The social media analytics market is expected to grow from USD 2.71 Billion in 2017 to USD 9.54 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 28.6%.
Factors such as the increased focus on market and competitive intelligence, the increasing user engagement of social media using smartphones, and the need of social media measurement to enhance the customer experience are expected to drive the growth of the global market.
Among applications, the sales and marketing management application is expected to continue its dominance during the forecast period. Sales and marketing management assists users in improving their businesses solutions to analyze unstructured data and understand customer behaviors by detecting the trends and patterns. It also provides corrective measures by enabling real-time alerts and provides automated remedial actions.
The cloud deployment model is expected to exhibit a higher growth rate during the forecast period. Cloud-based solutions are gaining a firm hold in the market, due to features, such as scalability, flexibility, cost-effectiveness, and the increasing needs of organizations to keep track of campaign management and performance monitoring.
The retail and eCommerce industry vertical is expected to have the largest social media analytics market share and lead the market during the forecast period. Social media analytics can be used by retail and eCommerce vendors to measure campaign performance, identify growth opportunities, improve their products, keep a tab on their competitors, and improve their post-sale support and services.
Large enterprises are expected to dominate the market in terms of market share. The reason being, large and multi-brand corporations are looking for primary market research to drive and evaluate their marketing campaigns.
Increased Focus on the Market and Competitive Intelligence
Increasing User Engagement of Social Media Using Smartphones
Need of Social Media Measurement to Enhance the Customer Experience
Complexities in Analytical Workflow
Voluminous Data Generation Through Social Media Platforms
Increasing Cloud Adoption Trends
High Adoption Rate of Social Media Analytics Solutions Among SMES
Lack of Standard Measures for Social Media Analytics
Lack of A Single Solution to Manage the Increasing Unstructured Data
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Social Media Analytics Market Analysis, By Component
7 Social Media Analytics Market Analysis, By Application
8 Social Media Analytics Market Analysis, By Analytics Type
9 Social Media Analytics Market Analysis, By Deployment Model
10 Social Media Analytics Market Analysis, By Organization Size
11 Social Media Analytics Market Analysis, By Industry Vertical