Global Social Media Analytics Market - Opportunity and Forecasts, 2014-2022
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Social media analytics Market has become requisite for every enterprise in diverse industry verticals, such as banks, retail, government, and others. Although many firms deploy social media analytics largely for customer service, many enterprises have implemented it for sales, branding, and marketing purposes.
This enables firms to effectively use customer data to serve a large pool.
Enterprises have extensively deployed social media and have gained assistance from the analytics companies to improve their brand processes and perform better.
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The social media analytics companies need to educate their customer and design customized solutions that fit company-specific demands. This can help companies gain enhanced competitive intelligence and better market focus that is beneficial for the global social media analytics market.
The exceptional evolution from business intelligence (BI) techniques to advanced analytics techniques and the massive upsurge in the number of social media users have elevated the adoption of social media analytics across the globe. The increase in the number of social media users has been a major driving force for the market and will continue to be so over the forecast period.
This enables the social media analytics companies to gain better customer data and enhanced customer behavioral analysis. Furthermore, increased expenditure on analytics and growth in focus on competitive intelligence support the overall market growth.
Further, increase in rate of adoption in SMEs and increased cloud adoption depict major growth opportunities for the market.
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The social media analytics market is segmented based on application, end user, and geography. Customer segmentation & targeting, competitor benchmarking, multichannel campaign management, customer behavioral analysis, and marketing management are the various applications analyzed in the report.
The various end users are media & entertainment, travel & hospitality, IT & telecom, retail, and others (BFSI and healthcare).
Customer behavioral analysis led the social media analytics market in 2015 and will continue to do so in the near future. Furthermore, the retail sector dominates the overall market and implements social media analytics for the purpose of customer behavioral analysis on a comparatively larger scale.
The retail sector implements social media analytics for the purpose of quantifying performance, determining impact, and deriving strategic directions from social media data.
Geographically the social media analytics market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America has witnessed the highest adoption of this service, followed by Europe, Asia-Pacific, and LAMEA.
However, Asia-Pacific is expected to grow at a significant pace during the forecast period.
Market players have adopted innovative techniques to provide advanced and pioneering offerings. Some of the significant players in the social media analytics market that are profiled in the report are Oracle Corporation, Adobe Systems, Inc., IBM Corporation, SAP SE, Netbase Solutions, Inc., Hootsuite Media, Inc., Tableau Software, Crimson Hexagon, SAS Institute, and Salesforce.com Inc.
The social media analytics report focuses on the growth prospects and restraints of the market based on the analysis of regional trends. The study provides Porter’s five forces analysis of the market to understand the impact of factors such as suppliers, competitors, new entrants, substitutes, and buyers on the growth of the market.
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- This study comprises analytical depiction of the market, with global social media analytics market trends and future estimations to depict the imminent investment pockets.
- The overall market potential is determined to understand the profitable trends for gaining a stronger coverage.
- The report presents information regarding key drivers, restraints, and opportunities with a detailed impact analysis.
- Quantitative analysis from 2014 to 2022 is provided to highlight the financial competency of the market.
- Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers in the social media analytics industry.
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