The social media has revolutionized the business world and has evolved as an industry itself. The demand for capable and skilled workforce in this field has increased, with the realization of power of social media by several companies. The social media Analytics facilitates the firms to collect data from social networking sites such as blogs and other media to understand and reduce the gap between customer and the company. This tool helps the organizations to serve its customer better and build effective marketing strategies to attract more and more customers. The social media today, has reached to a point where it has become a vital of any company’s functioning.
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As the market is expected to see high demand growth in the future, some of the major factors driving the growth of market include the increasing number of social media platform operators, greater focus on competitive intelligence and market, and increasing expenditure on analytics. The factors hindering the market are the complicated workflow of the application that slows down the process of analysis. High adoption rate in small and medium enterprises and growing cloud adoption trends are some of the upcoming opportunities that are expected to mold the future of the market.
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The global social media analytics market is bifurcated on the basis of types, verticals, application and region. In context with types of social media analytics the market is segmented into solution and services, in which services are further segmented into support & maintenance, consulting services and training & education. In accordance with type, consulting services are dominating the market currently but training and education is expected to take over the market in next few years. Similarly, the segmentation of market based on verticals has all the various industries that are benefiting from this market, that are BFSI, telecommunications & IT, retail, healthcare & life sciences, government, heavy engineering, media & entertainment, utilities, transportation & logistics and travel & hospitality among others. Monetary firms are exploring and examining in-depth social media analytics to improve decision outcomes and operational performance and to comprehend rapid time to value. On the basis of application the market is segmented into, multichannel campaign management, customer segmentation & targeting, customer behavioral analysis, marketing measurement and competitor benchmarking. The market worldwide is segmented into 5 major regions, Europe, North America, South America, Asia Pacific and Middle East and Africa. Here, North America has the largest share in the market followed by Europe and is expect to hold its dominance over the market in future, because countries like US and Canada with developed economies have high focus on development through technologies and R&D. Asia pacific is projected to grow rapidly in this market, as countries like India, China, Japan and others are investing largely into budget friendly research and analytics solutions.
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Major vendors providing social media analytics services and solutions worldwide are IBM Corporation, SAS Institute, Oracle Corporation, Salesforce.com, and Adobe Systems among others. The vendors have implemented various inorganic and organic growth strategies to extend their offerings in the market.
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