Global Social Media Analytics Market Expected To Almost Triple In Size By 2026 To $ 9.3 Billion | A comprehensive industry assessment

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DUBLIN, November 19, 2021– (BUSINESS WIRE) – The “Global Social Media Analysis Market with COVID-19 Impact Analysis, By Component, Type of Analysis, Application (Sales and Marketing Management and Competitive Intelligence), Mode deployment, organization size, vertical and region – The “Forecast to 2026” report has been added to ResearchAndMarkets.com offer.

The global social media analytics market is expected to grow from $ 3.2 billion in 2021 to $ 9.3 billion in 2026, at a CAGR of 24% during the forecast period. The main factors driving the growth of social media analytics are growing number of social media users, increased attention to market and competitive intelligence, growing need for social media measurement to improve the customer experience.

On the basis of components, the services segment is expected to grow at a higher CAGR during the forecast period

The services segment of the social media analytics market is further segmented into professional services (consulting, support and maintenance, and deployment and integration) and managed services. This section discusses the market size and growth rate of each service sub-segment based on type (for selected sub-segments) and region.

Based on the mode of deployment, the cloud segment is expected to represent a larger market size during the forecast period

Most of the social media analytics market demands a cloud based solution because it is cost effective and easily scalable. It is also easy to maintain and manage the data. Its low cost of operating expenses (OPEX) helps users pay per use and invest more time and energy to focus on core business goals. In the cloud deployment model, the social media analytics solution is offered as SaaS, and all social media analytics workloads are cloud-based. Customer’s IT infrastructure requirements, data redundancies, data availability, configuration of the virtual private network (linked to the customer’s IT teams), definition of security protocols and audits, configuration, maintenance and updates are handled by the social media analytics solution providers.

On the basis of applications, the risk management and fraud detection segment is expected to grow at a higher CAGR during the forecast period

Risk management and fraud detection applications include identifying localization risks, identifying and mitigating reputational risks, determining risk exposures, and identifying and responding to disasters. Using social media monitoring for risk management greatly helps in decision making. Risk managers can use social media monitoring to tap into different global markets and see sentiment around the industry in each geographic location. Governments and private companies can also monitor social media to assess risk and see what people are saying about supply chains, key executives, or events on social media.

Based on the analysis, predictive analytics is expected to hold the highest market size during the forecast period

The predictive analytics segment is expected to gain ground in the coming years. Predictive analytics transforms social media data into valuable information enabling businesses to improve business optimization, improve process efficiency, and meet customer satisfaction. Predictive analytics is the fusion of statistical algorithms and ML techniques that analyze current and historical data collected on different social media platforms to make predictions about future events.

Based on the size of the organization, the SME segment is expected to grow at a higher CAGR during the forecast period

Despite their major contribution to the global economy, SMEs are more open to adopting new technologies to smooth and improve business processes. Yet SMEs are under constant pressure to adopt profitable and reliable strategies that effectively support their business goals and help them grow. They implement their business strategies on the basis of predefined and fixed budgets.

APAC is expected to grow at a higher CAGR during the forecast period

Asia Pacific (APAC) has continuously presented lucrative market opportunities for social media analytics solution providers with a notable increase in social media analytics in its developed and emerging countries. Japan, China, and India have shown plenty of growth opportunities in the social media analytics market. Due to an economic structure supported by rapidly proliferating technology, APAC is expected to become the fastest growing region in demand for social media analytics solutions during the forecast period.

Research coverage

The market research covers the analysis of social media in different segments. It aims to estimate the market size and growth potential of this market across different segments, such as component (solutions and services), type of analysis, by application, deployment (cloud and on-premise), size organization (SMEs and large companies), by business sector and regions. The regional analysis of social media analysis covers North America, Europe, APAC, MEA and Latin America.

The study also includes an in-depth competitive analysis of key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Market dynamics

  • Conductors

    • Growing number of social media users

    • Increased market concentration and competitive intelligence

    • Growing need for social media measurement to improve customer experience

  • Constraints

  • Opportunities

    • Big data generation via social media platforms

    • Growing Cloud Adoption Trends

    • Transferring people to virtual solutions due to COVID-19

  • Challenges

Case study analysis

  • Tdecu Used Clarabridge Interaction Analysis to Improve Customer Experience and Sort Tainted Data

  • Sky used Clarabridge Engagement to improve customer experience

  • NH Group used social monitoring and listening from Digimind to understand consumer behavior

  • Carrefour used Digimind Social for brand reputation, tracking and understanding consumer preferences

  • World Business Chicago (WBC) used Sprout Social’s analytics capabilities to expand its digital presence

  • The BBC used the Khoros platform to track the performance of its content and drive more traffic to its website

  • Carin Oil used the Meltwater platform to improve online reputation management

  • Fortis used the Meltwater platform to increase brand awareness and monitor real-time engagement with audiences

  • Hong Kong Airlines used the Talkwalker and Hootsuite platform for surveillance and social listening

  • Hydro-Québec used the Talkwalker platform to interact with customers and analyze surveillance

Profiled companies

  • Adobe

  • Awario

  • Make24

  • Cision

  • Clarabridge

  • Digimind

  • Frrole

  • Good data

  • Google

  • Heuritech

  • Hootsuite

  • IBM

  • Khoros

  • Konnect Insights

  • Mavsocial

  • melt water

  • Mnemonic AI

  • Quid Netbase

  • Oktopost

  • Oracle

  • Quintly

  • Rival IQ

  • Selling power

  • SAS

  • Simplify360

  • social bakers

  • Sotrend

  • Push Social

  • Talkwalker

For more information on this report, visit https://www.researchandmarkets.com/r/n5j4u6

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211119005497/en/

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