Zion Market Research has published a new report titled, "Social Media Analytics Market by Software and Service for (Sales and Marketing Management, Customer Experience Management, Competitive Intelligence, Risk Management and Fraud Detection, Public Safety and Law Enforcement and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022". 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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Social media analytics (SMA) tools help in forming, understanding and leveraging communities for societal activities and business offerings. Organizations are investing time, money, and efforts in social media to get valuable data and it can mine those hidden treasures which can increase the revenue of the organization. Social media analytics tool provides an idea of customer’s need and requirement. Enterprises are using social media analytics tools to enhance product and service of business, competitive advantage along with support customers, better target marketing efforts, and market innovation. Social Media Analytics (SMA) also help the user to create real-time reports which measure the performance of team and company’s profile on social media websites and allow the user to share these customized reports for improving productivity and efficiency.
The key driving factors of social media analytics market are the increasing usage of social media such as youtube, facebook, linked-in and twitter that have encouraged enterprises to adopt social media analytics solutions in organizations. Additionally, increased competition and increased used of business intelligence are expected to drive the growth of the global social media analytics market. Complexities in analytical workflow are the restraints for the market. However, rising need of company’s product branding and the improved ability to respond to customer requirements and needs are help to fuel the growth of social media analytics market, along with increasing cloud adoption trend and increasing structure and unstructured data in SME across the globe will boost the revenue of social media analytics market during forecast period.
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The global social media analytics market can be segmented on the basis of the deployment, component, type, application, end users and region. On-premises and cloud are two type of deployment segment. Component segment includes software and service, service segment further divided into managed service and professional service. Software segment is expected to hold highest market share market due to demand for social media analytics software is raising in organization. As organizations need a solution to measure, monitor, and analyze data for understand the customer’s sentiments, this software helps companies to data collection and data analysis. Type segment covers predictive analytics, prescriptive analytics, diagnostic analytics and descriptive analytics. Predictive analytics tool is expected to growth with highest rate during forecast period. Application segment includes sales and marketing management, customer experience management, competitive intelligence, risk management and fraud detection, public safety and law enforcement and others. Sales and marketing management segment held the largest market share in 2016 and expected to dominate during upcoming period as it assists organization in improving their businesses solutions by analyze unstructured data and meaningful insights into customer behavior.
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. Retail and eCommerce segment is anticipated to hold the largest social media analytics market share between the years 2017-2022. 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. APAC region is expected to grow at the highest CAGR during the upcoming period, due to the growing adoption of social media analytics software and services among SMEs across the emerging countries such as China, Japan, and India.
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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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