Social media analytics helps organizations to transform massive volumes of social media data into useful business insights. It has become an essential requirement for all enterprises such as retailers, banks and government. It collects information from social networking streams as well as blogs, comments, news feeds and from rich media sites, to better understand customer’s requirements. There is an increase in the number of individuals logging in to various social networks for decision on which companies to work, what products to buy and where to shop. Further, most enterprises use this analytics for their customer service function only while many firms have started using social media for their sales, marketing functions and branding. This in turn helps firms to use data generated through social media analytics to effectively service large pool of customers.
Social media analytics is capable of analyzing billions of publicly available social media comments and providing the results of that analysis in configurable, easy-to-understand, dashboards and charts. Organizations can then act on this data to optimize their marketing campaigns, discover opportunities, address problems and improve customer satisfaction. This enables organizations to transform customer relationships by actively incorporating insights gained from social media into the underlying go-to market strategy.
The increase in the number of social media users is a key factor driving the social media analytics market and is expected to remain so during the forecast period. In addition, the growth in awareness of analytics for competitive advantage and better efficiency has created a growth avenue for social media analytics. Increase in adoption of cloud is an opportunity for growth of the global social media analytics market. A large number of organizations are already using cloud or planning to do so and this is expected to result in the exponential growth of the market. Furthermore, increasing user engagement of social media using smartphones is also expected to fuel up the market growth.
However, the major restraint faced by organizations is the need for skilled personnel and exponential increase in the volume of unstructured data which is anticipated to be challenging for the growth of this industry. Further, lack of a single solution to manage the increasing unstructured data is expected to hinder the market growth.
Social media analytics is segmented on the basis of component, application, analytics type and industry verticals. The components are categorized into software and service. Software is further segmented based on deployment type as cloud and on-premise model. Service is further categorized into managed service, support and maintenance services and consulting services. On the basis of application, the market is segmented as email messaging, instant messaging. On the basis of deployment mode, the market is fragmented into sales and marketing management, customer experience management, competitive intelligence, risk management and fraud detection, public safety and law enforcement. Based on analytics type, the market is segmented into predictive analytics, prescriptive analytics, diagnostic analytics, and descriptive analytics. Bases on industry verticals. The market is segmented into BFSI), retail and ecommerce, government and defense, healthcare and life sciences, manufacturing, telecommunications energy & utilities, media & entertainment and transportation and logistics.
The North America region is expected to witness high growth for social media analytics market followed by the European region. This is due to emergence of many social media analytics vendors in the region and the early adoption of emerging technologies. Whereas, Asia Pacific region (APAC) is also expected to contribute growth in the market over the forecast period. This is due to growing technology expenditures in countries, such as Australia, China, and India, and the demand for cost-effective analytical software and services among the small and medium-sized enterprises are expected to drive the market. Furthermore, the market in developing regions, such as the Middle East and Africa (MEA) and Latin America are also expected to grow over the forecast period.
Leading players in the social media analytics market are Oracle Corporation, Adobe Systems, Inc., IBM Corporation, SAP SE, Netbase Solutions, Inc., Hootsuite Media, Inc., Tableau Software, Crimson Hexagon, SAS Institute, Salesforce.com Inc, Sprint Corporation, Nextel Communications, vKonkatke, Facebook, Inc., Twitter Inc., Sina Weibo and aReputation
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