, enable access to foreign markets and
lower transaction costs (Dahlman et al., 2016). Current geographic concentrations of the digital economy are mostly found in two
countries: the United States of America and China. The size of the world's digital economy varies between 4.5 and 15.5 per cent of the
world GDP, with the USA and China holding almost 40 per cent share (UNCTAD, 2019). Both the countries account for half of global
splurging on IoT, 75 per cent of patents linked to blockchain technologies, more than 75 per cent of the cloud computing market and the
world's largest digital platforms consisting of around 90 per cent of market cap value (UNCTAD, 2019). In the United States, the digital
economy contributed 9.0 per cent of GDP in 2018, with an average annual growth of 1.7 per cent from 2006 to 2018. The digital
economy supported a reasonable share of employment in the economy. The digital economy created an estimated 8.8 million jobs in
2018, accounting for 5.7 per cent of overall employment in the United States (Nicholson, 2020).
Historically, economic value has been correlated with the production of goods and value-added services. The sustainable processing
of raw materials creates wealth in the form of products and services, which can then be spread across society (Tantalo and Priem, 2016;
Mazzucato, 2018). But in the emergence of the digital economy and new business models, digital data is the key resource that leads to
value creation (Pagani, 2013; Suseno et al., 2018). The volume of data produced is continuously and increasingly growing (Bhimani and
Willcocks, 2014). Over the past two decades, IP (Internet Protocol) traffic on a global scale has skyrocketed. In 1992, global internet
networks rolled nearly 100 GB. In 1992, internet networks throughout the world were churning out nearly 100 gigabytes (GB) of data
each day (UNCTAD, 2018). After ten years, it had surpassed 100 GB per second. This data traffic surpassed 46,600 GB per second in 2017
and is expected to surge to 150,700 GB per second by the end of 2022. (UNCTAD, 2018).
Digital platforms are the central actors of the digital economy (OECD, 2019). These platforms feed the companies with digital data,
which is the key resource of the digital economy (Xiong et al., 2022). Over the last decade, a slew of digital platforms evolved around the
globe that follows data-driven market strategies (Hajkowicz and Dawson, 2018). With the influx of massive amount of data, a whole new
“data value chain” has emerged, comprised of companies that assist with data acquisition, data insight generation, data storage,
modelling and processing (Bukht and Heeks, 2017). Value creation occurs when data is converted into digital information and
monetized through commercial usage. Data gathering and interpretation have been a component of the economic structure for a long
period (OECD, 2015). What is revolutionary nowadays is that intense technological development has taken this phenomenon to a whole
new level, as shown by enormous growth in the capacity to capture, transfer, store, and analyze data using advanced algorithms at a
significantly lower rate (Adner and Kapoor, 2010; Loebbecke and Picot, 2015). Different types of data monetization run by big data
analytics produce the economic value of digital capital (Stieglitz et al., 2014). Digital data and their value creation through analysis is
the core of the digital economy.

3. Research methodology

This research is conceptual in nature and presents a complete overview based on current literature associated to social media an-
alytics and digital economy utilizing bibliometric analysis from the Scopus database, notably from the year 1996–2022. The review
method was utilized to gain familiarity with the relevant literature of the study. The literature has been scanned from relevant pub-
lications and studies, articles, and websites, as these are the key sources of information that were utilized in the process of putting
together this explanatory and descriptive study.

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M.J. Akhtar et al. Journal of Digital Economy 2 (2023) 1–15

