The overall market for the Global Social Media Analytics is currently valued at $1,269 Million, and it is expected to be worth $9,383 Million by 2022. The CAGR for the industry is found to be around 29.2%.
Social Media Analytics is one of the biggest tools that companies use across the globe for various applications such as Customer Segmentation and Customer Targeting, analysing the customer behaviour, multinational campaign management, and other similar activities.
The Global Social Media Analytics Market is being adopted by both large scale industries and SMEs for brand building and brand strategy planning.
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The major factor that drives this market is the increasing number of social media users worldwide. Presently, there are approximately 3.4 Billion internet users around the world, out of which 2.3 Billion are socially active, and this number is expected to annually grow at a rate of 10%. The increasing numbers are due to the high penetration of internet in today’s world in our lives.
The social media analytics companies have access to large customer data, which help them analyse and predict the customer behaviour during the forecast period.Thus, Social Media Analytics is being adopted by companies to increase their revenue by understanding the current trends.
The end users of the Global Social Media Analytics Marketmainly include the BFSI, Government and Healthcare Sector, Transportation Departments, IT and Telecom Industry, Retail, Energy and Utilities and other such sectors.
The major factors that contribute to the growth of the Social Media Analytics Industry are – Advancement from Business Intelligence Techniques to Analytics Techniques, increase in the number of social media users, increase in the investment in analytics, more focus on the competitive intelligence and the growing cloud adoption. However, lack of skilled expertise and high implementation efforts are hindering the growth of the industry.
The analysis and customisation of data is a time-consuming complex process. Also, small companies and start-ups are implementing cloud more readily than the large companies, which are hesitating to switch to the cloud due to security concerns. But due to the flexibility and cost-effectiveness of the Social Media Analytics systems, the market is still growing at a rapid rate. And the increase in the cloud adoption by companies can be seen as a major opportunity for the growth of the analytics market.
The Global Social Media Analytics Market is segmented into the following categories:
1. Operation: Social Media Analytics, Social Media Monitoring, and Analytic Insights
2. Application:Marketing Management, Customer Segmentation, Customer Targeting, Competitor Benchmarking, Competitor Behavioral Analysis, Multi-Channel Campaign Management
3. Mode of Deployment: On-Premise and Off-Premise Model
4. End-User Industry: IT and Telecom, Logistics, Transportation, Retail, BFSI, Government Services, Entertainment, Media, Hospitality,and Utilities
5. Region: North America, Latin America, Europe, Asia-Pacific, Africa and The Middle East
North America is currently dominating the Global Social Media Analytics Market, followed by Europe. The reason for this is the widespread use of internet across these regions which allow better connectivity and access to consumer data. Also, the presence of globally renowned companies in these regions makes the market grow in these regions at a faster rate. However, the increase in the number of smartphone users in the Asia-Pacific region is making it the fastest growing market in this sector.
The major players in this field are Mblast, Clarabridge Inc., Gooddata,IBM, SAS, Crimson Hexagon Inc., Oracle Corporation, Salesforce, Simply Measured, Germin8, Simplify 360, Adobe Systems Incorporated, Netbase Solutions Inc., andSAP SE.
Report ContentsRegional AnalysisReport Highlights
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market – Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
US and Canada
Mexico, Brazil, Argentina and Rest of Latin America
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
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Rest of Eastern Europe
Australia and New Zealand
Rest of Asia Pacific
Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
Rest of Middle East and Africa
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