According to a recent report from Fior Markets, the global market for social media analytics is anticipated to grow from USD 2.38 billion in 2018 to USD 14.96 billion by 2026 at a CAGR of 25.8% over the forecast period of 2019–2026. The two main factors propelling the market’s expansion are rising social media user engagement on smartphones and an increased emphasis on competitive intelligence. Global adoption of social media analytics has increased as a result of the sharp increase in social media users and the transition from business intelligence (BI) to advanced analytics techniques. Businesses are becoming more interested in using the massive amounts of data produced by various social media platforms, such as Snap Chat, Twitter, Facebook, WeChat, and LinkedIn, as their use is growing in popularity. The market growth is anticipated to be boosted by SMEs’ high adoption rates and an increase in cloud adoption.
The process of gathering information from social media websites and using social media analytics tools to analyze it to make business decisions is known as social media analytics. Customer sentiment is most frequently mined using social media analytics to support marketing and customer service initiatives. Global adoption of social media analytics has increased as a result of the sharp increase in social media users and the transition from business intelligence (BI) to advanced analytics techniques.
Small-scale and medium-sized businesses around the world may have easier access to social analytics tools thanks to incremental technological advancements, which could open up a lot of new growth opportunities. However, because of their extensive implementation efforts, social media analytics companies experience inconsistencies in their analytical workflow. Additionally, data customization and analysis take a lot of time. These are the main elements that could impede the market’s expansion for social media analytics as a whole.
Adobe, Brandwatch, Cision, Clarabridge, Digimind, Hootsuite, IBM, Khoros, Meltwater, NetBase, Oracle, Salesforce, SAS Institute, Simplify360, and Talkwalker are just a few of the major companies active in the global social media analytics market. The key players are currently concentrating on adopting strategies like product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations, and partnerships to strengthen their market position in the global Social Media Analytics market.
The software component segment had a market value of around USD 1.61 billion in 2018
The component segment is divided into software and services. The software component segment emerged as the leader in the global social media analytics market with a revenue of USD 1.61 billion in 2018. This was because of the rising adoption of social media analytics software by businesses to analyze consumer-generated social media data.
The risk management and fraud detection segment is anticipated to grow at a CAGR of around 26.4% in 2019-2026
The application segment includes sales and marketing management, customer experience management, competitive intelligence, risk management, fraud detection, public safety and law enforcement, and others. The risk management and fraud detection segment is anticipated to grow at the highest CAGR of around 26.4% over the forecast period because of the ability of analytics tools to extract and analyze data from various data sources, providing opportunities for the identification and mitigation of fraudulent activities.
The cloud deployment model had a market value of around USD 1.62 billion in 2018
The deployment model segment is divided into on-premises and cloud. The cloud deployment model emerged as the leader in the global social media analytics market with a revenue of USD 1.62 billion in 2018. This was because the cloud segment offers benefits, such as cost-effectiveness and scalability, which are anticipated to be instrumental in propelling the growth of the overall market.
The BFSI segment is anticipated to grow at a higher CAGR of around 26.2% in 2019-2026
The vertical segment includes BFSI, telecommunications and IT, retail and e-commerce, healthcare and life sciences, government and defense, media and entertainment, travel and hospitality, and others. The BFSI segment is expected to grow at a higher CAGR of around 26.2% during the forecast period due to the early adoption of social media analytics solutions to leverage consumer generate social media data. BFSI accounts for the high adoption of social media analytics solutions to analyze competition, analyze customer feedback, and identify business prospects, for an overall understanding of the market.