Bibliometric analysis has become an essential instrument to evaluate and analyze the scientific research of scholars (Moral-Mu~ noz
et al., 2020). Bibliometric analysis can be studied using a number of different software tools such as bibliometrix (Aria and Cuccurullo,
2017), CitNetExplorer (Van Eck and Waltman, 2014), SciMAT (Cobo et al., 2012), VOSviewer (Van Eck and Waltman, 2010), and
CiteSpace (Chen, 2006). The present study uses VOSviewer (Van Eck and Waltman, 2010) for bibliometric analysis as it is the most
frequently used and relatively easy scientometric mapping tool (Li et al., 2021). Also, the visualizations that are made with VOSviewer
have a higher level of clarity and are more user-friendly (Markscheffel and Schr€ oter, 2021).
For bibliometric analysis, data was extracted from the Scopus database for the period 1996 to 2022. Search strings for data collection
that have been used are “Digital Economy” or “Social Media Analytics”. Seven thousand five hundred and forty-six (7546) publication
results have been found from the Scopus database as on July 2022, which have been further limited to Business, Management and
Accounting; and, Economics, Econometrics and Finance. The refinement reduced to a total of 2465 publication results, of which 1539
are articles, 354 conference papers, 347 book chapters, 90 review papers, 52 books and others. This study has taken articles only for
further analysis, that are 1539 as documented by the data. Data was exported to comma-separated values (CSV) excel format, which
consists of content of title, abstract and keywords.
This study employed content analysis through bibliographic coupling of articles having 50 or more citations to get the research
trends in the subject field. Further, this study conceived a cartesian plane quadrant model based on the extensive literature review. The
cartesian plane is a two-dimensional coordinate plane that is produced by the intersection of the x-axis and the y-axis (Estrada, 2017).
The quadrant model delineates four fundamental viewpoints that might aid in the deepening of our understanding of social media
analytics and digital economy by balancing specificity with focus and clarity (Tønnesvang et al., 2015).

4. Data analysis

4.1. Descriptive analysis

This section determines the trends and maps in the published literature on the digital economy and social media analytics. A total of
20322 citations were recorded for the 1539 publications. Table 1 consists of the year-wise publications and citations for the last ten
years. It is evident from the table that 2021 is the year when the highest number of articles were published and the most numbers of
citations were recorded. In 2021 there were 334 publications with 5150 citations, while in 2022, up to the month of July, there were 166
publications with 4182 citations.
Fig. 1 shows the year-wise publication and citation graph from 1996 to 2022. The first paper was published in the year 1996, while
the first citation was reported in the year 2001. The graph shows a sharp rise in both the number of publications and citations since
2017. 2008 was the year where 3 articles recorded 242 citations with an average of 80.67 per article for the year, followed by 2022,
where 166 articles recorded 4182 citations with an average of 25.19 per article.
Fig. 2 depicts the h-index graph of the articles on social media analytics and digital economy in the Scopus database. The h-graph is a
visual representation of the production and effect of published academic work of scholars. The h-index is calculated based on the
number of publications that have been included in the study that have received at least the same number of citations (Hirsch, 2005). The
graph depicts a line at an angle of 45
, which represents a connection that there is a 1:1 relationship between the number of citations and
the number of articles published. In Fig. 2, the h-index graph shows that there are 64 such articles in the database which have 64 ci-
tations or more. The graph also shows that there are 1137 such articles out of 1539 that have at least 1 citation.

4.1.1. Co-authorship analysis

As per the Scopus database, during the year 1996–2022, 3693 authors studied social media analytics and digital economy and
published 1539 articles in 594 journals. Table 2 represents the list of the top 10 authors who have highest number of documents
published on the subject matter. Laurell C., with 14 documents, topped the list, followed by Neittaanm€aki P., Sandstr€ om C. and
Watanabe C., each have 11 documents. The fourth column in the list shows total link strength (TLS). According to Van Eck and Waltman
(2017), “total link strength attribute indicates the total strength of the co-authorship links of a given researcher with other researchers”.
Fig. 3 shows the network visualization of authors with highest number of articles published. While preparing the network

Table 1
Number of publications and citations during the last ten years in the Scopus database.
Year No. of Publications % of 1539 Citations

2022a 166 10.79 4182

2021 334 21.70 5150
2020 260 16.89 3444
2019 295 19.17 2184
2018 165 10.72 1174
2017 88 5.72 766
2016 34 2.21 524
2015 27 1.75 428
2014 19 1.23 323
2013 17 1.10 262
a
Up to July 2022.

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Fig. 1. Trends in publications and citations over the years in the Scopus database.

Fig. 2. Documents h-index graph.

Table 2
List of top 10 authors with highest number of articles.
Ranking Author Documents Citations Total Link Strength

1 Laurell C. 14 469 174

2 Neittaanm€aki P. 11 162 160
3 Sandstr€om C. 11 424 123
4 Watanabe C. 11 162 160
5 Fan W. 9 1012 226
6 Kar A.K. 9 451 151
7 Wang Y. 8 46 83
8 Li S. 7 85 43
9 Park S.B. 6 144 63
10 Tou Y. 6 94 116

Fig. 3. Network visualization of authors with highest number of articles.

