Summary - A new market study, titled Global Social Media Analytics Market - Segment Analysis, Opportunity Assessment, Competitive Intelligence and Industry Outlook, 2018-2026 ” has been featured on WiseGuyReports.
Social media analytics is an approach of collecting data from various social media platforms and then analysing the data to make relevant business decisions. It uses social media analytics tools such as snaplytics, iconosquare, tailwind, google analytics, and others, to extract data related to customer sentiments, in order to support an organization’s marketing activities and customer service. Social media provides opportunities to organizations to connect with their customers. It is essential to test and track the results generated through social media in order to identify the most effective strategies
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The global social media analytics market is expected to grow at a CAGR of 28.7% during the forecast period. The market is growing due to the increasing need for effective brand promotions among market competitors. The increasing use of smartphones and social media by people is driving the demand for social media analytics market. Moreover, the growing demand for customer engagement by organizations to build a strong customer base and increase customer retention has further generated demand for social media analytics. The data available on social media can be false at times and this can result in a wrong analysis of data, which in turn, can hinder the market demand. The market will further witness significant growth during the forecast period, owing to an increase in the use of social media analytics by SMEs.
Social media is not only a medium to interact with people, but has emerged as full scale integrated platform for consumers that uses social media to offer review, purchase products through online channel, and communicating with people at remote locations. Social media offers complete insights that needs to be successfully analyzed in order to understand the business and economic sentiments. This is the reason, many of the companies are investing heavily on tapping the social media insights. This certainly offers huge market prospects for vendors operational in social media analytics platform. The industry is driven by powerful technologies that keeps on crunching the large number of unstructured data. Lack of supporting technologies and lower IT infrastructure especially in developing regions of South Asia is the major challenge to the companies. Successful penetration in the world’s largest market – India and China will open new door of market opportunity for companies. This will indirectly boost overall demand for analytics service.
On the basis of analytics type, the social media analytics market is segmented as prescriptive analytics, predictive analytics, descriptive analytics, and diagnostic analytics. Predictive analytics is used to understand the positive and negative sentiments of customers. In the coming few years, predictive analytics will become centric to strategy making process. This will have positive impact on overall demand for social media analytics.
On the basis of regions, North America dominated the market in 2018 due to the adoption of emerging technologies. The Asia-Pacific region is expected to witness the fastest growth during the forecast period, owing to the increasing number of social media users in the region. Demand in Europe is driven by testing mobile based apps companies. Growth in the region will be quite slow compared to the demand in Asia and North America region. Minor changes are expected to be in the Latin America and rest of the world.
Various companies are actively pushing the products in the market. Few are engaged in acquiring other prospective companies. In 2016, Microsoft acquired LinkedIn. In the same year, Sysomos entered in partnership with AEJMC to improve social analytics usage in academic research. The deal is expected to help AEJMC to strengthen its education portal and offerings. Few key companies in the social media analytics market are Hootsuite, Google, Buffer, Brandwatch, Netbase, Cision, TrustRadius and others
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The Social Media Analytics Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the social media analytics market include Oracle, Salesforce, IBM, SAS Institute, Adobe, Clarabridge, NetBase Solutions, Brandwatch, Talkwalker, Digimind, Meltwater, SpreadFast, Cision, Simplify360, Hootsuite, Sprout Social, MetaQuotes Software, Socialbakers, Others.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Social Media Analytics Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/social-media-analytics-market/download-sampleMarket DynamicsThe market is primarily driven by growing usage of social media among people.
These have encouraged enterprises to adopt social media analytics solutions to understand users' needs and demand and the salability of their products.
Other driving factor is increasing demand from small and medium enterprises.
The global social media analytics market size is expected to grow from USD 3.6 billion in 2020 to USD 15.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 34.1% during the forecast period.
Major factors fueling the market growth are increasing user engagement of social media using smartphones, and increased focus on the market and competitive intelligence.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=96768946Major social media analytics vendors include Oracle (US), Salesforce (US), IBM (US), SAS Institute (US), Adobe (US), Clarabridge (US), NetBase Solutions (US), Brandwatch (UK), Talkwalker (UK), Digimind (US), Meltwater (US), SpreadFast (US), Cision (US), Simplify360 (India), and Hootsuite (Canada), Sprout Social (US), MetaQuotes Software (Cyprus), Socialbakers (Czech Republic), Frrole (US), Prudence Analytics and Software Solutions (India), MavSocial (US), Oktopost (Israel), Quintly (Germany), Rival IQ (US), Buffer (US), Sotrender (UK), Awario (Belarus), Agorapulse (France), and Sendible (UK).
These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global social media analytics market.
Partnerships and new product launches have been the most dominating strategy adopted by the major players from 2018 to 2020, which has helped them innovate their product offerings and broaden their customer base.Salesforce (US) specializes in the Customer Relationship Management (CRM) software and enterprise cloud computing.
The company provides comprehensive customer and collaboration relationship management services to businesses of all sizes and industries, and provides a technology platform for customers and developers to build and run their applications.
It has offices New York, San Francisco, Berlin, Stuttgart, Paris, Singapore, and is expected to expand its global presence in Sydney soon.
