The social media analytics size is projected to grow from USD 3. 2 billion in 2021 to 9. 3 USD billion in 2026, at a Compound Annual Growth Rate (CAGR) of 24. 0% during the forecast period. The major factors driving the growth of the social media analytics are the rising number of social media user, increased focus on the market and competitive intelligence, rising need for social media measurement to enhance the customer experience.
New York, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Social Media Analytics Market with COVID- 19 Impact Analysis, by Component, Analytics Type, Application, Deployment Mode, Organization Size, Vertical And Region - Global Forecast to 2026" - https://www.reportlinker.com/p05073747/?utm_source=GNW
Based on Component, the service segment is expected to grow at a higher CAGR during the forecast period The service segment of the social media analytics market is further segmented into professional services (consulting, support and maintenance, and deployment and integration) and managed services. This section discusses each service subsegment’s market size and growth rate based on type (for selected subsegments) and region.
Based on deployment mode, cloud segment is segment to account for a larger market size during the forecast period Most of the social media analytics market demand cloud-based solution as it is cost-effective and easily scalable.It is also easy to maintain and manage data.
Its low cost of Operating Expenditures (OPEX) helps users pay per usage and invest more time and energy in concentrating on core business goals.In the cloud deployment model, the social media analytics solution is offered as SaaS, and all the social media analytics workloads are cloud-based.
IT infrastructure requirements of the customer, data redundancies, data availability, virtual private network setup (related to customer IT teams), setting security protocols and audits, configuration, and maintenance and updates are handled by the social media analytics solution vendors.
Based on application, risk management and fraud detection segment is expected to grow at a higher CAGR during the forecast period
Risk management and fraud detection application include identifying location-based risks, identifying and mitigating reputational risks, determining risk exposures, and identifying and responding to disasters.The use of social media monitoring for risk management helps significantly with decision making.
Risk managers can use social media monitoring to tap into different global markets and see the sentiment around the industry in each geographical location. Governments and private companies can also monitor social media to evaluate the risks and see what people are saying about supply chains, top leaders, or events on social media.
Based on analytics, predictive analytics is expected to hold the highest market size during the forecast period
The predictive analytics segment is projected to gain traction in the coming years, Predictive analytics transform social media data into valuable insights facilitating enterprises to improve business optimization, enhance process efficiencies, and meet customer satisfaction. Predictive analytics is the amalgamation of statistical algorithms and ML techniques that analyze the current and historical data gathered across different social media platforms to make predictions about future events.
Based on organization size, SMEs segment is expected to grow at a higher CAGR during the forecast period
Despite contributing a major share to the world’s economy, SMEs are more open toward the adoption of new technologies to smoothen and enhance business processes.Still, SMEs are under constant pressure to adopt cost-effective and reliable strategies that effectively support their business goals and help them grow.
They implement their business strategies based on pre-defined and fixed budgets.
APAC is expected to grow at a higher CAGR during the forecast period
Asia Pacific (APAC) has continually presented lucrative market opportunities for social media analytics Solutions providers with a notable increase in social media analytics across its developed and emerging countries., Japan, China, and India have displayed ample growth opportunities in the social media analytics market. Owing to a rapidly proliferating technology-backed economical structure, APAC is expected to emerge as the fastest-growing region in social media analytics Solutions demand during the forecast period.
Given below is the breakup of the primary respondents:
• By Company Type: Tier 1 – 34%, Tier 2 – 43%, and Tier 3 – 23%
• By Designation: C-level – 50%, Directors – 30%, and Others – 20%
• By Region: North America – 30%, Europe – 30%, APAC – 25%, MEA – 10%, Latin America– 5%.
Some prominent players profiled in the study include IBM (US), Google (US), Oracle (US), Salesforce (US), Adobe (US), SAS (US), Clarabridge (US), NetbaseQuid(US), Digimind (France), Talkwalker (Luxembourg), Hootsuite (Canada), GoodData (US), Meltwater (US), Khoros (US), SproutSocial (US), CISION (US), BRAND24 (US), Storender (Uk), RivalIQ(US), Quintly (Germany), Socialbakers (Czech Republic), Awario (Belarus), Oktopost (Israel), Simplify360 (India), Frrole (US), Mavsocial (US), Heuritech (France), Mnemonic AI (US), Konnect Insights (India).
The market study covers the social media analytics across different segments. It aims at estimating the market size and the growth potential of this market across different segments, such as component (solutions and services), analytics type, by application, deployment (cloud and on premises), organization size (SMEs and large enterprises), by industry vertical and regions. The regional analysis of the social media analytics covers North America, Europe, APAC, MEA and Latin America
The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall social media analytics and its segments.This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and plan suitable go-to-market strategies.
The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05073747/?utm_source=GNW
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