Social media analytics is the procedure of evaluating and collecting data from social networks such as Twitter, LinkedIn, Instagram, Facebook, and Customer Targeting. Several marketers and companies are using social media analytics to track online discussions about companies and products. Every day the internet is flooding with information due to messages and contents posted on social media platforms. However, all this information and data available on the internet is in the form of natural language and free text which is in an unstructured format. Hence, with the help of social media analytics Application organizations can generate useful insights from such data and build business strategies accordingly.
The global social media analytics market size is anticipated to reach nearly USD 11 billion by 2025. This can be attributed to the increasing penetration of smartphones. Also, the growing need to enhance customer experience is the key factor in boosting the global social media analytics market growth.
However, the lack of a skilled workforce is expected to impede market growth. Furthermore, the growing adoption of cloud and rising volumes of data generated through social media platforms are some of the key factors expected to be opportunistic for the market in the forthcoming years.
Key Segments of the Global Social Media Analytics Market
Analytics Type Overview, 2018-2025 (USD Billion)
- Predictive Analytics
- Prescriptive Analytics
- Descriptive Analytics
- Diagnostics Analytics
Application Overview, 2018-2025 (USD Billion)
- Customer Experience Management
- Customer Behavioral Analysis
- Sales and Marketing Management
- Competitive Intelligence
- Customer Targeting
End Users Overview, 2018-2025 (USD Billion)
- IT & Telecom
- Media and Entertainment
Regional Overview, 2018-2025 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global social media analytics market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global social media analytics market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the social media analytics industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on analytics type, application, and end-users. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global social media analytics market. The report will benefit: Every stakeholder involved in the social media analytics market.
- Managers within the social media analytics industry looking to publish recent and forecasted statistics about the global social media analytics market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global social media analytics market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Social media analytics involves measurement of campaigns and tracking of conversations related to products on social media platforms. With the help of social media analytics companies can determine the social activities of people that directly or indirectly impact business results. For example, brands can deploy social media analytics and generate insights from customer ratings, comments, and reviews from websites, customer feedback, and call center agent notes. Hence, such factors can further help business and brands to get an overall view of the customer experiences with their products and services. Therefore, such insights can help businesses in incorporating operational changes and make better business decisions that can further help them in making more profits.
Analytics Type Segment
Based on the analytics type segment, the market is divided into predictive analytics, diagnostic analytics, prescriptive analytics, and descriptive analytics. In the year 2019, the predictive analytics segment accounted for the highest market revenue and it is anticipated to hold the major market share throughout the forecast period. The growth of this segment is largely accredited to the increasing need to get insights from unstructured data to gain a competitive advantage.
Based on the application, the market is segmented into customer experience management, customer behavioral analysis, sales and marketing management, competitive intelligence, customer targeting, and others. The customer experience management segment leads the market growth in 2019 and it is expected to do so throughout the forecast period. The growth of this segment is mainly attributed to the growing competition among market players to provide better services to their customers.
The North American region dominated the overall market in 2019 and it is expected to maintain its position throughout the forecast period 2018-2025. The dominance of this region is mainly attributed to the growing adoption of big data technology and increasing demand for real-time analytics among companies. However, the Asia-Pacific region is projected to experience the highest growth throughout the forecast period.
The major players of the global social media analytics market are Adobe, Salesforce.com, SAS, NetBase Quid, Oracle, IBM, Clarabridge, Hootsuite, Tableau Software, and Cision. Moreover, the other potential players in the social media analytics market are Simplify360, SpreadFast, Meltwater, Talkwalker, and Brandwatch. The recognized companies are coming up with innovative and new Social Media Analytics applications. For instance, in June 2019, Salesforce announced collaboration with Slocialbakers, the AI-powered social media marketing platform provider. With this collaboration, Socialbakers integrated their product with Salesforce to help businesses to increase their efficiency.