Social media analysis is a process wherein data from different sites and blogs is brought together and analyzed to make business related decisions. This process involves all the software and analyzing tools that are used to analyze the unstructured data which is found on different social media websites such as twitter and Facebook. The evolution from business intelligence techniques to advanced techniques and the rapid growth in the number of social media users have uplifted the adoption of social media analytics across the globe. Furthermore, growing expenditure on analytics and growth in focus on competitive intelligence are the factors that help the overall social media analytics market growth. Apart from this, growth in rate of the adoption in SMEs and increased cloud adoption depicts major growth opportunities for the market.
Growing focus on the competitive intelligence market is the major factor driving the growth of the social media analytics market. Any analytical workflow includes various steps such as setting parameters, data identification, defining business rules, execution, data modelling and visualization. Companies are making use of different analytical methodologies such as prescriptive, predictive and descriptive analytics, to create maximum value out of social media data. Social media analytics is still in the budding phase and organizations are trying to form a strong single platform to extract, load, transform, analyze and evaluate social media data. Increasing cloud adoption is the trending opportunity in the social media analytics platform. Huge cost investment involved in the social media analytics market is the major restraining factor of the market. SMEs are looking for cheaper options hence, the adoption of cloud is expected to drive the market growth.
Pandemic has upsurged the need for data and analytics worldwide. Effective efforts are been deployed to leverage advanced analytics to properly understand the real-time scenario of pandemic through social media platform interaction across the globe. Further, the public authorities, government and hospitals are using social media platforms to communicate with the individuals and spread awareness regarding the measures which are needed to take during the pandemic season. Many content creators are working from home to stay connected with the audience. The social media management via analytics is an effective way to proactively identify viewers demand and search new ways to engage with them.
The report analyses the social media analytics market based on applications, end-users and by geography.
By applications, the global social media analytics market is segmented into customer segmentation & targeting, competitor benchmarking, multichannel campaign management, customer behavioral analysis and marketing management. Customer segmentation & targeting plays a major role among both SMEs and large enterprises for the purpose of building brand planning and marketing strategies.
The global social media analytics market by end-user is classified into Media & Advertising, BFSI, IT & Telecom, Retail, Healthcare, Automotive & Transportation, Others. IT & Telecom sector has shown significant growth in the past few years. The BFSI industry is widening the implementation of social media analytics. It is already using technology for chatbots, trading decisions, credit scoring applications and for studying financial market impact analysis. Furthermore, BFSI is using social media analytics technology for offering personalized advice to its users regarding investment, debt management, refinancing and more.
Geographically, the social media analytics market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and the rest of the world regions which includes Latin America, and Middle East & Africa. North America is expected to hold the largest market share in the global social media analytics market while on another hand Asia Pacific is anticipated to grow at the highest CAGR in the upcoming period. The region is continuously gaining the title of new hotspot in the social media analytics market.
Some of the significant players in the social media analytics market that are profiled in the report include Oracle Corporation, Inc., Hootsuite Media, Inc., SAS Institute, IBM Corporation, SAP SE, Netbase Solutions, Inc., Tableau Software, Adobe Systems, Crimson Hexagon and Salesforce.com Inc.
The report analyses the Social Media Analytics Market based on Applications, End-Users and by geography.
The global social media analytics market by end-user is classified into media & advertising, BFSI, IT & telecom, retail, healthcare, automotive & transportation, others. The BFSI industry is widening the implementation of social media analytics.
Some of the significant players in the social media analytics market that are profiled in the report include Oracle Corporation, Inc., Hootsuite Media, Inc.,
Geographically, the social media analytics market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and the rest of the world regions which include Latin America, and Middle East & Africa.
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