According to Custom Market Insights (CMI), the Global “Social Media Analytics Market” research report comprises historic data, current market estimations & forecasts, PEST analysis, driving & restraining factors, upcoming technologies, competitive analysis, and technological developments concerning the related industry. Further, the report categorizes the key profiles of global key players.
Additionally, the global Social Media Analytics market potential report is studied with the amalgamation of steps, including industry insights and practical solutions. As per the research on the “Global Social Media Analytics Market”, the market is estimated at around USD 4.5 billion in 2021 and is projected to witness USD 10.2 billion by 2030 at a CAGR growth of approximately 14% during 2022-2030.
Social Media Analytics Market: Overview
Social Media Analytics includes analyzing data from social conversations in order to comprehend and apply it. Tracking conversations and measuring campaigns are examples of this type of analysis. It also entails determining how social activities affect business results. To get a comprehensive picture of the customer experience, the best brands often combine Social Media Analytics with customer commentary from surveys, call center agent notes, ratings and review sites, and other customer feedback.
Browse the full “Social Media Analytics Market Size, Trends and Insights By Component (Solution, Services), By Deployment (On-Premises, Cloud), By Analytics (Predictive Analytics, Prescriptive Analytics, Diagnostics Analytics, Descriptive Analytics), By Organization Size (Large Enterprises, SMEs), By Industry (Retail & E-commerce, BFSI, Healthcare, IT & Telecom, Government & Defense, Travel & Hospitality, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030 “ report at https://www.custommarketinsights.com/report/social-media-analytics-market/
The rise in the number of social media users is boosting the market for Social Media Analytics
One of the key factors boosting Social Media Analytics market growth is the growing need to understand consumer needs and market trends. The widespread use of smartphones, together with the popularity of social media, will further drive market growth in the coming years.
Social media has transformed the marketing and promotional actions of businesses. Analytics in social media allows for the distribution of targeted messages via a variety of tools and channels. To realize a company’s full potential, it must first understand the opinions and preferences of its target audience. Thus, Social Media Analytics helps organizations analyze such information by collecting and analyzing data from various platforms.
The market for Social Media Analytics is classified into component, deployment, organization size, analytics, and industry. Based on the organization segment, the SME segment is projected to exhibit tremendous growth during 2022-2030. Because of the availability of specifically designed, less expensive tools, SMEs are increasingly adopting Social Media Analytics. Furthermore, the increased awareness of the value of analytics for competitive advantage and efficiency has opened up a new market for Social Media Analytics in SMEs.
Based on analytics, descriptive analytics is expected to witness high demand during the projected period. Descriptive analytics is distinguished by the analysis of past events and behaviours in order to create powerful insights that are useful to the enterprise for future use. By industry, the healthcare segment is projected to witness a high CAGR. Healthcare providers can gather different perceptions and viewpoints by monitoring and analyzing public behaviour via social media, which helps decision-makers, unravel the needs of the patients.
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North America to lead the global Social Media Analytics market from 2022-2030
The growing need to generate consumer engagement indicators for organizational growth is expected to drive Social Media Analytics market growth. On the other hand, increased knowledge of benefits such as increased company productivity provided by important regional suppliers is a factor helping the market’s growth. Most businesses and industries in North America consider competitive intelligence, marketing, and sales management extremely successful. The North American Social Media Analytics market is noticing a significant adoption of Social Media Analytics due to expanding digitization and the high spending capability of organizations.
Key Players Insights
The Social Media Analytics market is extremely competitive with the presence of numerous regional and global players, resulting in a rather fragmented market. The majority of the top competitors in the Social Media Analytics market offer all-inclusive packages with a wide range of features.
Some of the prominent players
- IBM Corporation
- Clarabridge Inc.
- SAS Institute Inc.
- GoodData Corporation
- Crimson Hexagon Inc.
- Oracle Corporation
- Adobe Systems Inc.
- com Inc. (Tableau Software Inc.)
- Sprout Social Inc.
- Netbase Solutions Inc.
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