Social Media Analytics Market Dynamics, Size, Share, Growth Factors & Forecast 2024

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Global Social Media Analytics Market: Overview

The process of collecting, analyzing, and reporting on the data that are available on various social media is known as social media analytics. It can be used as an efficient market research tool for business purposes in order to enhance the effectiveness of a website. Social media monitoring helps to view brands on various platforms of the social media. It will analyze the impact of campaigns, assess competitor activity and emerging trends, and identifies opportunities for the engagement. It enables systematic identification, data analysis, and extracts social media data by using sophisticated tools and techniques. Social media analytics have become one of the important tools in the enterprises as it helps in implementing short-term plans and strategies. The social media analytics are used in various applications such as marketing management, customer segmentation & targeting, multichannel campaign management, customer behavioral analysis, and competitor benchmarking.

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Global Social Media Analytics Market: Growth Factors

The emergence of the advanced analytics techniques and business intelligence coupled with an immense upsurge in the number of social media users is expected to drive the global social media analytics market growth. Massive investments made in the social media analytics and increasing focus on the competitive intelligence contributes to the overall market growth. Increasing adoption of the social media analytics and cloud computing positively enhances the global market. Increasing need for targeting and customer segmentation among SMEs and large enterprises in order to build brand planning and marketing strategies anticipates fueling the market growth. The major factor responsible for the market growth includes growth in the number of social media users and improving business strategies & competitive intelligence. Conversely, increasing complexities associated with the analytical workflow and lack of skilled expertise hinders the social media analytics market to some extent.

Global Social Media Analytics Market: Segmentation

The global social media analytics market is segregated based on the end user, application, and geography. The application segment is segmented into multichannel campaign management, marketing management, customer segmentation & targeting, customer behavioral analysis, and competitor benchmarking. On the basis of end-user, the global market is bifurcated into travel & hospitality, media & entertainment, retail, BFSI, IT & telecom, healthcare, and others. Geographically, the global social media analytics market is diversified into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

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Global Social Media Analytics Market: Regional Analysis

North America contributed to the major market share in the global social media analytics market due to rising demand for social media analytics. Europe is significantly adopting social media analytics owing to the presence of advanced telecommunication network. Asia-Pacific region is expected to grow at fastest rate in the global social media analytics market. The Middle East and Africa region shows a massive surge in social media and has increasing need to examine data and generate valuable insights which anticipate propelling the market growth.

Global Social Media Analytics Market: Competitive Players

Major leading players in the global social media analytics market include Tableau Software, SAP SE, Netbase Solutions, Inc., Salesforce.com Inc., Adobe Systems, Inc., SAS Institute, Hootsuite Media, Inc., Crimson Hexagon, and IBM Corporation.

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