Social Media Intelligence Leading To Better Communication through Analytics
Social media analytics is the process of gathering data from several social media websites and evaluating that data with the help of various social media analytics tools to make appropriate business decisions. However, to mine consumer sentiment is one of the most significant uses of social media analytics to support consumers as well as marketing service activities. In addition to this, there is a huge number of social media analytics tools available for collecting and analyzing unstructured data from social platforms such as Facebook and Tweeter. Along with the text analysis, the number of enterprise-level analytics tools will store as well as harvest the data. Thus, some of the social media analytics tools come from the leading service providers, while more conventional enterprise analytics service providers provide the whole package which will be dedicated to social media intelligence. In addition, social media analytics is majorly recognized as one of the most substantial business as well as marketing tools as per the current market scenario. Moreover, in order to increase result insights on customer perceptions as well as increase their product and service portfolio, organizations around the world are adopting social media analytics.
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In addition, there is a huge amount of data available on social media platforms. The main problem is the data is in the form of natural language as well as free text, the type of information which analytics algorithms have conventionally. However, as an ML (Machine Learning) and AI (Artificial Intelligence) have grown with innovative solutions; it becomes easier for enterprises to increase the data in several social media posts. In addition to this, it enables organizations to take out data according to consumer requirements, brand types, as well as market conditions. Moreover, social media analytics also made it easy for organizations to compute all the data without utilizing the focus groups as well as a less reliable polling system. The growing diffusion of tablets and mobile phones along with internet access and the increasing number of social media platforms are contributing to the growth of the social media analytics market during the predicted period. In addition, increasing technological developments will also boost the demand for social media analytics and offer several lucrative opportunities by making these tools more accessible to all sizes of organizations across the world. Thus, the demand for social media analytics tools has been growing with the raised focus on customer feedback, because they have higher bargaining power across the market.
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The global social media analytics market size was accounted at more than USD 1,269 ML and it is anticipated to grow with the highest CAGR over the forecast period. In addition to this, the growing evolution from BI (Business Intelligence) methodologies to advanced analytics techniques as well as the huge growth in several social media users has increased the implementation of social media analytics over the globe. Likewise, raised capital on analytics and an increase in emphasis on competitive intelligence are some of the major factors responsible for the rapid growth of the global social media analytics market growth. On the other hand, a rise in the rate of implementation in small and medium enterprises as well as the growing adoption of cloud technologies are also some other factors contributing to the growth of the global social media analytics market. Likewise, as per the recent as well as future market scenarios the huge number of factors influencing the global social media analytics market, rise in the rate of social media users and analytics workflow complexities are also expected to have a positive impact on eth global social media analytics market over the prediction period. Additionally, a huge rate in adoption of small & medium-size enterprises and a rise in the cloud adoption also anticipated growing the global market. In addition to this, retailers are concentrating on developing several business strategies to increase consumer traffic as well as consumer loyalty by mining huge amounts of information and analytics to get major insights.
Growing Rate of Social Media Users across the World
The rise in the number of social media users mostly boosts the social media analytics market and it is anticipated to continue this growth over the forecast period. This allows social media analytics industries to improve better consumer data as well as improve consumer satisfaction. In addition to this, the growing number of adoption rates in small & medium enterprises is also bolstering the growth of the market. However, small businesses growingly implement social media analytics due to the huge tools availability and specially designed tools at very low prices. Likewise, the increasing awareness of social media analytics for increasing competitive advantage as well as improved efficiency has made better growth revenue for the global social media analytics market.
Increasing adoption of Cloud Technologies
A huge number of enterprises are already adopted cloud or some of them are planning to adopt, this is anticipated to result in significant growth of the global social media analytics market. However, data security is one of the major concerns that is anticipated to hamper the growth of the global social media analytics market into the coming future.
The global social media analytics market geographically segmented as follows:
- North America
o The U.S.
o Rest of Europe
o Rest of Asia-Pacific
o Latin America
o Middle East
Out of the above mentioned geographical regions, the North American market for social media analytics is accounted for the highest growth rate among other regions. In addition, the Asia Pacific region is also expected to grow with a momentous growth rate during the forecast period. Due to the huge participation of the users in the number of social media industries such as IBM, Amazon, as well as Oracle which have been employing social media analytics tools to produce better insights and increase better understanding of the consumer requirements that also help to grow the global social media analytics market demand during the forecast period.
Competitive landscape of the global social media analytics market
The global market for social media analytics is extremely competitive as well as it consists of the number of leading service providers which makes the social media analytics market moderately competitive. In addition, the existence of the number of service providers in the market industry and several monitoring tools also active across the global social media analytics market. Thus, the number of service providers provides solutions that are completely suited to a high level of capabilities. Due to these advancements, there is a huge scope in the market across the globe for consolidation by acquisitions and mergers. In addition to this, the industries are leveraging on the number of strategic initiatives to raise their market footprints and raise their product profitability across the globe. Some of the leading service providers of the global social media analytics market are IBM Corporation, Oracle Corporation, Adobe Systems, Inc., Crimson Hexagon, Neybase Solutions, Inc., SAS Institute, Tableau Software, SAP SE, Hootsuite Media, Inc., Amazon, and many others.
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Key Market Movements
- Increasing the adoption of social media platforms is one of the major factors contributing to the growth of the global social media analytics market.
- Growing penetration of tablets as well as mobile devices with the internet connection is also another significant factor responsible for the growth of this market.
Key Market Deliverables
- The study contains a brief analytical survey of the market along with the social media analytics industry trends.
- The complete analysis of the current and future market estimation is also offered in the report.
- This report offers all information about the market drivers, restraints, as well as opportunities with a comprehensive market analysis.
Table of Contents
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. Global Social Media Analytics Market Overview, By Application
Chapter 5. Global Social Media Analytics Market Overview, By Type
Chapter 6. Global Social Media Analytics Market Overview, By Region
Chapter 7. Company Profiles
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Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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