Sarasota, FL, Sept. 21, 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.
Browse through 69 Market Tables and 38 Figures spread through 110 Pages and in-depth TOC on “Global Social Media Analytics Market Size & Share Report: Industry Forecast 2016 – 2022”.
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The key driving factors of social media analytics market are the increasing usage of social media such as youtube, facebook, linked-in and twitter that have encouraged enterprises to adopt social media analytics solutions in organizations. Additionally, increased competition and increased use of business intelligence are expected to drive the growth of the global social media analytics market. Complexities in the analytical workflow are the restraints for the market. However, rising need of company’s product branding and the improved ability to respond to customer requirements and needs are help to fuel the growth of social media analytics market, along with increasing cloud adoption trend and increasing structure and unstructured data in SME across the globe will boost the revenue of social media analytics market during forecast period.
The global social media analytics market can be segmented on the basis of the deployment, component, type, application, end users, and region. On-premises and cloud are two type of deployment segment. The component segment includes software and service, service segment further divided into managed service and professional service. Software segment is expected to hold highest market share market due to demand for social media analytics software is raising in the organization. As organizations need a solution to measure, monitor, and analyze data for understanding the customer’s sentiments, this software helps companies to data collection and data analysis. Type segment covers predictive analytics, prescriptive analytics, diagnostic analytics and descriptive analytics. Predictive analytics tool is expected to grow at the highest rate during the forecast period. Application segment includes sales and marketing management, customer experience management, competitive intelligence, risk management and fraud detection, public safety and law enforcement and others. Sales and marketing management segment held the largest market share in 2016 and expected to dominate during the upcoming period as it assists the organization in improving their businesses solutions by analyzing unstructured data and meaningful insights into customer behavior.
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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. Retail and eCommerce segment is anticipated to hold the largest social media analytics market share between the years 2017-2022.
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 the 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.
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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.
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.
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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.
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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