Social media analytics is a process of gathering data from social media websites and analyzing that data to make business decisions. It uses social media analytics tools to extract valuable hidden insights about the market. It is also referred to as social media listening or social media monitoring.
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Market Research Future published a research report on “Social Media Analytics Market Research Report- Global Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Synopsis of Social Media Analytics Market
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Social media analytics is a six step process which comprises of identification, extraction, cleaning, analyzing, visualization and interpretation.
Major factors driving the growth of social media analytics market is the increasing number of social media users and great focus on market intelligence and increase in spending on analytics.
The social media analytics market has been segmented on the basis of type, deployment, organization size, application and vertical. The application segment is further bifurcated into customer segmentation & targeting, multichannel campaign management, competitor bench marking, customer behavioral analysis, marketing measurement and others.
Out of these, the marketing measurement segment is expected to grow at the highest CAGR during the forecast period. This is owing to the increasing number of users on social media platform.
The global social media analytics market is expected to grow at approx. USD 7 Billion by 2023, at 28% of CAGR between 2017 and 2023.
The prominent players in social media analytics market are – SAS Institute (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Adobe Systems (U.S.), SAP SE (Germany), Salesforce.com (U.S), GoodData (U.S), HootSuite Media (U.S), Tableau Software (U.S), NetBase Solutions (U.S), among others.
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Study Objective of Social Media Analytics Market
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the Global Social Media Analytics Market
- To provide insights about factors affecting the market growth
- To analyze the Social Media Analytics market based on various factors- value chain analysis, porter’s five force analysis.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW)
- To provide country level analysis of the market with respect to the current market size and future prospective
- To provide country level analysis of the market for segment by solutions, by domain, by end users and sub-segments
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Global Social Media Analytics Market
Social media analytics market can be segmented on the basis of following:
- ServicesSupport & Maintenance
- Consulting Services
- Training & Education
- By Deployment
- By Organization SizeLarge Enterprises
- Small & Medium Enterprises
- Customer Segmentation & Targeting
- Multichannel Campaign Management
- Competitor Bench Marking
- Customer Behavioral Analysis
- Marketing Measurement
- Media & Entertainment
- IT & Telecommunication
The regional analysis of social media analytics market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period.
The major growth in social media analytics market in North America attributes to the technical advancements and increasing use of mobiles and tablets in that region.
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