February 17, 2021
According to the research report titled ‘Global Social Media Analytics Market Analysis, 2020’, available with Market Study Report LLC, global social media analytics market is expected to register a compound annual growth rate of 26% during 2020-2025.
Widespread adoption of social media platforms, flourishing e-commerce sector, and focus among corporates towards adopting market analytics are some of the key factors driving the growth of global social media analytics market.
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High concentration of major companies and surging investments in this business domain are also fueling the overall market size. However, increasing volume of unstructured data coupled with lack of effective solutions for managing traffic could potentially hamper the industry remuneration in the upcoming years.
Based on application scope, global social media analytics industry is bifurcated into public safety & law enforcement, risk management & fraud detection, competitive intelligence, customer experience management, sales & marketing management, and others.
In terms of organization size, the market is fragmented into large enterprise as well as small & medium enterprises. Moving on to the development model, worldwide social media analytics market is categorized into cloud and on-premise.
Citing the industry verticals, the market is split into travel & hospitality, retail & ecommerce, media & entertainment, government & defense, healthcare, telecommunications & IT, and BFSI.
As per component type, the overall industry is bifurcated into software, services, and consulting. According to the report, global social media analytics industry size from services segment is predicted to expand significantly during the study period.
Rising adoption of cloud-based services, increasing data generation, and growing demand for expertise for maintaining the traffic has impelled the demand for social media services across the globe, thereby fueling the segmental growth.
The leading companies operating in global social media analytics market are Brandwatch, Simplify360 Inc., Hootsuite, Salesforce.com Inc., Digimind, NetBase Solutions Inc., SAS Institute, Adobe Inc., Talkwalker, Clarabridge, IBM Corp., and Oracle Corp. among others.