The world social media analytics market is expected to increase by 2023 at approx. USD 7 Billion, and between 2017 and 2023 at 28% of CAGR. The Social media analytics is a process of collecting data from social media channels and analyzing that information to make business decisions. It utilize social media analytics tools to extract infomational hidden insights about the market. It is also knowns as social media listening / social media monitoring. Social media analytics has six step process which includes identification, cleaning, extraction, analyzing, visualization and interpretation.
The prominent players in social media analytics market are – SAS Institute (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Adobe Systems (U.S.), SAP SE (Germany), Salesforce.com (U.S), GoodData (U.S), Tableau Software, HootSuite Media, NetBase Solutions, among others.
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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.
The market shows enormous potential for developing at an accelerated rate. The enhanced financial liquidity of the competitors in the market has upgraded thus providing fresh chances for expansion of the market. The market is very distinctive in terms of segments in relation to the products as well as the end users that are a part of the market. The market attractiveness and competitors’ dynamics is considerably enhanced by the strategies that are being deployed by market players. The product offering of the market has expanded vastly as related to the past few years, thus making the market more rewarding for current and new contenders.
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