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M.J. Akhtar et al. Journal of Digital Economy 2 (2023) 1–15

visualization, authors with at least three articles have been included in the process. In the visualization result, each term is displayed by a
circle. The circle diameter and the label size reflect how frequently the keywords appear. The bigger the circle, the more the occurrences
featured. The distance between the two circles shows the closeness of the two keywords (Van Eck and Waltman, 2013). The connecting
lines in the figure depict the links between the items. Also, the thicker the line, the stronger the connection is there between items (Van
Eck and Waltman, 2017).
Table 3 shows the most prominent authors of the subject field of social media analytics and digital economy. The table below
presents the authors having highest number of citations in their name. Fan W. topped the list with 1012 citations from 9 articles.
Brynjolfsson E., Hu Y.J., Smith M.D. and Kannan P.K. followed Fan W. and secured 2nd, 3rd, 4th, and 5th position in the list,
respectively.
Network visualization of authors with highest number of citations can be seen through Fig. 4. The size of the circle in the visuali-
zation map represents the weight of the item. The greater the weight of the item, the larger the circle is there. Here lines between the
circles depict the link between the authors. Lines connecting writers on the currently active map are shown as being thicker and more
significant the closer the authors are related to one another.

4.1.2. Keyword analysis

The most commonly used keywords were identified and examined to categorize the 1539 articles that are part of the sample. A list
(Table 4) of the top 10 most frequent keywords used in social media analytics and digital economy papers is presented. The list also
shows the total link strength of the keywords. Total link strength of a keyword reflects how strongly it is linked to other terms. It is
evident from the list that “digital economy” topped the list, followed by “social media analytics”, “digitalization”, “innovation”, and
“social media”.
A total of 6030 keywords are identified out of the 1539 studies taken into consideration. Out of 6030 keywords, 4849 are ones that
appeared once in the studies in the Scopus database. The minimum number of occurrences is set to 5 for a keyword for inclusion in the
study. 305 such keywords met the threshold limit of the inclusion and further analysis. The keywords network visualization map is
presented in Fig. 5a. It is evident from the map that “digital economy”, “social media analytics”, and “digitalization” are the keywords
those appeared highest number of times. The map is divided into 11 clusters consisting of 305 keywords. Cluster 1 marked in red color
consist of 55 keywords followed by cluster 2 (green) 50 items, cluster 3 (blue) 40 items, cluster 4 (yellow) 30 items, cluster 5 (violet) 28
items, cluster 6 (light blue) 28 items, cluster 7 (orange) 26 items, cluster 8 (brown) 21 items, cluster 9 (pink) 15 items, cluster 10 (peach)
10 items and cluster 11 (light green) 2 items respectively. The most common keywords leading the clusters are “social media analytics”
(red), “innovation” (green), “digital economy” (blue), “economic development” (yellow), “blockchain” (violet), “e-commerce” (light
blue), “platforms” (orange), “machine learning” (brown), “digital transformation” (pink), “industry 4.0” (peach), and “electronic
commerce” (light green).
Fig. 5b presents the keywords overlay visualization map. Overlay visualization is similar to network visualization but with a distinct
coloring scheme (Van Eck and Waltman, 2017). The map shows the trends in publication on the basis of keywords. The shift in trend in
the publication is shown in purple to yellow color. It is evident from the figure that digitalization, blockchain, bitcoin and sharing
economy are some of the trending keywords for the recent publications. Fig. 5c presents the keywords density visualization map where
each point assigns a color according to its density. A point's proximity to the near red color increases with the number of nearby items
and with the relative weights of those items. In contrast, a point is closer to appearing blue when there are fewer items in its immediate
vicinity and when those items have lower weights (Van Eck and Waltman, 2017). All of the terms that happened more than ten times
were compiled into a word cloud to highlight their prevalence. It was indicated that “digital economy” and “social media analytics” are
the most frequent words, followed by “digitalization”, “innovation”, and “social media” (Fig. 6).

