Global Social Media Analytics MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $20,213 Million by 2025 from $2,533 Million in 2017, growing at a CAGR of 29.6% from 2017 to 2025. By Geography, Asia-Pacific and RoW are expected to grow at a CAGR of 30.7% and 29.9%, respectively, during the forecast period.
"Social Media Analytics Market (By Component: Software and Services; By Application: Sales and Marketing Management, Competitive Intelligence, Public Safety and Law Enforcement, Customer Experience Management, Risk Management and Fraud Detection and Other Applications; By Analytics: Predictive Analytics, Diagnostic Analytics, Prescriptive Analytics and Descriptive Analytics; By Deployment Model: On-Premises and Cloud; By Organization Size: Small and Medium-Sized Enterprises and Large Enterprises; By Industry Vertical: Retail and Ecommerce, Telecommunications and IT, Healthcare and Life Sciences, Government and Defense, Manufacturing, Telecommunications and IT, Banking, Financial Services, and Insurance (BFSI), Energy and Utilities, Media and Entertainment, Transportation and Logistics, and Others; By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025"
The social media analytics market is mainly driven by growth in smartphone users which has increased the awareness towards social media
Risinguseof social media amongpeople, growing user of social media using smartphones, risingawarenessamong consumers and competitive intelligence are the factors propelling the demand for social media analytics market. Additionally, rise in rate of adoption in SMEs, rising rate of online shopping and digital technologies have also encouraged the growth of the market. Though, complications in analytical workflow is the restraint of the market growth. Furthermore, growing cloud adoption trends andnecessity of social media measurement to developthe customer experiencewould unfold attractive business opportunities in the coming future.
Deployment model, component, analytics type, organization size, application, industry vertical and geography are the bifurcations of the global social media analytics market. By deployment model, the market is classified into cloud and on-premises. Component segment comprises services and software. Analytics type segment is categorized into diagnostic analytics, predictive analytics, descriptive analytics, and prescriptive analytics.Organization size segment includes large enterprises, small and medium-sized enterprises. Application segment segmented into. risk management and fraud detection, sales and marketing management, public safety and law enforcement, competitive intelligence, customer experience management, and other applications. Further, industry vertical comprises Transportation and logistics, Retail and eCommerce, Healthcare and life sciences, Telecommunications and IT, Government and defense, Manufacturing, Telecommunications and IT, Banking, Financial Services, and Insurance (BFSI), Energy and utilities, Media and entertainment, and others.
The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. Germany, France, UK, Russia,and Rest of Europe are analyzed under the European market. India, China, Japan, and Rest of Asia-Pacific are included under the Asia-Pacific market. While RoW is bifurcated into South America, Middle East, and Africa.
Software, by component segment led the market with major share in 2017
Software contributed for the majority of the share in 2017, in the component segment, and is expected to continue itstrend during the forecast period. In terms of growth. The need for social media analytics software is increasing, as organizations need a solution to monitor, measure, and analyze the social media data to know the customers’ views. Social media analytics vendors deliver software that support companies with the data analysis and data collection for generating significant insights into customer sentiments, the volume of posts, and voice of the customer.
Sales and marketing management dominated the application segment in 2017
Sales and Marketing Management occupied the largest market share in the application segment and is likely to continue its dominance throughout the forecast period. The reason being sales and marketing management supports users in enhancingtheir businesses solutions to analyze formlessdata and understand customer manners by detecting the patterns and trends.
Large enterprises within the organization size segment dominated the market with major share
Based on organization size, large enterprises segment occupied market the maximum share in the year 2017. The high growth is credited to thelarge and multi-brand companies are viewing for primary market research to evaluate and drivetheir marketing campaigns. Also, the small and medium-sized enterprises (SMEs) are expected to grow at a higher CAGR, due to the scalability of cloud-based deployments, and easy availability.
North America accounted for the maximum share in the global social media analytics market
In 2017, North America was the highest revenue generating region in the global social media analytics market, owing to the early adoption of emerging and new technologies and the presence of the major industry players, and is anticipated to stay to dominate the market throughout the forecast period.However, Asia-Pacific is likely to achieve the fastest CAGR during the forecast period, owing to the rising adoption of social media analytics software and services among SMEs.
Prominent players operating in the market include Oracle, SAS Institute Inc., Clarabridge, NetBase Solutions, Inc, Brandwatch, Talkwalker Inc., GoodData Corporation, Crimson Hexagon, and Simply Measured, Inc., among others.