Social Media Analytics Market To Garner Exponential Growth By 2023: Global Forecast News ( USD 7 Billion Market)
November 19, 2019 by Market-NewsFlash
Social Media Analytics Market, By Type (Solution, Services), Deployment (Cloud, On-Premise), Organization Size, Application (Customer Segmentation & Targeting, Competitor Benchmarking, Marketing Measurement) and Vertical — Global Forecast 2023
Social Media Analytics Market — Overview
Social Media Analytics entails gathering of data from social media websites to develop the online presence of individuals and companies. Due to the popularity of social media analytics, the market is growing at an exceptional rate in the past few years. Market reports linked to the information and communications technology sector made available by Market Research Future along with published reports on other sectors have been recently published along with a report on this industry. The social media analytics market is projected to achieve revenues worth USD 7 Billion by 2023 while expanding at CAGR of 28 percent approximately in the forecast period.
The market’s growth is driven by factors such as the growing number of social media users, intense focus on market intelligence and a surge in expenditure on analytics. The attractiveness of social media sites has increased the users on these platforms, thereby elevating the need for analyzing the traffic on these sites so that valuable data relating to the consumer’s preferences and their buying habits can be collected. The necessity to formulate better business strategies and to have significant business intel that can enable companies to establish their lead in the market is among the top factors motivating the expansion of the market in the forecast period. Moreover, the rising need for improving consumer engagement by is also raising the growth potential of the market.
The social media analytics market can be segmented on the basis of deployment, type, application and vertical. The type based segmentation of the market comprises of solution, services, support & maintenance, consulting services and training & education. By Deployment, the market consists of segments such as on premise and on cloud. The segmentation of the social media analysts market on the basis of organization size consists of large enterprises, small & medium enterprises. The application segment of the market comprises of multichannel campaign management, customer segmentation & targeting, customer behavioral analysis, competitor bench marking, marketing measurement and other. The vertical segment of the market consists of healthcare, BFSI, education, it & telecommunication, retail, media & entertainment, government and others.
Detailed Regional Analysis
The regional analysis of the market for social media analytics consists of regions such as Asia Pacific, North America, Europe and Rest of the World. It has been perceived that the North American region is projected to be responsible for the principal share of the market, whereas the Asia Pacific is anticipated to develop at a rapid rate through the forecast period. The important growth in social media analytics market in the North American region can be attributed to the technical advancements and growing use of mobiles and tablets in that region. The market in the region is also especially benefitted due to the prevalence of major industry contenders in the market.
The comprehensive nature of sustainability of the market is however considerably dependent on the tactics and the strategic roadmaps that are used by market players. The eminent competitors in the social media analytics market are NetBase Solutions (U.S), SAS Institute (U.S.), Oracle Corporation (U.S.), Adobe Systems (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Salesforce.com (U.S), HootSuite Media (U.S), GoodData (U.S) and Tableau Software (U.S), among others.
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