The global social media analytics market is anticipated to display stellar growth in the upcoming years. Growing popularity of different social media platforms such as Snap Chat, Twitter, Facebook, We Chat, and LinkedIn that generates massive volume of data is arousing the interest of businesses to use this data for business gains.
Social media analytics involves analyzing data collected from different social media platforms to make strategic business decisions. Social media analytics allow businesses to understand consumer sentiments, purchasing behavior, and emotions for a particular product or service.
The rise in social media usage among a large chunk of the populace across the globe is increasing the growth rate of the global social media analytics market substantially.
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- The growing usage of smartphones and the influence of technology are serving as prominent growth factors affecting the growth of the social media analytics market. Technological advancements are further paving way for social media analytics tools to serve numerous small and medium organizations across the world.
- Currently, the consumer is mostly accessible to social media due to the increasing popularity of social media platforms like Facebook and Instagram. Hence, this aspect may serve as a prominent growth generator for the social media analytics market.
- There are 3.81 bn active social media users across the globe. The active social media base has increased by 9.2 percent from what it was in the year 2019. Thus, these aspects prove to be fruitful for the social media analytics market and help them expand their growth prospects.
- The influence of targeted marketing has increased exponentially over the years. The locations, demographics, and end-device information of the consumers are provided to various businesses through which they get an idea of the current consumer base, their interests, and other trends. Thus, this factor helps the businesses to market their product accordingly.
- The advent of the novel coronavirus pandemic led to the enforcement of strict stay-at-home orders. Eventually, this aspect led to an increase in social media usage as well as users. Hence, it benefitted the social media analytics market to a certain extent.
- A wide social media user base in Asia Pacific may serve as a significant growth generator for the social media analytics market. Densely populated countries like India have a massive number of active social media users, eventually increasing the growth rate of Asia Pacific’s social media analytics market.
Ubiquity of smartphones that are equipped with mobile data has increased the use of social media platforms manifold. Consumers use social media platform for communication, announcements, opinions that businesses are leveraging to their advantage.
As per a new report by Transparency Market Research (TMR), the global social media analytics market is predicted to clock a CAGR of 15.4% between 2017 and 2025, for the market to be worth US$7.8 bn by 2025. The market stood at a valuation of US$2.1 bn in 2016.
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Cloud-based Software Component Segment Contributes Maximum Market Share
The social media analytics market is classified in terms of component, end-use, and geography. By component, the social media analytics market is segregated into software and services. The software segment is further divided into cloud based and on-premise. Cloud based software segment holds a larger revenue share in the social media analytics market due to its low cost and ease of deployment. The services segment is sub-segmented into professional services, support and maintenance services, and others (education services and research services). Software component segment holds larger share in the social media analytics market due to the increasing adoption of social media analytics software by businesses to analyze consumer generated social media data.
By end-use, the social media analytics market is segregated into BFSI, telecommunication & IT, retail, transportation and logistics, media and entertainment, and others (healthcare and education). Among them, BFSI end-use segment is predicted to hold the leading share owing to early adoption of social media analytics solutions to leverage consumer generate social media data. BFSI accounts for high adoption of social media analytics solutions in order to analyze customer feedback, analyze competition, identify business prospects, and for comprehensive understanding of the market. However, retail segment is anticipated to surpass other segments in terms of growth rate between 2017 and 2025.
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