Social Media Analytics Market - Growth Trends, and Forecast (2019 - 2024)
NEW YORK, Sept. 3, 2019 /PRNewswire/ -- Market Overview
Social media analytics is widely considered to be a significant business and marketing tool in the present day business scenario. In order to gain actionable insights on consumer perceptions and improve their services and products portfolio, businesses across the globe are using social media analytics.
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- The rise of mobile phones and tablets with access to the internet, coupled with ever-growing user volume on social media platforms is boosting the growth of the social media analytics market over the forecast period.
- Incremental technological advancements will pave the way for several growth opportunities by making social analytics tools more accessible to the small/medium scale organizations all over the globe.
- The demand for social analytics tools has been bolstered by the increased emphasis on consumer feedback, as they exhibit greater bargaining power in the market. The consumer today is accessible through social media platforms further rei=enforcing the need for social media analytics tools for enterprises worldwide.
- According to Facebook, it had 1562 million active users daily as of the first quarter of 2019. In fact, Twitter states that 500 million Tweets are sent each day and 9% more people are using Twitter everyday reinstating the growing penetration of social media networks at a global level.
Scope of the Report
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 a 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, customers concerns, and the efficacy of the organization's marketing campaigns, as well as competitor intelligence.
Key Market Trends
Increased Emphasis on Targeted Marketing and Competitive Intelligence
- A steady decline in the effectiveness of traditional advertising campaigns, coupled with rising social media usage, have prompted businesses to adopt a more data-oriented approach for their marketing strategies. The emergence of social media analytics has transformed the way marketing campaigns are planned and carried out in the present day.
- Social networks such as Facebook have realized the importance of targeted advertising they are offering through paid solutions to businesses, wherein location, demographics, and end-device information of consumers are made available for businesses to reach out to the targeted section of consumers
- In fact, according to HubSpot, a developer, and marketer of software products for inbound marketing and sales, Marketers increased social advertisement budgets by 32% in 2018 alone leading to the production of more ads than ever before.
- In 2019, more and more brands will strengthen their online customer service practices and even move to new platforms that may potentially offer more effective technology for customer service to thrive online, such as WhatsApp and Messenger. The release of the WhatsApp business API in August 2018 will continue to be a total game-changer in the industry. There were 3 million registered users on WhatsApp business by the end of the first quarter 2019.
North America to Hold Major Share
- According to We Are Social and Facebook data there were about 190 million active users of Facebook in the United States as of April 2019, not surprising for a region with one of the highest social media penetration rates in the world. In fact, according to leading media firm We Are Social as of January 2019, North America had the highest global social network penetration rate at 70% along with East Asia.
- In spite of strong gains from high growth regions like Asia-Pacific, the United States remains the second-largest market for Facebook, in terms of number users. In fact, according to StatCounter, a leading Web analytics firm, Facebook had 45% of the share of visits in the United States in May 2019.
- However, in spite of Facebook's ubiquity, other social networking sites have also gained market share, especially amongst teenagers and young adults with especially Instagram and Snapchat both growing in popularity continually amongst young American internet users
- Owing to such high participation of the population in different social media, companies, such as Amazon, IBM, and Oracle, have been deploying social media analytics to generate insights and gain a better understanding of the consumer behavior, which further guides their business and strategic decision making.
Competitive Landscape
The social media analytics market is highly competitive and consists of several players that make the market relatively a fragmented one. Presence of multiple players specializing in particular vertical of the market industry as well as others with just monitoring tools is also active in the market. Most of the major players offer solutions that are all-encompassing suites with a broad range of capabilities. However, new capabilities are being developed by niche players, for instance, Dataroma developed a real-time analytics platform indicating opportunities for optimization. Owing to such developments, there is immense scope in the market for consolidation through merger & acquisitions. The companies are also leveraging on strategic collaborative initiatives to increase their market share and increase their profitability
- January 2019 - Talkwalker, announced that a majority stake in the company had been 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,
- January 2019 - Cision Ltd., announced the acquisition of analytics startup TrendKite for USD 225 million, a continuation of its new strategy to invest in software automation to improve social media campaigns. TrendKite Inc. makes use of artificial intelligence to help communications professionals assess the impact of their work.
- October 2018 - Social intelligence firms Brandwatch and Crimson Hexagon announced the merger of their respective firms that leads to a new platform integrating social media listening and research of markets, brands, and consumers.
- 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.
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