Social Media Analytics Market to Witness Rapid Growth in Next Five Years
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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