Social Media Analytics Market to Expand with Significant CAGR During 2016-2023

(IT-NEWSWIRE.COM, November 22, 2017 ) Social Media Analytics Market, By Type (Solution, Services), Deployment (Cloud, On-Premise), Organization Size, Application (Customer Segmentation & Targeting, Competitor Benchmarking, Marketing Measurement) and Vertical – Global Forecast 2023

Market Synopsis of Social Media Analytics Market:

Market Scenario:

Social media analytics is a process of gathering data from social media websites and analyzing that data to make business decisions. It uses social media analytics tools to extract valuable hidden insights about the market. It is also referred to as social media listening or social media monitoring. Social media analytics is a six step process which comprises of identification, extraction, cleaning, analyzing, visualization and interpretation.

Major factors driving the growth of social media analytics market is the increasing number of social media users and great focus on market intelligence and increase in spending on analytics.

The social media analytics market has been segmented on the basis of type, deployment, organization size, application and vertical. The application segment is further bifurcated into customer segmentation & targeting, multichannel campaign management, competitor bench marking, customer behavioral analysis, marketing measurement and others. Out of these, the marketing measurement segment is expected to grow at the highest CAGR during the forecast period. This is owing to the increasing number of users on social media platform.

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The global social media analytics market is expected to grow at approx. USD 7 Billion by 2023, at 28% of CAGR between 2017 and 2023.

Key Players:

The prominent players in social media analytics market are – SAS Institute (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Adobe Systems (U.S.), SAP SE (Germany), Salesforce.com (U.S), GoodData (U.S), HootSuite Media (U.S), Tableau Software (U.S), NetBase Solutions (U.S), among others.

Segments:

Social media analytics market can be segmented on the basis of following:

By Type

Solution

ServicesSupport & Maintenance

Consulting Services

Training & Education

By Deployment

Cloud

On-Premise

By Organization SizeLarge Enterprises

Small & Medium Enterprises

By Application

Customer Segmentation & Targeting

Multichannel Campaign Management

Competitor Bench Marking

Customer Behavioral Analysis

Marketing Measurement

Others

By Vertical

BFSI

Healthcare

Education

Media & Entertainment

IT & Telecommunication

Retail

Government

Others

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Regional Analysis:

The regional analysis of social media analytics market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in social media analytics market in North America attributes to the technical advancements and increasing use of mobiles and tablets in that region.

Intended Audience

Technology investors

Integrated device manufacturers (IDMs)

Original equipment manufacturers (OEMs)

Research/Consultancy firms

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Social Media Analytics Market to Expand with Significant CAGR During 2016-2023