Social Media Analytics Market, By Type (Solution, Services), Deployment (Cloud, On-Premise), Organization Size, Application (Customer Segmentation & Targeting, Competitor Benchmarking, Marketing Measurement) and Vertical – Global Forecast 2023
The global social media analytics market is expected to grow at approx. USD 7 Billion by 2023, at 28% of CAGR between 2017 and 2023.
The prominent players in the Social media analytics market are NetBase Solutions (U.S), SAS Institute (U.S.), Oracle Corporation (U.S.), Adobe Systems (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Salesforce.com (U.S), HootSuite Media (U.S), GoodData (U.S) and Tableau Software (U.S), among others, are profiled in Market Research Future analysis and are at the forefront of competition in the Social media analytics market.
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Social media analytics Market – Overview
Social media analytics comprises of accumulation of data from social media sites and blogs to evaluate the data to render better decision making. Social media analytics facilitates a strong medium to understand real-time customer choices to help enterprises enhance its customer service and marketing experience. Social media platforms such as Facebook, Twitter, Instagram and Tumblr offer billions of people to connect and share their experiences, personal views, opinions about everything. Social media analytics consists of six vital processes which includes identification of data, extraction of data, cleaning of data, data analyzation, visualization and interpretation. With the help of social media analytics organizations can gain competitive edge over their competitors by analysing the customers utilization of particular products and services, monitoring issues faced by customers while using products and services and knowing customers views regarding a product or a company.
Social media analytics gather data with the help of actions on web-pages, followers, impressions, page likes, page views & reviews, post clicks, and number of customer engagement. Most of the enterprises implement social media analytics solutions to maximize business earnings, reduce customer service expenditures, obtain feedback on products and services and enhance its products and services by analysing tweets, blogs, comments and complaints regarding their products and services. A new trend in social media analytics is the growth in customized chatbots implemented by organizations to incoming social messages to offer product guidance and consultations. Another trend is integrating in-platform messaging and Instagram stories to engage more with the target audience. Many organizations rely on social media listening which involves tracking of conversations around specific words, phrases or brands. Social media listening allows enterprises to provide better customer service, develop more engaging content and form new marketing campaigns. These are some of the driving factors triggering the growth of Social Media Analytics Market.
Social media analytics may face challenge in interpreting personal sentiments, identification of misinformation such as rumours, false information, spams and fake news.
June 18, TrendKite acquires social technology leaders Insightpool and Union Metrics.
A top provider of digital-first PR solutions for tech-savvy CMOs, TrendKite, has recently announced it will combine with best-in-class social technology companies namely Union Metrics and Insightpool. The dual deals are a portion of the company’s innovative method to making an end-to-end digital PR platform for PR and marketing professionals to influence trust through the media mix, by means of journalist outreach and AI-powered media analytics, social analytics and influencer management.
October 17, Adobe Advertising Cloud launches new Mobile App.
Adobe announced the release of the Adobe Advertising Cloud Mobile App which provides cross-channel advertising campaign management for marketers. The app includes various features such as ability to monitor campaign level performance and delivery metrics, ability to activate and pause campaigns based on pre-set parameters, monitoring total spends, impressions, viewability rates, click-through rates and cross channel advertising capabilities.
August 17, Salesforce adds Einstein Vision to its Social Studio social management tool.
Salesforce announced the addition of Einstein’s Vision image recognition to its Social Studio social management tool. With Einstein’s layer of artificial intelligence brands can now search Twitter for images containing 2 million kinds of logos, 60 types of scenes (such as beaches, airports), 200 types of food, and thousand objects.
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Social media analytics Market – Segmentation
Segmentation by Component: Software and Services. The services are further segmented into managed services and professional services. Profession services are further classified into support and maintenance and consulting services
Segmentation by Application: Customer segmentation & targeting, Customer behaviour management, competitor benchmarking, multi-channel campaign management, marketing measurement, and others
Segmentation by Organization Type: Large Enterprises and Small and Medium Sized Enterprises.
Segmentation by Deployment Type: On Cloud and On Premise.
Segmentation by Vertical: BFSI, healthcare, education, media & entertainment, IT & telecommunication, retail, government and others.
Segmentation by Region: North America, Europe, Asia Pacific and Rest of the world.
Social media analytics Market – Regional Analysis
The regional analysis of Social media analytics market is studied for North America, Europe, Asia Pacific and Rest of the World. North America is estimated to account for the largest share of the market due to growth in use of mobiles & tablets and the presence of major industry players in this region. Furthermore, the region has high adoption of digital technologies and software as a service model platform which influences the growth of social analytics market. In addition, key players in North America are investing in development of social media analytics platforms with partnerships and acquisitions enhancing market opportunities. In Europe, high demand for testing mobile based apps and website monitoring is fuelling the market growth. Asia-Pacific social analytics market is projected to grow the fastest due to high concentrated users using social media channels such as Facebook, Instagram and Twitter and high adoption of social analytics software among SMEs.
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