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(MoneyNewsWire.Net, May 11, 2018 ) The social media analytics market is expected to grow from USD 2.71 Billion in 2017 to USD 9.54 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 28.6%. 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 market.
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The report provides detailed insights into the global social media analytics market, which is segmented by application, component, analytics type, deployment model, organization size, industry vertical, and region. In the component segment, the social media analytics software segment is expected to have a larger market share during the forecast period. The demand for social media analytics software is rising, as organizations need a solution to measure, monitor, and analyze the social media data to understand the customers’ sentiments. Social media analytics vendors provide software that assist companies with the data collection and data analysis for generating meaningful insights into customer sentiments, voice of the customer, and the volume of posts. Social media analytics software filters the aggregated and enriched data, so that it can be analyzed to provide a high throughput from multiple social media platforms.
Among applications, the sales and marketing management application is expected to continue its dominance during the forecast period. Sales and marketing management assists users in improving their businesses solutions to analyze unstructured data and understand customer behaviors by detecting the trends and patterns. It also provides corrective measures by enabling real-time alerts and provides automated remedial actions.
The cloud deployment model is expected to exhibit a higher growth rate during the forecast period. Cloud-based solutions are gaining a firm hold in the market, due to features, such as scalability, flexibility, cost-effectiveness, and the increasing needs of organizations to keep track of campaign management and performance monitoring.
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The retail and eCommerce industry vertical is expected to have the largest social media analytics market share and lead the market during the forecast period. Social media analytics can be used by retail and eCommerce vendors to measure campaign performance, identify growth opportunities, improve their products, keep a tab on their competitors, and improve their post-sale support and services.
Large enterprises are expected to dominate the market in terms of market share. The reason being, large and multi-brand corporations are looking for primary market research to drive and evaluate their marketing campaigns.
However, the Small and Medium-Sized Enterprises (SMEs) are expected to exhibit a higher CAGR, owing to the easy availability and scalability of cloud-based deployments.
The prescriptive analytics type is expected to grow at the highest CAGR, due to the increasing use of analytical technologies to optimize the market outcomes, limit the risks, and derive insights using the data obtained from social media platforms.
The report covers all the major aspects of the social media analytics market and provides an in-depth analysis across the regions of North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and Latin America. North America, owing to the early adoption of new and emerging technologies and the presence of the major industry players, is expected to continue to dominate the market during the forecast period. The APAC region is expected to grow at the highest CAGR during the forecast period, owing to the growing adoption of social media analytics software and services among SMEs.
The challenges faced by the social media analytics market are the lack of standardized measures for social media analytics and the lack of a single solution to manage the increasing unstructured data, which needs to be enhanced, to improve the growth of the market.
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The global social media analytics market is fragmented in nature, as no single vendor dominates the market. Vendors that offer social media analytics software and services include include Salesforce (US), Oracle Corporation (US), SAS Institute Inc. (US), Adobe Systems Incorporated (US), International Business Machines Corporation (US), GoodData Corporation (US), Brandwatch (UK), Clarabridge, Inc. (US), Digimind (US), Crimson Hexagon, Inc. (US), Sysomos (Canada), Simply Measured, Inc. (US), Talkwalker Inc. (Luxembourg), Unmetric Inc. (US), Netbase Solutions, Inc. (US), Cision US Inc. (US), Simplify360, Inc. (India), Hootsuite Media Inc. (Canada), Meltwater (US), Germinait Solutions Private Limited (India), Socialbakers (US), Spredfast, Inc. (US), Sprinkler, Inc. (US), Lithium Technologies, Inc. (US), Synthesio (US), and Tableau Software Inc. (US). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, expansions, and acquisitions, to expand their offerings in the social media analytics market.
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