The global social media analytics market accounted for a value of USD 4.1 billion in 2019. Social media analytics market is projected to register growth at a CAGR of 20.7% during forecast period.
COVID-19 has impacted social media analytics market. The true need for data and importance of analytics has been demonstrated by this pandemic situation. The data and analytics play a major role in pandemic management. The impact of corona virus outbreak is very much negative for many businesses around the world however it created significant opportunities for social media analytics market. The real time scenario of pandemic situation can be understood using advanced technologies of analytics and social media analytics. Awareness can be spread using social media platforms. This market will register significant growth during forecast period.
For more details, visit: Global Social Media Analytics Market By Deployment Model(Cloud, On-Premises), By Application (Competitive Intelligence, Sales and Marketing, Others), By End-User (Banking, IT, Others), By Region–Forecast & Opportunities to 2026
The companies are looking for solutions to reduce their expenses as competition is rising and profitability is getting affected. Companies are focusing on integrating the demographic and business information with customer’s data in order to outperform their competition. The demand from customer’s side is increasing and this is likely to drive growth in social media analytics market.
On the basis of deployment model, the social media analytics market is segmented into cloud deployment and on-premises. The cloud deployment segment is estimated to hold largest market size during forecast period. Major market players in social media analytics offer cloud based solutions. This helps in automate their equipment maintenance process, it increases profitability and efficiency. Cloud segment has various benefits over others such as cost effectiveness, scalability and effective. These factors are likely to drive growth in cloud deployment segment during forecast period.
On the basis of application, the social media analytics market is segmented into sales and marketing market, customer experience management, public safety and law enforcement, risk management and fraud detection, competitive intelligence and others. The risk management and fraud detection segment is estimated to register growth at highest CAGR during forecast period. The analytics tool can extract data from multiple sources and then analyze it. This information can be used for various decision making processes. This demand for risk management and fraud detection is growing immensely around the world. This drives growth in risk management and fraud detection segment during forecast period.
On the basis of end-use, the social media analytics market is segmented into banking, financial services and insurance, telecommunication & IT, retail & ecommerce, healthcare and life sciences, government and defense, media & entertainment, travel and hospitality and others. The healthcare and life sciences segment is estimated to register growth at highest CAGR during forecast period. The number of healthcare & life sciences facilities are increasing across the world and players in social analytics market in healthcare segment is rising immensely. This is likely to drive growth in healthcare and life sciences vertical during forecast period.
Asia-Pacific region is estimated to grow at a highest CAGR during forecast period. This region is becoming a hotspot of social media analytics market. The use of social media platforms is increasing with the rise in population and the investment in social media platforms is also increasing. The social media analytics is a major technology trends in Asia-Pacific region and companies in this market have achieved strong position in market and the customer base is also increasing. These factors drive growth in Asia-Pacific region during forecast period.
The key market players in social media analytics market are Oracle, Salesforce, IBM, Adobe, SAS Institute, Clarabridge, NetBase, Brandwatch, Digimind, Talkwalker, Meltwater, Cision, SpreadFast, Simplify360 and Sprout Social.
- What are the expected industry trends over the next three to five years?
- Which of the social media analytics application is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?