According to a new market research report "Social Media Analytics Market by Application (Sales and Marketing Management, Customer Experience Management, Competitive Intelligence), Component, Analytics Type, Deployment, Organization Size, Industry Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™, The social media analytics market size is expected to grow from USD 2.71 Billion in 2017 to USD 9.54 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 28.6%.
The key forces driving the social media analytics market include the increased focus on the market and competitive intelligence, the increasing user engagement in social media using smartphones, and the need for social media measurement to enhance the customer experience.
Browse 82 Market Data Tables and 43 Figures spread through 178 Pages and in-depth TOC on "Social Media Analytics Market by Application (Sales and Marketing Management, Customer Experience Management, Competitive Intelligence), Component, Analytics Type, Deployment, Organization Size, Industry Vertical, and Region - Global Forecast to 2022"
Major Key Players
The vendors providing social media analytics software and services include Salesforce (US), Oracle Corporation (US), SAS Institute Inc. (US), Adobe Systems Incorporated (US), International Business Machines Corporation (US), GoodData Corporation (US), Brandwatch (UK), Clarabridge, Inc. (US), Digimind (US), Crimson Hexagon, Inc. (US), Sysomos (Canada), Simply Measured, Inc. (US), Talkwalker Inc. (Luxembourg), Unmetric Inc. (US), Netbase Solutions, Inc. (US), Cision US Inc. (US), Simplify360, Inc. (India), Hootsuite Media Inc. (Canada), Meltwater (US), Germinait Solutions Private Limited (India), Socialbakers (US), Spredfast, Inc. (US), Sprinkler, Inc. (US), Lithium Technologies, Inc. (US), Synthesio (US), and Tableau Software Inc. (US).
The significant need to analyze the large volumes of data being generated from social media channels and to incorporate the analysis into structured data to understand the customer’s sentiments and their behavior is expected to be driving the growth of the social media analytics market.
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The competitive intelligence application is expected to grow at the fastest rate, as various industry players have been using social media data to gain insights about their products, services, competitors, and customers, and to analyze their brand’s perception. Apart from this, for the application segment is divided into sales and marketing management, customer experience management, risk management and fraud detection, public safety and law enforcement, and others (workforce management and compliance management).
Among the industry verticals, the retail and eCommerce industry vertical is expected to have the largest market share in the social media analytics market. The retail industry being one of the most competitive industries would be looking to embrace the social media analytics solutions substantially, as it would help this industry to get a 360-degree view of the customer data from social media. This is expected to help them design targeted marketing promotions, enhance cross-selling and upselling offers, and improve the customer service. The healthcare and life sciences industry vertical is expected to grow at the highest CAGR, owing to the increased prevalence of social media to uncover patients’ sentiments, and the attitude and perceptions about the treatment.
The cloud deployment model is expected to witness a high growth rate in terms of social media analytics adoption, due to the growing demands for improved service and cost-effectiveness, and the increasing need for organizations to keep track of the social data to develop suitable marketing strategies to suit the business’ needs. Cloud-based social media analytics solutions help organizations reduce the costs. It also improves the business agility and increases collaborations using shared services. The other factors that are likely to drive the demand for cloud deployment are the cost-effectiveness, ready availability, and the better visibility of data.
North America, owing to its early technological adoption nature and the presence of a large number of social media analytics solution providers, is expected to maintain its regional dominance during the forecast period. The Asia Pacific (APAC) region is expected to witness the highest growth rate during the forecast period, due to the ongoing technological advancements and increasing adoption of social media software and services in this region.
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