Social Media Analytics Market worth US$ 2.5 Billion 2020 registering a significant CAGR of 24.2% over the forecast period
Social Media Analytics combines monitoring, measurement, and analysis tools to uncover user sentiments, and identify key trends in the studied market. The deployment of social media analytics allows users to mine and decipher vast amount of data from various social media platforms, such as Facebook, Twitter, and Instagram, among others. It helps the companies to discover customer sentiment about brands, trends, customer concerns, and the efficacy of the organization’s marketing campaigns, as well as competitor intelligence. Social media analytics is a six step process which comprises of identification, extraction, cleaning, analyzing, visualization and interpretation.
The report "Global Social Media Analytics Market, By Mode of Deployment (On-Premise, and Cloud) By End-User Industry (Banking and Financial Services, IT and Telecommunication, Retail, Healthcare, Government Services, Media and Entertainment, Utilities, Transportation and Logistics, and Other End-User Industries), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”.
· In October 2019, Cision acquired Unmetric, a social media management solution provider through its subsidiary Falcon.io. This acquisition would help Cision acquire a new customer base and help existing customers to better manage their social media listening and engagements
· In January 2019, Talkwalker, announced that a majority stake in the company was acquired by Marlin Equity Partners, a global private equity firm. The acquisition allows the company to leverage Marlin's operational resources and expertise in nurturing technology businesses. It enables Talkwalker to scale its business, as it enters a new phase of development as the provider of analytics to the PR and marketing industry
· In August 2018, Clarabridge Inc. announced its new role as an official solution provider for WhatsApp Business. Selected brands using CX Social, a dedicated social media management product from Clarabridge, can now extend their customer service by communicating with their consumers via WhatsApp messaging
· Increasing usage of social media
· High rate of adoption in SMEs
· Increase in cloud adoption
· Technological advancement
Key Market Insights from the report:
The market report has been segmented on the mode of deployment, end-user industry, and region.The global Social Media Analytics Market accounted for US$ 2.5 billion in 2020 and is estimated to be US$ 22.53 billion by 2030 and is anticipated to register a CAGR of 24.2%
· By mode of deployment, 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
· By end-user industry, 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
· By region, North America is expected to account highest revenue share, owing to the increasing use of the big data technology, growing amount of data across verticals, and rising investments by companies in real-time analytics
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The prominent player operating in the global Social Media Analytics market includes Oracle, Salesforce, IBM, SAS Institute, Adobe, Clarabridge, NetBase Solutions, Brandwatch, Talkwalker, Digimind.
The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.
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