Growing popularity of mobile eCommerce and increasing need for improvising on customer services are some major factors driving the growth of global social media analytics market.
According to TechSci Research report, “Global Social Media Analytics Market By Application (Sales and Marketing Management, Customer Experience Management, Competitive Intelligence, Risk Management and Fraud Detection, Public Safety and law Enforcement & Others), By Analytics Type (Predictive Analytics, Prescriptive Analytics, Diagnostics Analytics & Descriptive Analytics), By Deployment (On-Premises Vs On-Demand), By Organization Size (SME’s Vs Large Enterprises), By Industry (BFSI, Retail and E-Commerce, Government and Defense, Healthcare and Life Science, Manufacturing & Others), By Region, Forecast & Opportunities, 2025”, the market is anticipated to witness a robust CAGR during the forecast period on account of increasing user engagement on social media using smartphones and growing adoption of (Artificial Intelligence) AI in social media analytics solution. Moreover, growing popularity of mobile eCommerce and increasing need for improvising on customer services are also propelling the growth of global social media analytics market. After the outbreak of COVID-19, businesses across the global are striving for sustainability and are trying to survive the impact of this pandemic. This in turn is creating significant opportunities for social media analytics vendors. Apart from this, social media analytics is also proving to be helpful in analyzing the real-time situation of pandemic through social media interactions.
Additionally, governments across various economies as well as media companies and stakeholders are engaging with people and are striving to revive their business strategies by engaging with them through social media. This in turn is supporting the growth of global social media analytics market.
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The global social media analytics market is segmented based on application, analytics type, deployment, organization size, industry and region. Based on application, the market can be split into sales and marketing management, customer experience management, competitive intelligence, risk management and fraud detection, public safety and law enforcement and others. Out of them, the risk management and fraud detection segment held the largest market in 2019 owing to increasing need for identification and mitigation of fraudulent activities through social media. Moreover, the segment is further expected to maintain its dominance through 2025.
Based on industry, global social media analytics market can be categorized into BFSI, retail and e-commerce, government and defense, healthcare and life science, manufacturing & others. Among them, the healthcare and life science industry is expected to grow at the highest CAGR during the forecast period on account of increasing usage of social media analytics to spread awareness regarding the measures that needs to be taken during COVID-19.
Leading players operating in the global social media analytics market are International Business Machines Corporation, Oracle Corporation, Salesforce, Adobe Systems Incorporated, SAS Institute Inc., Clarabridge, Inc., Netbase Solutions, Inc., Brandwatch, Talkwalker Inc., GoodData Corporation, Crimson Hexagon, Inc., Simply Measured, Inc., Sysomos, Digimind, Unmetric Inc, Cision US Inc., Simplify360, Inc., Hootsuite Media Inc. and Meltwater, among others. Companies are focusing on investing on latest technologies and new product launches in order to stay competitive in the global market. Moreover, they are also undergoing inorganic growth strategies such as strategic partnerships, mergers & acquisitions, collaborations and joint ventures.
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“North America holds dominance in the global social media analytics market owing to the growing utilization of big data technology and increasing investment by enterprises on real-time analytics in developed economies like United States. However, owing to the increasing investment in process of digitalization, the Asia Pacific region is expected to undergo fastest growth during the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Social Media Analytics Market By Application (Sales and Marketing Management, Customer Experience Management, Competitive Intelligence, Risk Management and Fraud Detection, Public Safety and law Enforcement & Others), By Analytics Type (Predictive Analytics, Prescriptive Analytics, Diagnostics Analytics & Descriptive Analytics), By Deployment (On-Premises Vs On-Demand), By Organization Size (SME’s Vs Large Enterprises), By Industry (BFSI, Retail and E-Commerce, Government and Defense, Healthcare and Life Science, Manufacturing & Others), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of social media analytics market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global social media analytics market.
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