Social media analytics is an approach used by various organizations to analyse and evaluate large volumes of data available on social media sites and blogs to make relevant business decisions. It helps in customer engagement, collaborations with various businesses and its functions, and maximizing customer experience. This helps organizations in forming business strategies and in creating a larger customer base. In addition to these, it is used to understand real-time customer intentions, choices, and sentiments.
Top Key Players are Profiled in this Social Media Analytics Market Report: Adobe Systems, Brandwatch, Cision, Digimind, GoodData, IBM Corporation, Netbase Solutions, Oracle Corporation, Salesforce, SAS Institute and more.
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The Global Social Media Analytics Market is expected to grow at a CAGR of 28.7% during the forecast period. The demand for social media analytics is increasing due to the increase in the number of smartphone users, which in turn, has increased the use of social media. The large volume of data and the number of active consumers on social media requires proper management that can be done by social media analytics. In addition to this, owing to digitization, the rate of online shopping has increased and this has further accelerated the demand for social media analytics.
The use of analytics helps organizations in gaining competitive advantage over others by understanding customers’ perceptions about their brand, the problem they are facing, and other such issues. These problems can be fixed by data integration through social media analytics and customers can be provided better products and services. Organizations need to monitor, measure and analyse their customers’ views to cater to their needs and maintain good customer relationship.
Social media analytics use data such as customer sentiments, voice of customers, and the volume of posts by an individual customer, in order to support companies in analysing the data.
Reginal Exploration of this Social Media Analytics Market Report:
The complexities related to the social media analytics workflow can hinder the market demand.
On the basis of regions, the market is segmented as North America, Europe, Asia Pacific, Latin America, and Middle East Africa. The North America region is dominating the market, owing to the adoption of new technologies and the presence of key vendors in the region such as IBM Corporations, Oracle Corporations, SAS Institute Inc., and others. Moreover, the Asia-Pacific region is expected to witness significant growth during the forecast period, owing to the adoption of social media analytics in various sectors and primarily in SMEs.
Key Players analysis of this Social Media Analytics Market Report:
There are many firms that provide tools for social media management such as Adobe Systems, aReputation, Facebook, Inc., IBM Corporation, Nextel Communications, SAS Institute, Sina Weibo, Sprint Corporation, Twitter Inc., and others. These companies are adopting strategies to expand in different geographies and gain competitive advantage over their competitors. In March 2019, Hootsuite, a Canada-based social media management platform company has announced its integration with Adobe Experience Platform, which will enable customers of Adobe to leverage social media insights to allow marketers to deliver personalized content through the most relevant channels in order to achieve high ROI.