Social media analytics involves analyzing data collected from different social media platforms to make strategic business decisions. Social media analytics allow businesses to understand consumer sentiments, purchasing behavior, and emotions for a particular product or service.
Ubiquity of smartphones that are equipped with mobile data has increased the use of social media platforms manifold. Consumers use social media platform for communication, announcements, opinions that businesses are leveraging to their advantage.
As per a new report by Transparency Market Research (TMR), the global social media analytics market is predicted to clock a CAGR of 15.4% between 2017 and 2025, for the market to be worth US$7.8 bn by 2025. The market stood at a valuation of US$2.1 bn in 2016.
Cloud-based Software Component Segment Contributes Maximum Market Share
The social media analytics market is classified in terms of component, end-use, and geography. By component, the social media analytics market is segregated into software and services. The software segment is further divided into cloud based and on-premise. Cloud based software segment holds a larger revenue share in the social media analytics market due to its low cost and ease of deployment.
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The services segment is sub-segmented into professional services, support and maintenance services, and others (education services and research services). Software component segment holds larger share in the social media analytics market due to the increasing adoption of social media analytics software by businesses to analyze consumer generated social media data.
By end-use, the social media analytics market is segregated into BFSI, telecommunication & IT, retail, transportation and logistics, media and entertainment, and others (healthcare and education). Among them, BFSI end-use segment is predicted to hold the leading share owing to early adoption of social media analytics solutions to leverage consumer generate social media data. BFSI accounts for high adoption of social media analytics solutions in order to analyze customer feedback, analyze competition, identify business prospects, and for comprehensive understanding of the market. However, retail segment is anticipated to surpass other segments in terms of growth rate between 2017 and 2025.