Major organizations have always a placed strong emphasis on gaining insights on the behavior and specific interests of patrons and prospective buyers. Social media analytics is a technique used to analyze such traces of data to generate insights for social and business uses. Governments, businesses and consultants depend extensively on social media for enhancing the customer experience.
The global social media analytics market has been estimated to be worth USD 2.14 billion and is forecasted to grow at a CAGR of 26.51% over the reporting period 2016 - 2021. The process of business analytics begins with gathering social data from multiple social sources, followed by data mining for gaining insights into customer behavior, which can be used for taking business decisions. Social media analytics tools are effectively used for gauging brand sentiments, performing multichannel brand campaigns, customer behavioral analysis and competitive benchmarking.
This report offers detailed insights on the social media analytics market segmented based on components (monitoring, measurements and analytics & insights), deployment model (On-premise and On-demand), end-user vertical (Banking & Financial services, retail, government, energy, life sciences, media & entertainment and others) and geography (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America).
The market study has listed a few major market players and their growth strategies & market shares. The key market players include IBM Corporation, SAS, Mblast, Adobe, Oracle Corporation, SAP SE, Tableau software and etc.
The key drivers for growth in this market include ever-growing user volume on social media platforms, greater focus on gaining a competitive advantage by gauging the market and competitive intelligence and increased adoption of analytics tools. Penetration of smartphones is also one of the factors that is driving the market as most of the people are now increasingly accessing social media content on the devices. Incremental technological advancements will pave the way for several growth opportunities, by making social analytics tools more accessible to small/medium scale organizations.
Lack of awareness of the various capabilities of the social media analytics tools and high volumes of unstructured data, complex analytical workflows and operational issues could impede the social media analytics market growth.
Key deliverables of the study