4.1.3. Geographical analysis of publication

1539 articles contributed by a total of 88 countries/regions. Table 5 presents the top 10 countries in terms of the publication on social
media analytics and the digital economy. The top 3 most prolific countries/regions are from the developed world. Russian Federation,
with 383 articles, topped the list. While the United States ranked 2nd with 240 articles, followed by the United Kingdom, China and
India. In terms of citations, the United States topped the list with 8423 citations from 240 articles. While the United Kingdom ranked
2nd, followed by Germany, Russian Federation, China and India.

Table 3
List of top 10 authors with highest number of citations.
Ranking Author Documents Citations Total Link Strength

1 Fan W. 9 1012 226

2 Brynjolfsson E. 2 657 25
3 Hu Y.J. 2 657 26
4 Smith M.D. 1 653 25
5 Kannan P.K. 2 617 21
6 Abrahams A.S. 4 509 117
7 Jiao J. 4 509 117
8 Wang G.A. 4 509 117
9 Du Q. 5 503 113
10 Ma Y. 5 503 113

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Fig. 4. Network visualization of authors with highest number of citations.

Table 4
List of top 10 most frequent keywords.
Ranking Keyword Occurrences Total Link Strength

1 Digital Economy 618 1433

2 Social Media Analytics 140 551
3 Digitalization 94 268
4 Innovation 86 400
5 Social Media 84 356
6 Social Networking (Online) 63 405
7 Digital Transformation 59 179
8 Big Data 57 217
9 Electronic Commerce 55 259
10 Internet 53 220

Fig. 5a. Keywords network visualization.

Fig. 7a presents the cluster map of geographical regions in terms of publications. The map represents the geographical dispersion of
the article published on social media analytics and digital economy. Ten distinct clusters have been created by VOSviewer for countries/
regions having more than five publications. Clusters of countries/regions that occur together frequently have the same colouration
(Chen et al., 2020). Each cluster is made up of a network of countries/regions that work together to study mutual interests. The size of
the node in the figure can be used to determine the key contributors of each cluster. While Fig. 7b represents the cluster map of
geographical regions in terms of citations. The average citation per document is highest in the United States, followed by Germany, the
United Kingdom and India.

4.1.4. Journals analysis

A total of 594 journals contributed to the publication of 1539 documents. The majority of journals (340) published only one article
on the subject matter. Only 26 journals have 10 or more articles published out of 594. Table 6 lists the top 10 most prolific journals with
publications on social media analytics and the digital economy. “Espacios” topped the list with 33 documents, followed by “Economy of
Region”, “Technological Forecasting and Social Change”, and “Technology in Society” all three have published 26 documents on the
subject.
Table 7 represents the list of the top 10 documents with highest number of citations in the Scopus database on social media analytics

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Fig. 5b. Keywords overlay visualization.

Fig. 5c. Keywords density visualization.

Fig. 6. Word cloud map of the keywords on social media analytics and digital economy.

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Table 5
Top 10 countries with highest number of publications.
Ranking Country/Region Documents Citations

1 Russian Federation 383 1862

2 United States 240 8423
3 United Kingdom 130 2568
4 China 121 1519
5 India 76 1476
6 Australia 62 752
7 Germany 60 1900

8 Spain 58 623
9 Italy 57 834
10 Ukraine 54 180

Fig. 7a. Geographical regions with the highest number of Publications.

and digital economy. The table shows the most impactful journals in terms of citations. Management Science topped the list with 1108
citations of 5 articles. Information and Management secured the second position with 748 citations of 11 documents. International
Journal of Information Management, Decision Support Systems, and Technological Forecasting and Social Change ranked third, fourth
and fifth, respectively.
Fig. 8 is a presentation of the eight most significant clusters of cooperation networks that exist between the journals that have
produced five or more publications. The size of the node in the figure can be used to determine the key contributors to each cluster (Chen
et al., 2020). Each cluster is made up of a network of journals that work together to study mutual interests.

4.2. Content analysis

Content and bibliometric research are helpful when trying to describe the publication trends of a certain field (Coronado et al.,
2011). In bibliometric research, content analysis is frequently used in order to better apprehend the insights offered by clusters
(Bhandari, 2022). In the present study content analysis has been used to identify the current trends in the field of social media analytics
and digital economy and to foresee where the new lines of inquiry could go. Bibliographic coupling of citation analysis has been
employed in this research for content analysis. To conduct this analysis, only articles with more than 50 citations were considered.
Previous studies (Bhandari, 2022; Hota et al., 2020) have also applied similar approach to ensure quality of the articles.

