The practice of gathering data from social media websites and analyzing them is better known as social media analytics. This practice helps enterprises to gain competitive edge and added information while making crucial business decisions. Analysis of the data gathered from social media platforms and blogs basically provides information about the actual feelings of the customers and their sentiments toward particular brand or product. Hence, this data plays crucial role in marking business strategies for the companies. The global social media analytics market is expected to maintain rapid growth during the next few years to come. This growth is significantly driven by the rising demand and technological advancements in the industry all over the world.
Segmentation in SMA Market
Experts segment the global social media analytics market into its basic components, data-sources, users and demand across different industries and geographic regions. Integration, consulting and support services and software are the basic types of components in the market. basic social media platforms used as data-sources in the market include YouTube, Facebook, Twitter, Google+, LinkedIn and others. These platforms also include Tumblr, Pinterest, VK, Flickr, Instagram and so on. Basic end-users in the market are categorized into large enterprises and small and medium businesses. Industrial verticals with growing applications of social media analytics include BFSI, automotive, telecom and IT, pharmaceuticals, healthcare, consumer packaging goods, fast moving consumer goods, hospitality, retail, and others.
Major Drivers and Restraints
According to the researcher, strong rise in demand and effectiveness of the existing systems are expected to be the key driving factors for the social medial analytics market. Rising use of social media around the world, growing number of bloggers and large amount of content generation on regular basis are expected to create growth opportunities for the market. More and more companies are using these analytics tools to gather information about customer sentiments, which is driving growth in the overall market. Growing need to derive actionable intelligence form hugely unstructured data available on social media is also considered to be a significant driver for the overall growth of the market. Major restraining factors for the market include high prices, lack of tangible RoI and inability to find the actual reason behind the customer sentiments.
Forecasting Reports
Latest trends and projected growth driver for the industry suggest impressive growth during the next few years to come. According to the experts, the global social media analytics market is set to grow at an exponential CAGR of over 34%, from 2014 to 2019. At the estimated rate, it is anticipated to grow from an estimated $620.3 million in 2014 to become worth $2.73 billion by the end of the year 2019. While North America is projected to dominate the global industry in terms of market share, emerging markets are also set to witness impressive growth.
