Global Social Media Analytics Market Research Report 2021
Summary – A new market
study, “Global Social Media Analytics Market - Segment Analysis,
Opportunity Assessment, Competitive Intelligence and Industry Outlook, 2018-2021”has
been featured on Wise Guy Reports.
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.
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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