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M.J. Akhtar et al. Journal of Digital Economy 2 (2023) 1–15

Fig. 7b. Geographical regions with the highest number of citations.

89 such studies have been identified out of 1539, which have 50 or more citations. Bibliographic coupling of citation analysis has
been performed on these studies using VOSviewer (Van Eck and Waltman, 2010). 9 articles in the network are not connected to nodes, so
those have been excluded while creating the map. Fig. 9 presents the bibliographic coupling map of the articles.
The 80 articles having 50 or more citations are grouped into 7 clusters connected to each other with nodes. An in-depth study has

Table 6
Top 10 journals with the highest number of documents.
Ranking Source Documents Citations

1 Espacios 33 76
2 Economy of Region 26 118
3 Technological Forecasting and Social Change 26 542
4 Technology in Society 26 256
5 Economic Annals-XXI 25 91
6 Quality–- Access to Success 23 66
7 International Journal of Supply Chain Management 21 32
8 Intertax 19 41
9 European Research Studies Journal 17 168
10 International Journal of Economics and Business Administration 17 128

Table 7
Top 10 journals with the highest number of citations.
Ranking Source Documents Citations

1 Management Science 5 1108

2 Information and Management 11 748
3 International Journal of Information Management 9 736
4 Decision Support Systems 10 606
5 Technological Forecasting and Social Change 26 542
6 Tourism Management 5 458
7 Journal of Marketing 1 423
8 Research Policy 6 377
9 Journal of Strategic Information Systems 2 356
10 MIS Quarterly Executive 3 351

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M.J. Akhtar et al. Journal of Digital Economy 2 (2023) 1–15

been performed including title, keywords and abstract on these 80 articles. After having critical analysis of these articles, 7 broad themes
have been identified of these clusters. Cluster 1 contains the majority of literature on this topic having 22 articles. Study by Pavlou
(2002) having highest number of citations (312) in the cluster. Cluster 1 having studies related to the main theme of internationalization
of digital economy. The cluster comprises articles with subtheme of globalization, industrialization, and sharing economy etc. This
cluster having articles published in the time frame of year 2001 to year 2021. The recent article published in this cluster is the study by
Stallkamp and Schotter (2021).
Cluster 2 is represented by the 16 articles and is the second largest cluster in the map. This cluster received its first article by
Schweidel and Moe (2014), while the latest one is the study by Li and Xie (2020). Study by Kumar et al. (2016) is having highest number
of citations (312) in this cluster. This cluster is having studies related to social media and consumer behaviour with subtheme of social
media engagement and consumer engagement. Cluster 3 contains 12 articles with the time frame of 2017–2020. The oldest articles
published in this cluster are Xiang et al. (2017) and Brandt et al. (2017), while the latest one is by Sivarajah et al. (2020). The main
theme of this cluster is social media analytics. Xiang et al. (2017) has highest number of citation (371) in this cluster.
Cluster 6 has 7 articles and the main theme of this cluster is knowledge-based economy. In this cluster articles explored customer
knowledge management and its importance in developing e-businesses. This cluster began receiving articles in 2002, and the last article
published in 2020. Study by Wang et al. (2013) has the highest number of citations in the cluster. The last cluster 7 has 3 articles
published between 2012 and 2015. Article published by Abrahams et al. (2012) received highest number of citations (155) in this
cluster. The main theme identified of this cluster is social media data.

