The growing need to enhance customer experience are the major factors driving the growth of the social media analytics market
The global social media analytics market size is anticipated to reach nearly USD 11 billion by 2025. In addition, it is expected to exhibit a CAGR of over 25% throughout the forecast period 2018-2025. Social media analytics is the method of collecting information and data from social media websites. Such collected data then can be used to create insights by analyzing the trends and patterns to make enhanced business decisions. Social media analytics is primarily used to mine users' emotions and target them to support customer service and marketing activities.
The current and future social media analytics market advances are defined to state the attractiveness of the market. Key impacting aspects focus on the social media analytics market opportunities during the forecast period. Factors such as the growing need to enhance customer experience are driving the market. Also, the increasing penetration of smartphones is the key factor in boosting the global social media analytics market growth. However, the lack of a proficient workforce is expected to hamper the 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.
The report also highlights various aspects of the global social media analytics industry by analyzing the market through value chain analysis. Besides, the social media analytics market report covers different qualitative aspects of the social media analytics industry in market drivers, key industry opportunities, and restraints. Furthermore, the report proposes a comprehensive valuation of the market competitiveness along with company profiling of residents as well as global vendors.
The social media analytics market has solid competition among the early established and new players. Also, to capture a competitive advantage over the other industry players many industry players are aiming for potential markets by forming collaboration and partnerships, agreements, mergers & acquisitions, acquiring new startups & other companies, and escalating their business presence.
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 Asia-Pacific region is projected to experience the highest growth throughout the forecast period. However, the North American region dominated the overall market in 2019 and it is expected to keep 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.
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 prospective 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.
Segment Overview of 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)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America