Market Analysis

The social media analytics market will develop at a healthy CAGR by 2030, states the latest Market Research Future (MRFR) report.

Drivers 

Rise in Social Media Users to Boost Market Growth 

The increase in social media users will boost market growth over the forecast period. This allows social media analytics companies in gaining better customer data and enhancing customer behavioral analysis.

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Opportunities 

Increasing Adoption in SMEs to offer Robust Opportunities 

Small businesses are increasingly adopting social media analytics for the accessibility of specifically designed cost-effective tools. Besides, the increasing awareness of analytics for competitive advantages along with better efficiency has also created avenues for social media analytics in SMEs.

Restraints 

Lack of Expertise to Remain as Market Restraint 

The shortage of expertise and complexity of data analysis and customization may act as market restraint over the forecast period.

Challenges 

Lack of Standard Measures to act as Market Challenge 

The lack of standard measures for the social media analytics may act as market challenge over the forecast period.

Market Segmentation 

The social media analytics market is bifurcated based on deployment, organization size, application, type, and vertical.

By deployment, the cloud segment will lead the market over the forecast period.

By organization size, the large enterprises will dominate the market over the forecast period.

By vertical, the healthcare segment will spearhead the market over the forecast period.

By application, the global social media analytics market is segmented into Customer Segmentation & Targeting, Marketing Measurement, Multichannel Campaign Management, Customer Behavioral Analysis, Competitor Bench Marking, and others.

By type, the solution segment will have lions share in the market over the forecast period. 

COVID-19 Analysis 

The COVID-19 outbreak possessed a positive impact on the social media analytics market. Owing to the lockdown, people remained at home most of the time and then social media platforms are crowded. They use social media platforms to interact with the world. Besides, several governments, hospitals, and public authorities use social media platforms for communicating with people and spreading awareness about actions and safety to be undertaken in the pandemic. Big organizations and media holders are finding ways of engaging their customers and have used social media for the same. Most creators are using these platforms for connecting with customers and social media analytics is an excellent means of knowing the demands of customers and finding new ways for connecting with them. Thus the COVID-19 outbreak had a positive effect on the market growth.

Regional Analysis 

North America to Spearhead Social Media Analytics Market 

North America will spearhead the social media analytics market over the forecast period. Technological advances, increasing need for mobiles and tablets, the presence of several key players, increasing adoption in Canada & the US, the presence of established companies such as Google working to develop social media analytics platforms with acquisitions and mergers for enhancing the opportunities, sales and marketing management, competitive intelligence that are considered highly effective by most verticals and organizations, increasing investments by enterprises in real-time analytics, and increasing use of the big data technology are adding to the global social media analytics market growth in the region.

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Key Players 

Eminent market players profiled in the global social media analytics market report include NetBase Solutions (U.S), IBM Corporation (U.S.), SAS Institute (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Adobe Systems (U.S.), Salesforce.com (U.S), HootSuite Media (U.S), GoodData (U.S), Tableau Software (U.S), among others.

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