Global Social Media Analytics Market Research Report 2018-2026
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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