Sarasota, FL, Dec. 22, 2017 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled, “Social Media Analytics Market by Software and Service for (Sales and Marketing Management, Customer Experience Management, Competitive Intelligence, Risk Management and Fraud Detection, Public Safety and Law Enforcement and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022”. According to the report, the global social media analytics market was valued at approximately USD 2102.01 million in 2016 and is expected to reach approximately USD 9463.54 million by 2022, growing at a CAGR of around 28.51% between 2017 and 2022.
Social media analytics (SMA) tools help in forming, understanding and leveraging communities for societal activities and business offerings. Organizations are investing time, money, and efforts in social media to get valuable data and it can mine those hidden treasures which can increase the revenue of the organization. Social media analytics tool provides an idea of customer’s need and requirement. Enterprises are using social media analytics tools to enhance product and service of business, competitive advantage along with support customers, better target marketing efforts, and market innovation. Social Media Analytics (SMA) also help the user to create real-time reports which measure the performance of team and company’s profile on social media websites and allow the user to share these customized reports for improving productivity and efficiency.
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Browse through 69 Tables & 38 Figures spread over 110 Pages and in-depth TOC on “Social Media Analytics Market by Software and Service for (Sales and Marketing Management, Customer Experience Management, Competitive Intelligence, Risk Management and Fraud Detection, Public Safety and Law Enforcement and Others). Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022”.
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Social media analytics research processes to gather information from social media websites such as linked in, Youtube, Facebook, Twitter and other and analyzing that data or information by using social media analytics tools to take business decisions. The use of social media analytics is to mine customer sentiment to support marketing and customer service activities. Social media platforms enable enterprises to dive into the details which can help them to design a long-term marketing strategy. With the help of social media, enterprises have access to get user information across social platforms, brand popularity and loyalty, emerging business trends and understanding behavioral patterns of customers. The exceptional growth of business intelligence techniques to advanced analytics techniques and the increased number of social media users have raised the adoption of social media analytics across the globe.
Increasing user engagement on social media along with increased focus on market and competitive intelligence are expected to drive the growth of the global social media analytics market. Additionally, growing digital technologies and online shopping have encouraged enterprises to adopt social media analytics solutions to understand the needs and demand of users and scalability of their product and service. Un-established expertise, heavy lifting and lack of insight are the challenges for the market. The global social media analytics market offers new growth opportunities such as increasing cloud adoption trend and increasing structure and unstructured data in SME across the world are creating the need for the social media analytics market.
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The global social media analytics market size can be largely segmented on the basis of the deployment, component, type, application, end users, and region. On-premises and cloud are two type of deployment segment. Cloud deployment segment is forecast to provide the highest growth as cloud-based solutions have features such as cost-effectiveness, scalability, flexibility and the increased needs of business to keep track of campaign management and performance monitoring. The component segment includes software and service, service segment further divided into managed service and professional service. Type segment covers predictive analytics, prescriptive analytics, diagnostic analytics and descriptive analytics. Among the type segment, predictive analytics tool is expected to grow at the highest rate of increasing use of analytical technologies for optimizing the market outcomes and derive insights using the data obtained from social media platforms. Application segment includes sales and marketing management, customer experience management, competitive intelligence, risk management and fraud detection, public safety and law enforcement and others.
The end-user segment has been segmented on the basis of Banking, Financial Services, and Insurance (BFSI), Government and defense, Retail and eCommerce, Healthcare, Telecommunications and IT, Media, and entertainment and others.
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North America is holding the largest market in social media analytics and expected to dominate the market during the forecast period as there is the early adoption of new technologies and presence of many social media analytics vendors in the region is expected to generate the highest revenues in the market. Most of the social media sites have started from this region. Companies such as Google, Facebook and Twitter have a presence in USA and highest use of smartphones, ease of using social media across North America. This large market of users of social media has been noticed by the companies in this region. Social media analytics has helped the companies accurately identify the user’s requirement. This factor will grow the social media analytics in North America.
Europe social media has a penetration rate around 40 percentages and around 300 million active users on social media. In some countries like Iceland, the penetration reached around 70 percentages. Social media analytics helps these companies analyze and capture the online market. Europe is holding second largest market share in social media analytics market.
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Social media is Asia’s fastest growing online activity for consumers, social networking activity increasing 10 percent year-on-year (YoY) and instant messaging (IM) on closed networks growing even faster at 13 percent. Increase spending on online market and analytics tools by emerging countries in Asia such as Japan. China and India will grow the social analytics market in Asia during the forecast period.
The social media market is growing at a nominal pace in Latin America. There are around 160 million users use the internet and the number of users of 179 million uses Facebook and around 41 million users of Twitter in Brazil. So it is anticipated Social media market will phenomenal pace during upcoming period.
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The report covers detailed competitive outlook including company profiles of the key participants operating in the global social media analytics market. Key players profiled in the report include Salesforce, Oracle Corporation, SAS Institute Inc., Adobe Systems Incorporated, International Business Machines Corporation, GoodData Corporation, Unmetric Inc, Netbase Solutions, Inc., Cision US Inc., Simplify360, Inc., Hootsuite Media Inc., Meltwater, Germinait Solutions Private Limited, Brandwatch, Clarabridge, Inc, Digimind, Crimson Hexagon, Inc, Sysomos, Simply Measured, Inc., Socialbakers, Spredfast, Inc., Sprinkler, Inc., Lithium Technologies, Inc., Synthesio , and Tableau Software Inc and others.
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The report segments social media analytics market into:
Global Social Media Analytics Market: Deployment Segment Analysis
Global Social Media Analytics Market: Component Segment Analysis
- Managed services
- Professional services
Global Social Media Analytics Market: Type Segment Analysis
- Predictive analytics
- Prescriptive analytics
- Diagnostic analytics
- Descriptive analytics
Global Social Media Analytics Market: Application Segment Analysis
- Sales and marketing management
- Customer experience management
- Competitive intelligence
- Risk management and fraud detection
- Public safety and law enforcement
Global Social Media Analytics Market: End-User Segment Analysis
- Banking, Financial Services, and Insurance
- Retail and E-Commerce
- Government and defense
- Telecommunications and IT
Global Social Media Analytics Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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