Social Media Analytics market is increasing progressively due to rising usage of text analysis for improving customer experience and development of image analysis solutions. Moreover, increased diverse features and functions available on analytics platform which makes customer demand for customized dashboards and other features within the licensed price. Social Media Analysis is a process wherein data from various websites, and blogs is gathered and analyzed to take business related decisions. This process includes all the software and analyzing tools that are used to analyze the unstructured data found from various social media websites such as Facebook and Twitter.Social Media Analytics help user in creating unlimited real time reports measuring the performance of company’s profile on social media websites. Moreover, it also helps in measuring team performance, allow user to share these customized reports with the team for improving their efficiency.
Social Media Analytics Market: Drivers and Challenges, Segmentation, Key Contracts & Acquisitions and Regional Overview
The major factor driving the adoption of Social Media Analytics market is the increasing usage of social media among people. With the growth of digital technologies, people have started using social media for communication, online shopping and for other social connectivity activities. These have encouraged enterprises to adopt social media analytics solutions in order to understand the needs and demand of users and salability of their product. Other driving factors are high growth of social media and analytics tools and increasing demand from small and medium enterprises. The key challenge for Social Media Analytics market is huge amount of unstructured data available on websites which can’t be managed by one solution. Other challenges are lack of supporting technologies due to which legacy architecture cannot implement social media analytics and lack of expert IT personnel for social media analytics. Segmentation on the basis of Social Media Analytics applications: Customer behavior analysis, Multi-channel campaign management, Digital marketing management, Performance measurement, Analyzed report generation and Other
In August 2016, Sysomos has entered into the partnership with AEJMC to improve social analytics usage in academic research. This partnership will help AEJMC to improve their education related offerings and understand their market position with the help of social analytics. In June 30, Microsoft has acquired LinkedIn to improve their social media analytics offering. This acquisition will help Microsoft to collaborate its cloud based offering with LinkedIn that will help in providing insights related to the usage of these software. In February 2016, Yelp has entered into the partnership with Sprinklr, a social media analytics provider to offer its clients ability to monitor their Yelp reviews and analyses the sentiments. This will also help in making Sprinklr, only social insight company to have access to Yelp review analysis. In Social Media Analytics market there are many vendors some of them are Hootsuite, Google, Buffer, Brandwatch, Netbase, Cision, TrustRadius and others
Presently, North America is holding the largest market share for Social Media Analytics market due to high adoption of digital technologies among individual. The adoption of software as a service model platform is also impacting the market for Social Media Analytics in a positive manner. Companies such as Google is also working towards the development of Social Media Analytics platforms with the partnerships and acquisitions in this market to enhance market opportunities. In Europe region, the market for Social Media Analytics is witnessing high growth rate due to the increasing demand for testing mobile base apps and monitoring website. The Asia Pacific region is following the Europe region in Social Media Analytics market. This market is expected to have the highest growth rate in coming years due to the adoption of cloud based services and increasing usage of social media in every field.
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