Social Media Analytics Market Size, Share, Growth, and Analysis Forecast to 2022

According to a new market research report "Social Media Analytics Market byApplication (Sales and Marketing Management, Customer Experience Management,Competitive Intelligence), Component, Analytics Type, Deployment, OrganizationSize, Industry Vertical, and Region - Global Forecast to 2022", publishedby MarketsandMarkets™, The social media analytics market size is expected togrow from USD 2.71 Billion in 2017 to USD 9.54 Billion by 2022, at a CompoundAnnual Growth Rate (CAGR) of 28.6%.

The key forces driving the social media analytics marketinclude the increased focus on the market and competitive intelligence, theincreasing user engagement in social media using smartphones, and the need forsocial media measurement to enhance the customer experience.

Browse 82 Market Data Tables and43 Figures spread through 178 Pages and in-depth TOC on "Social Media Analytics Market byApplication (Sales and Marketing Management, Customer Experience Management,Competitive Intelligence), Component, Analytics Type, Deployment, OrganizationSize, Industry Vertical, and Region - Global Forecast to 2022"

Major Key Players

The vendors providing social media analytics software andservices include Salesforce (US), Oracle Corporation (US), SAS Institute Inc.(US), Adobe Systems Incorporated (US), International Business MachinesCorporation (US), GoodData Corporation (US), Brandwatch (UK), Clarabridge, Inc. (US), Digimind (US), Crimson Hexagon,Inc. (US), Sysomos (Canada), Simply Measured, Inc. (US), Talkwalker Inc.(Luxembourg), Unmetric Inc. (US), Netbase Solutions, Inc. (US), Cision US Inc.(US), Simplify360, Inc. (India), Hootsuite Media Inc. (Canada), Meltwater (US),Germinait Solutions Private Limited (India), Socialbakers (US), Spredfast, Inc.(US), Sprinkler, Inc. (US), Lithium Technologies, Inc. (US), Synthesio (US),and Tableau Software Inc. (US).

The significant need to analyze the large volumes of databeing generated from social media channels and to incorporate the analysis intostructured data to understand the customer’s sentiments and their behavior isexpected to be driving the growth of the social media analytics market.

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The competitive intelligence application is expected to growat the fastest rate, as various industry players have been using social mediadata to gain insights about their products, services, competitors, andcustomers, and to analyze their brand’s perception. Apart from this, for theapplication segment is divided into sales and marketing management, customerexperience management, risk management and fraud detection, public safety andlaw enforcement, and others (workforce management and compliancemanagement).  

Among the industry verticals, the retail and eCommerceindustry vertical is expected to have the largest market share in the socialmedia analytics market. The retail industry being one of the most competitiveindustries would be looking to embrace the social media analytics solutionssubstantially, as it would help this industry to get a 360-degree view of thecustomer data from social media. This is expected to help them design targetedmarketing promotions, enhance cross-selling and upselling offers, and improvethe customer service. The healthcare and life sciences industry vertical isexpected to grow at the highest CAGR, owing to the increased prevalence ofsocial media to uncover patients’ sentiments, and the attitude and perceptionsabout the treatment.

The cloud deployment model is expected to witness a highgrowth rate in terms of social media analytics adoption, due to the growingdemands for improved service and cost-effectiveness, and the increasing needfor organizations to keep track of the social data to develop suitablemarketing strategies to suit the business’ needs. Cloud-based social mediaanalytics solutions help organizations reduce the costs. It also improves thebusiness agility and increases collaborations using shared services. The otherfactors that are likely to drive the demand for cloud deployment are thecost-effectiveness, ready availability, and the better visibility of data.

North America, owing to its early technological adoptionnature and the presence of a large number of social media analytics solutionproviders, is expected to maintain its regional dominance during the forecastperiod. The Asia Pacific (APAC) region is expected to witness the highestgrowth rate during the forecast period, due to the ongoing technologicaladvancements and increasing adoption of social media software and services inthis region.

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