Social Media Analytics Market by Component (Software and Services), Application, Deployment Model, Regions, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026
NEW JERSEY, Jan. 22, 2020 (GLOBE NEWSWIRE) -- The global social media analytics market is expected to grow from USD 2.38 billion in 2018 to USD 14.96 billion by 2026 at a CAGR of 25.8% during the forecast period 2019-2026, according to the new report published by Fior Markets. Increasing user engagement of social media using smartphones and an increased focus on competitive intelligence are the major factors driving the growth of the market. The massive upsurge in the number of social media users and the evolution from business intelligence (BI) techniques to advanced analytics techniques have lifted the adoption of social media analytics across the globe. The increasing popularity of different social media platforms such as Snap Chat, Twitter, Facebook, We Chat, and LinkedIn that generates a massive volume of data is arousing the interest of businesses to use this data for business gains. High rate of adoption in SMEs and increase in cloud adoption are anticipated to boost the market growth.
Social media analytics is the practice of collecting data from social media websites and analyzing data using social media analytics tools to make business decisions. Social media analytics is most commonly used to mine customer feelings to support marketing and customer service activities. The massive upsurge in the number of social media users and the evolution from business intelligence (BI) techniques to advanced analytics techniques have lifted the adoption of social media analytics across the globe.
Incremental technological advancements may pave the way for many growth opportunities by making social analytics tools more accessible to the small/medium scale organizations all over the world. However, social media analytics companies face discrepancies in analytical workflow owing to high implementation efforts. Moreover, data analysis and customization is time-consuming highly complex. These are the major factors which may hamper the growth of the overall social media analytics market.
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Key players operating in the global Social Media Analytics market include are Adobe, Brandwatch, Cision, Clarabridge, Digimind, Hootsuite, IBM, Khoros, Meltwater, NetBase, Oracle, Salesforce, SAS Institute, Simplify360 and Talkwalker among others. To enhance their market position in the global Social Media Analytics market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
The software component segment had a market value of around USD 1.61 billion in 2018
The component segment is divided into software and services. The software component segment emerged as the leader in the global social media analytics market with a revenue of USD 1.61 billion in 2018. This was because of the rising adoption of social media analytics software by businesses to analyze consumer generated social media data.
The risk management and fraud detection segment is anticipated to grow at a CAGR of around 26.4% in 2019-2026
The application segment includes sales and marketing management, customer experience management, competitive intelligence, risk management and fraud detection, public safety and law enforcement and others. The risk management and fraud detection segment is anticipated to grow at the highest CAGR of around 26.4% over the forecast period because of the ability of analytics tools to extract and analyze data from various data sources, providing opportunities for the identification and mitigation of fraudulent activities.
The cloud deployment model had a market value of around USD 1.62 billion in 2018
The deployment model segment is divided into on-premises and cloud. The cloud deployment model emerged as the leader in the global social media analytics market with a revenue of USD 1.62 billion in 2018. This was because the cloud segment offers benefits, such as cost effectiveness and scalability, which are anticipated to be instrumental in propelling the growth of the overall market.
The BFSI segment is anticipated to grow at a higher CAGR of around 26.2% in 2019-2026
The vertical segment includes BFSI, telecommunications and IT, retail and ecommerce, healthcare and life sciences, government and defense, media and entertainment, travel and hospitality and others. BFSI segment is expected to grow at a higher CAGR of around 26.2% during the forecast period due to the early adoption of social media analytics solutions to leverage consumer generate social media data. BFSI accounts for high adoption of social media analytics solutions in order to analyze competition, analyze customer feedback, identify business prospects, for overall understanding of the market.
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Regional Segment Analysis of the Social Media Analytics Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region emerged as the largest market for social media analytics with a 31.18% share of the market revenue in 2018. North America is witnessing significant developments in the social media analytics market. The high growth rate is due to the growing amount of data across verticals, increasing use of big data technology, and rising investments by companies in real-time analytics. Asia Pacific (APAC) is anticipated to grow at the highest CAGR during the forecast period. Due to rising investments in the process of digitalization across potential economies, the region is becoming a new hotspot in the market.
About the report:
The global social media analytics market is analysed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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