Social Media Analytics Market Size Estimates and Forecasts by Key Players – Oracle Corporation, Adobe Systems, IBM Corporation, SAP SE, Netbase Solutions, Hootsuite Media, Tableau Software, Crimson Hexagon
Social media analytics is used to evaluate data traces, which enables insights for social and business uses. It also helps the business to execute any brand campaign. Many enterprises are yet to discover their true potential. With a huge chunk of social media content exploding every second, social media analytics may become one of the most important tools for companies to make strategies and implement short-term plans.
Increase in a number of social media users, rise in expenditure on analytics, and growth in market strategies & competitive intelligence are expected to drive the growth of the global social media analytics market. In addition, factors such as an increase in cloud adoption and high rate of deployment in SMEs are expected to provide lucrative opportunity for market growth.
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However, a lack of skilled expertise and complexities in analytical workflow hamper the growth of the social media analytics market.
In 2014, customer behavioral analysis segment accounted for the maximum revenue share in the overall applications of the social media analytics market. This is due to the increase in rivalry paired with the need for effective brand promotion, which drives the requirement of customer behavioral analysis.
In addition, marketing management segment is expected to witness the fastest growth at CAGR of 30.9% during the forecast period.
The retail sector dominated the global social media analytics market in 2014 due to various advantages of social media analytics such as an increase in brand awareness, better connection with audiences, creating hype around products, reduced gaps in the sales cycle. Furthermore, the end-user segment is anticipated to grow at a CAGR of 30.1% during the forecast period (2016-2022).
Asia-Pacific is estimated to grow at the fastest rate due to increase in the adoption of social media analytics industry and extensive growth rate in China, Japan, Philippines, and India pertaining to the increase in a number of social media users and flourishing retail sector.
Market players have adopted innovative techniques to provide advanced and pioneering offerings.
KEY MARKET PLAYERS PROFILED
Adobe Systems, Inc.
Netbase Solutions, Inc.
Hootsuite Media, Inc.
KEY MARKET SEGMENTS
The social media analytics market is segmented based on the application, end-user, and geography.
GLOBAL SOCIAL MEDIA ANALYTICS MARKET BY APPLICATION
Customer Segmentation & Targeting
Multichannel Campaign Management
Customer Behavioral Analysis
GLOBAL SOCIAL MEDIA ANALYTICS MARKET BY END USER
Media & Entertainment
Travel & Hospitality
IT & Telecom
Others (BFSI and Healthcare)
Key Findings of the Social Media Analytics Market:
- Travel & hospitality, and other end-user sectors are expected to exhibit a significant increase in the social media analytics market growth.
- Customer behavioral analysis generated the highest revenue among other applications.
- Asia-Pacific is projected to exhibit substantial growth during the forecast period.