A new market study, titled “Global Social Media Analytics Market By Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
PUNE, MAHARASHTRA, INDIA, December 13, 2019 /EINPresswire.com/ —
Social Media Analytics Market – 2018-2026
Social Media Analytics Industry:
Social media analytics are analytics tools mainly applied for making business decisions. These analytics gathers data from social media websites and analyzing that data. The most common use of social media analytics is to mine customer sentiment to support marketing and customer service activities. These analytics helps us in forming, understanding and lastly leveraging communities for societal activities and business offerings. Social media analytics are now widely used and are considered a major part of the business and as a marketing tool. Globally, all the major business is using social analytics to improve their products and services and also for gaining actionable insights on consumer’s perception and preferences. The utilization 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.
Most of the social media sites have started from this region. Sites like Facebook and Twitter have maximum users from this region. With social media coming on smartphones also, the ease of using social media has increased. This huge market of users of social media has been noticed by the companies in the region and is using this medium to target their products at the users. Social media analytics has helped the companies accurately identify the users they want to target. With the social media growing further, the usage of social media analytics will only grow.
Social media has become an essential part of people. Governments, businesses and consultants depend entirely on social media for enhancing the customer experience. They interact with the consumers to promote their policies and products as well as facilitate different business transactions. These interactions leave traces of data, which can be analyzed to provide better services to customers as well as get preferences for particular products and services.
In the earlier days, brands participated or interacted with their customers online actively but totally ignored the information that resulted from the same. Now, most of the brands are capitalizing on the benefits of the social media data received by tracking the user behavior and interaction online.
Top Key Players Of Social Media Analytics Industry:
Zoho Corporation Pvt
Scope of the Report
Social media analytics is a technique used to analyze such traces of data to generate insights for social and business uses. Social media analytics market is still on the path of becoming one of the most important measurement tools to run a business or execute any brand campaign. Many enterprises are yet to discover its true potential. With huge chunk of social media content exploding every second, social media analytics may become one of the most important tools for companies to make strategies and implement short term plans.
Key Market Trends | Growth | Share | Sale | Revenue | Manufactures | Technology Component
Adopting different analytical solutions and the penetration of social media are the major factors contributing to its growth. Penetration of smartphones is also one of the factors that is driving the market as most of the people are now increasingly accessing social media content on the devices.
Lack of awareness of the various capabilities of the social media analytics tools and the unstructured nature of the data generated by conducting social media analytics are the biggest challenges of the social media analytics market. One must know what data to analyze in order to get favorable to the growth of the brands or businesses. Accessing few online user details could also be an issue given the various security concerns of the social media users. The authenticity of the data obtained could also be questioned and could not be relied upon entirely.
Social Media Analytics market is increasing gradually due to the growing usage of text analysis for refining customer experience and the development of image analysis solutions. Moreover, increased varied features and functions available on an analytics platform which makes customer demand for customized dashboards and other features within the licensed price.
The major driving factors for social media analytics are tremendously growing social media users and Increased focus on the market and competitive intelligence. With the evolution of digital technologies, people have started using social media mainly for online shopping, communication, and other social connectivity activities. These have encouraged enterprises to adopt social media analytics solutions to understand the needs and demand of users and profitability of their product. Oﬀ the 7.3 billion global population worldwide, social networking has 2.3 billion active users who have seen a rise of 176 million from 2016.
The key challenges are Lack of standard measures for social media analytics. Other challenges are lack of supportive technologies due to which legacy architecture cannot implement social media analytics and lack of expert IT personnel for social media analytics.
The Global Social Media Analytics Market is segmented based on End-Users, by end-users and by region. Based on End-Users, the global social media analytics market is segmented as Customer Segmentation & Targeting, Competitor Benchmarking, Multichannel Campaign Management, Customer Behavioral Analysis, and Marketing Management. Based on End-Users, the market is segmented as Media & Entertainment, Travel & Hospitality, IT & Telecom, Retail and Others (BFSI, Healthcare).
The major companies that provide Social Media Analytics are Oracle Corporation, Adobe Systems, Inc., IBM Corporation, SAP SE, Netbase Solutions, Inc., Hootsuite Media, Inc., Tableau Software, Crimson Hexagon, SAS Institute, and Salesforce.com Inc.
Table of Content: Social Media Analytics Market 2026
1 Study Coverage
2 Executive Summary
3 Breakdown Data by Manufacturers
4 Breakdown Data by Type
5 Breakdown Data by Application
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Source: EIN Presswire