Social media analytics processes to gather information from social media websites such as linked in, Youtube, Facebook, Twitter and other and analyzing that data or information by using social media analytics tools to take business decisions. The use of social media analytics is to mine customer sentiment to support marketing and customer service activities. Social media platforms enable enterprises to dive into the details which can help them to design a long-term marketing strategy. With the help of social media, enterprises have access to get user information across social platforms, brand popularity and loyalty, emerging business trends and understanding behavioral patterns of customers. The exceptional growth from business intelligence techniques to advanced analytics techniques and the increased number of social media users have raised the adoption of social media analytics across the globe.
According to the report, the global social media analytics market was valued at approximately USD 2102.01 million in 2016 and is expected to reach approximately USD 9463.54 million by 2022, growing at a CAGR of around 28.51% between 2017 and 2022.
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Increasing user engagement on social media along with increased focus on market and competitive intelligence are expected to drive the growth of the global social media analytics market. Additionally, growing digital technologies and online shopping have encouraged enterprises to adopt social media analytics solutions to understand the needs and demand of users and scalability of their product and service. Un-established expertise, heavy lifting and lack of insight are the challenges for the market. The global social media analytics market offers new growth opportunities such as increasing cloud adoption trend and increasing structure and unstructured data in SME across the world are creating the need for the social media analytics market.
The global social media analytics market can be largely segmented on the basis of the deployment, component, type, application, end users, and region. On-premises and cloud are two type of deployment segment. Cloud deployment segment is forecast to provide the highest growth as cloud-based solutions have features such as cost-effectiveness, scalability, flexibility and the increased needs of business to keep track of campaign management and performance monitoring. The component segment includes software and service, service segment further divided into managed service and professional service. Type segment covers predictive analytics, prescriptive analytics, diagnostic analytics and descriptive analytics. Among the type segment, predictive analytics tool is expected to grow at the highest rate of increasing use of analytical technologies for optimizing the market outcomes and derive insights using the data obtained from social media platforms. Application segment includes sales and marketing management, customer experience management, competitive intelligence, risk management and fraud detection, public safety and law enforcement and others.
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The end-user segment has been segmented on the basis of Banking, Financial Services, and Insurance (BFSI), Government and defense, Retail and eCommerce, Healthcare, Telecommunications and IT, Media, and entertainment and others. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America and the Middle East and Africa with its further bifurcation into major countries including U.S. Germany, France, UK, China, Japan, India, and Brazil. North America expected to hold the largest market share during the forecasted period due to fast adoption of new and emerging technologies and the presence of the major vendors across the region.
The report covers detailed competitive outlook including company profiles of the key participants operating in the global social media analytics market. Key players profiled in the report include Salesforce, Oracle Corporation, SAS Institute Inc., Adobe Systems Incorporated, International Business Machines Corporation, GoodData Corporation, Unmetric Inc, Netbase Solutions, Inc., Cision US Inc., Simplify360, Inc., Hootsuite Media Inc., Meltwater, Germinait Solutions Private Limited, Brandwatch, Clarabridge, Inc, Digimind, Crimson Hexagon, Inc, Sysomos, Simply Measured, Inc., Socialbakers, Spredfast, Inc., Sprinkler, Inc., Lithium Technologies, Inc., Synthesio , and Tableau Software Inc and others.
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