DUBLIN, November 19, 2021--(BUSINESS WIRE)--The "Global Social Media Analytics Market with COVID-19 Impact Analysis, by Component, Analytics Type, Application (Sales and Marketing Management, and Competitive Intelligence), Deployment Mode, Organization Size, Vertical, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global social media analytics market is projected to grow from USD 3.2 billion in 2021 to 9.3 USD billion in 2026, at a CAGR of 24% during the forecast period. The major factors driving the growth of social media analytics are the rising number of social media users, increased focus on the market and competitive intelligence, rising need for social media measurement to enhance the customer experience.
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 expected 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.
The market study covers 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.
Rising Number of Social Media Users
Increased Focus on the Market and Competitive Intelligence
Rising Need for Social Media Measurement to Enhance the Customer Experience
Complexities in the Analytical Workflow
Lack of Analytical Skillsets
Voluminous Data Generation Through Social Media Platforms
Rising Cloud Adoption Trends
Shift of People Toward Virtual Solutions due to COVID-19
Lack of Standard Measures for Social Media Analytics
Lack of a Single Solution to Manage the Increasing Unstructured Data
Case Study Analysis
Tdecu Used Clarabridge Interaction Analysis to Enhance Customer Experience and Sort Soiled Data
Sky Used Clarabridge Engagement to Enhance Customer Experience
NH Group Used Digimind Social Monitoring and Listening to Understand Consumer Behavior
Carrefour Used Digimind Social for Brand Reputation, Monitoring, and Understanding Consumer Preferences
World Business Chicago (WBC) Used Sprout Social's Analytics Features to Expand Its Digital Presence
BBC Used Khoros Platform to Track the Performance of Its Content and Drive More Traffic to Its Website
Carin Oil Used Meltwater Platform to Improve Upon Online Reputation Management
Fortis Used the Meltwater Platform to Raise Brand Awareness and Monitor Real-Time Engagement with the Audience
Hong Kong Airlines Used Talkwalker and Hootsuite Platform for Monitoring and Social Listening
Hydro-Quebec Used the Talkwalker Platform to Engage with Customers and Analyze Monitoring
For more information about this report visit https://www.researchandmarkets.com/r/n5j4u6
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