Social media analytics (SMA) is used to gather the data from social or digital platforms and process it to generate insightful information that can be used in business decision makings as well as to create brand awareness among customers. These insights help analyse customer sentiments for marketing and customer service activities. Increasing volume of unstructured data is one of the major driver for growth of the social media analytics market. This large volume of data helps the sales and marketing department to evaluate impact of marketing campaigns, which in turn improve their business decisions, customer experience, and customer satisfaction. Therefore, companies are highly adopting social media analytics to extract insights from unstructured data available in the form of reviews, comments, blogs, tweets, instagram, and many more.
Increasing focus on attaining competitive intelligence by the enterprise is one of major driving factor for growth of the market.
The dynamic fluctuations in economic variables such as consumer sentiment, strong economic growth, increasing disposable income, and others are encouraging the enterprises to adopt competitive intelligence assessment to gain a strong foothold in the market. Large amount of user-generated content is available on social media sites, which can be accessed easily. For instance, tourists choose a restaurant based on Yelp reviews and ratings, as the data is easily available on Internet and can be accessed even at a remote place. Implementing social media content in competitive intelligence framework results into numerous business benefits such as improved decision making and operational excellency.
Social Media Analytics Market: Taxonomy
- Sales and Marketing Management
- Customer Experience Management
- Competitive Intelligence
- Risk management and Fraud detection
- Public safety and Law enforcement
By Analytical Type
- Predictive Analytical
- Prescriptive Analytical
- Diagnostic Analytical
- Descriptive Analytical
By Deployment Type
By Organization Size
- Small and Medium Enterprises (SMEs)
- Large Enterprises
By Industry Verticals
- Banking, Financial Services, and Insurance (BFSI)
- Telecommunications and IT
- Retail and Ecommerce
- Healthcare and Life Sciences
- Government and Defense
- Energy and Utilities
- Media and Entertainment
- Travel and Hospitality
- Transportation and Logistics
The retail and e-commerce sectors together accounted for highest market share and are expected to continue their dominance during the forecast period. In the present scenario, various industry verticals are going through a digital transformation to revolutionize their processes and improve customer reach. For instance, mobile e-commerce is rapidly rising in terms of popularity and serving as one of the most convenient alternative to conventional stores. This huge transformation has led organisations to rely on the real insights gained though these digital channels, as it helps them to develop their strategic moves and developments.
Social Media Analytics Market: Regional Insights
On the basis of region, the global social analytics market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The U.S. held the dominant position in the market in 2017 and is expected to maintain the dominance throughout the analysis period, owing to factors such as dominance of digitalization and presence of leading companies in numerous verticals including IT & telecom, healthcare, automotive, electronics, and others in the region.
Social Media Analytics Market: Competitive Background
Major players operating in social media analytics market include International Business Machines (IBM) Corporation, Oracle Corporation, Salesforce.com, Adobe Systems Incorporated, SAS Inc., Clarabridge, Inc., Netbase Solutions, Inc. (US), Brandwatch (UK), GoodData Corporation, Crimson Hexagon, Inc., Simply Measured, Inc., and Sysomos.