Key growth factors such as the increased focus on market and competitive intelligence, the increasing user engagement of social media using smartphones, and the need of social media measurement to enhance the customer experience are expected to drive the growth of the global Social Media Analytics Market. Also, voluminous data generation through social media platforms and increasing cloud adoption trends to create many opportunities for vendors of social media analytics solutions.
The global Social Media Analytics Market size is estimated to be USD 2.71 billion in 2017 and expected to reach USD 9.54 billion by 2022, growing at a Compound Annual Growth Rate (CAGR) of 28.6% during the forecast period. The significant need to analyze the large volumes of data being generated from social media channels and to incorporate the analysis into structured data to understand the customer’s sentiments and their behavior is expected to be driving the growth of the social media analytics market.
How increasing cloud adoption trends is an opportunity?
Cloud adoption is said to have increased in the recent times because vendors are making use of Software-as-a-Service (SaaS) to deliver cloud computing solutions. Business users are always on the lookout to ensure that they are providing the most effective yet economical solutions.
Cloud makes it possible to perform cloud computing, which provides the ability to outsource the operational IT work to another company. The cloud service providers take all the risks and burdens associated with it.
As per the industry experts and cloud vendors, cloud computing is expected to grow at an even higher rate during the upcoming years, owing to its range of features, such as flexibility, reliability, scalability, and low costs. SaaS, Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS) are all provided in the cloud deployment model.
Vendors are increasingly deploying the SaaS model to provide social media analytics solutions over the cloud. For instance, in August 2015, IBM entered into a partnership with Twitter.
The partnership was intended to provide IBM’s social media analytics SaaS customers the access to twitter data, which they could use to recognize their customer service issues, scan for trends, and comprehend consumer sentiments in a better way.
Why lack of a single solution to manage the increasing unstructured data is a key challenge?
Growth in the social media analytics has also resulted in the increase of unstructured data, and organizations are unable to directly analyze the growing data related to images, videos, and audio content. Hence, the potential problem with social media platforms is their major reliance on text data.
Many platforms are able to provide useful information from metadata and comments associated with social media content. However, they are unable to make complete sense out of non-textual content, which also provides a reliable source of information.
Nowadays, users are using vlogs to explain product reviews and expose the audience to their real-life adventures. This means that, the growing content in vlogs on video sharing sites, such as YouTube, or photo sharing sites, such as Instagram and Pinterest, or podcasts as well as data obtained from Facebook, cannot be analyzed with great efficiency.
Although social listening tools are being provided by the major vendors, the solutions are still not robust and hence the lack of a single solution to manage the increasing unstructured data is considered as a challenge for this market.
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