Pune, India, May 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Social Media Analytics Market.
As per the research by Market Research Future Reports (MRFR), the global social media analytics market is estimated to value USD 38.57 billion with a CAGR of 18.30% by 2032. The increasing users of social media has propelled the global social media analytics market 2020. The social media sites are attractive and have enough users and hence it elevates the need for analyzing the traffic. The global social media analytics market is highly competitive and has enough potential to expand at a fast pace. The market players are adopting innovative technologies to expand their presence in market. Increased The growing number of social media users, an increase in expenditure on analytics, focus on market intelligence are some of the important factors driving the market. The growing need for better consumer engagement is another factor which influences the market. However, lack of expertise can be hamper the expansion of market. Furthermore, data analysis and customization is complex. Besides, the unforeseen outbreak of COVID-19 has changed the market landscape.
The global social media analytics market can be segregated on the basis of deployment, organization size, vertical, application, type, and region.
On the basis of deployment, the global social media analytics market can be classified into Cloud and On-Premise.
On the basis of organization size, the global social media analytics market can be classified into large enterprises, small and medium enterprise.
On the basis of vertical, the global social media analytics market can be classified into BFSI, Government, Healthcare, Retail, Education, IT & Telecommunication, Media & Entertainment, and others.
On the basis of application, the global social media analytics market can be classified into Customer Segmentation & Targeting, Marketing Measurement, Multichannel Campaign Management, Customer Behavioral Analysis, Competitor Bench Marking, and others.
On the basis of type, the global social media analytics market can be classified into Solution, Training & Education, Services Support & Maintenance, and Consulting Services.
On the basis of region, the global social media analytics market can be classified into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
The geographical analysis of North America, Europe, Asia Pacific, and the Rest of the World (RoW) has been conducted. As per the analysis, the North American market is estimated to acquire maximum market share. On the other hand, the APAC region is estimated to grow at the fastest rate during the forecast period. The expansion on the North American market can be accredited to the technological advancement and increasing demand for tablets and mobiles. Besides, majority of the key players are based out of North America. Countries like the U.S and Canada play a major role in the expansion. Established companies like Google is working for the development of social media analytics platforms with mergers and acquisition to enhance the opportunities. The APAC region is likely to show significant expansion. The regional expansion can be accredited to the emerging economies like India, China, and Japan. The rising investment in the process of using social media platforms across potential economies has made APAC the new hotspot. Several organisations have made a strong position in the social media analytics market because of well-planned strategy of increasing the customer base with acquisitions and partnerships with key players in the market.
The key competitors of the worldwide social media analytics market are 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.