5. Digital economy and social media analytics quadrant model

The relationship between digital economy and social media analytics and its positive and negative aspects are conceptualized
through a cartesian plane quadrant model presented in Fig. 10.
In the above quadrant model, X-axis depicts the digital economy while the Y-axis represents social media analytics. The model
contains four quadrants which represent positive and negative aspects of social media analytics on the digital economy and vice versa.
The location of the point represented in the quadrant does not show the intensity of the aspects, while the place of the points is for
representation only. The upper right-hand side quadrant (þ, þ) represents positive outcomes of the interrelation between digital
economy and social media analytics. Social media analytics and digital economy provide an opportunity for micro, medium, and small
enterprises (MSMEs) to go beyond the domestic market through the existing e-commerce platforms and e-payment systems (Barashi,
2012; UNCTAD, 2017). The combination of digital economy and social media analytics allows more customization than ever would be
attainable under the traditional economy. MSMEs can increase their sales by utilizing current payments and e-commerce channels,
particularly if they serve niche markets (Singh, 2017). Digital entrepreneurship leads to the creation of a market-opportunity-oriented

Fig. 8. Cluster map of academic journals related to the study.

Fig. 9. Bibliographic coupling map of selected articles.

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M.J. Akhtar et al. Journal of Digital Economy 2 (2023) 1–15

Fig. 10. Digital economy and social media analytics quadrant.

Source: The Authors

innovative digital product (Nambisan, 2017). Both the digital economy and social media analytics inherit ever-growing scope for
innovation in their products and technologies (Gumba et al., 2021).
The second quadrant, the lower right-hand side (þ, -), represents the positive side of the digital economy while the negative position
of social media analytics. Citizens’ routine cash transactions are being converted into cashless transactions as the economy is being
steered towards digitalization (Satya, 2019). The everyday growing number of smartphone and internet users make it possible to in-
crease the number of cashless transactions. Increased digitalization of economic operations, as well as the growth of data-driven
business models and the Internet of Things (IoT), have raised a number of security issues (UNCTAD, 2019). Data protection and pri-
vacy are important concerns in the digitalization of business and the usage of social media analytics. The threat of data privacy
highlights the significance of enacting robust privacy and data security rules, as well as democratic data management (Pasquale, 2018).
The quadrant on the lower left-hand side (-, -) represents negative aspects of both the digital economy and social media analytics.
Due to digitalization, various sectors are increasingly utilizing automation and robotics technology, which may have substantial job
implications. The effect of digitalization on employment in the affected industries might be detrimental as a consequence of job losses
(Manyika et al., 2017). In terms of employment, it is impossible to foresee the effects of digitization. The overall estimates differ
significantly and range from 9 per cent of global employment at risk worldwide due to automation (Arntz et al., 2016). Also, the free
flow of data due to digitalization includes perceived threats to the security of the country, espionage by other countries and threats of
hacking (UNCTAD, 2013).
The upper left-hand side quadrant (-, þ) represents negative aspects of the digital economy and positive aspects of social media
analytics. An essential characteristic of developing digitalization is the emergence of certain extremely big global digital platforms,
especially in the United States and China. By market capitalization, seven of the top eight firms worldwide have data-centred business
models (PwC, 2021). On the other hand, the digitalization process leads to severe environmental costs. Greenhouse gas (GHG) effects,
carbon emissions and handling of e-waste are the main concerns related to digitalization (Hertwich and Roux, 2011; Belousova et al.,
2022).

6. Discussion and conclusion

Digitalization has broadened the canvas of economic operations. Today, ICT has a great impact on national economies around the
globe. Enormous datasets gathered from billions of social media users and processed through social media analytics provide digital
inputs in the form of digital assets for the growth of the digital economy. The primary objective of the present study was to provide a
broad overview of the existing literature on social media analytics and digital economy. In order to comprehend the conceptual
framework of social media analytics and digital economy, this study utilized a combination of bibliometric and content analysis. This
paper used academic references of the Scopus database from 1996 to 2022 to show that social media analytics in the digital economy
continues to be a prominent area of study. The research on the subject is growing every passing year and this rising pattern indicates the
growing tendency of using knowledge through scientific publications. That is why it is important to broaden the scope of study in order
to build knowledge on top of things that can be studied further, giving new insights and ground-breaking ideas in the subject. So, the
present study intended to locate active research areas and uncover emerging trends by assessing the most influential authors, countries/
regions, organizations, journals, collaboration, and co-occurrence in the subject concern. The findings of the study unveil that research
on the subject of digital economy and social media analytics has shifted from the developed world to the developing nations. Now, more
and more research is being conducted in the countries like China, Pakistan, Bangladesh, Ukraine and India. Through the density
visualization of keywords analysis, it is revealed that keywords like “digitalization”, “artificial intelligence”, “blockchain”,

12
M.J. Akhtar et al. Journal of Digital Economy 2 (2023) 1–15

“cryptocurrency”, and “bitcoin” are in trends of research in the subject matter.

It is evident from the findings that in the year 2021, the highest number of articles were published on social media analytics and
digital economy. Also, in the same year, the highest number of citations were recorded, which shows that the subject has started
captivating the attention of researchers and its significance in academia is growing since ever. The findings further unveil that 2017 was
the year when a sharp rise in both the number of publications and citations was recorded. Moreover, a list of the top 10 authors who have
highest number of documents published on the subject has also been presented in the study and it was found that Laurell C. with 14
documents topped the list, followed by Neittaanm€aki P., Sandstr€ om C. and Watanabe C. each have 11 documents. The findings also
disclose the most prominent authors of the subject concern; social media analytics and digital economy. It is evident that Fan W. topped
the list with 1012 citations from 9 articles, making him the most prominent and influential author of the subject. As far as the
geographical analysis of publication is concerned, Russian Federation, with 383 articles, topped the list. While the United States ranked
2nd with 240 articles, followed by the United Kingdom, China and India. In terms of the journal analysis, Espacios” topped the list with
33 documents, followed by “Economy of Region”, “Technological Forecasting and Social Change”, and “Technology in Society” all three
have published 26 documents on the subject. This study also shows the most impactful journal list in terms of citations. Management
Science topped the list with 1108 citations of 5 articles. Information and Management secured the second position with 748 citations of
11 documents. International Journal of Information Management, Decision Support Systems, and Technological Forecasting and Social
Change ranked third, fourth and fifth, respectively. Further, this study presents the interrelation of social media analytics and digital
economy through a quadrant model in order to present the possible scenarios of these two. The findings unveil the different facets of the
impact of social media analytics and digital economy on society as well economies.
The current study contributes to the existing body of literature by providing information on state of the art as well as identifying
trends, gaps, and research possibilities. This was accomplished through careful selection of the articles that have been published in this
research field and through bibliometric analysis as well as content analysis of those articles. Seven broad research themes have been
identified through content analysis, which provides a deeper understanding of the subject. These themes include internationalization of
digital economy, social media and consumer behaviour, social media analytics, Twitter analytics and knowledge-based economy etc.
The enormous shifts occurring in the global economy as a result of technological advancements call for more scholarly work demon-
strating the necessity of novel strategies to drive the development of the digital economy. With the help of VOSviewer, the authors were
able to determine which authors, papers, journals, institutions, and nations have had the most impact on social media analytics and
digital economy. The visualization in the form of networks and density illustrated the existence of novelty in the expansion of subjects
within the themes that have been investigated. Further, this study highlighted the positive and negative aspects of social media analytics
through the quadrant model. This is done to make it easier to grasp the interrelationship that exist between the topics. As a result of this
work, researchers in the field may now examine subtopics within broader contexts and quantify many facets of the subject.

7. Limitations and directions for future research

Like any other study, the present study also has some limitations, which, along with a more concentrated evaluation of the trends
observed, can encourage more fascinating research. Firstly, this research work used data from the Scopus database as a data source. The
scope of the future investigation can be enlarged by using other databases such as Web of Science, Google Scholar and other sources.
Further, the research in this area might benefit from a multisource approach that compares databases in order to gain a more
comprehensive understanding of the key differences and implications of utilizing each data source. Secondly, this study has undertaken
only published articles for analysis. Future researchers could include conference papers, book chapters, review papers and books in their
studies to get more comprehensive results. The study used keywords like “Digital Economy” or “Social Media Analytics” for data
collection. Future researchers could use additional keywords while collecting data to get more robust findings. Further, other biblio-
metric software can also be used in future research, such as R Software, HistCite, CiteSpace, SciMAT etc. This study will assist the future
researchers to comprehend the ongoing study in this topic by providing background knowledge of the clusters. Further, content analysis
of the data provides seven broad research themes to be investigated by future researchers. Despite the above-mentioned limitations, this
study offers a substantial look at how research in social media analytics and digital economy is progressing.

Declaration of competing interest

Authors have no conflicts of interest to declare.

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