ALBANY, New York, June 11, 2019 /PRNewswire/ -- The global social media analytics market faces stiff competition and is highly fragmented due to the involvement of many market players, says an upcoming Transparency Research Market (TMR) report. A few prominent players that are operating in the global social media analytics market include IBM Corporation, Brandwatch, Clarabridge, Simply Measured, Inc., and Crimson Hexagon. These players in the market are focused on spreading their presence in the regional markets through mergers and acquisitions.
The global social media analytics market is likely to expand at robust rate due to increasing use of smart phones with pre-installed applications. The global social media analytics market is expected to expand at a staggering rate of 15.47% CAGR over the forecast period 2017 to 2025. The global social media market revenue was valued worth US$2.1 bn in 2016; the global social media analytics market is also expected to reach the estimation of US$7.8 bn in 2025.
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On the basis of region, the global social media analytics market is predicted to be dominated by North America. The growth in this region is attributable to the presence of prominent market players. Further, Asia Pacific is expected to the second largest market share holder in the global social media analytics market. The growth in Asia Pacific can be attributed to massively increasing active users of social media platforms such as Facebook, Twitter, etc. On the basis of components, the social media analytics is segmented in to on premise based and cloud based. Of these, the cloud based component is projected to hold a maximum share due to its cost effectiveness, easy, and widespread deployment.
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Rising number of active users on social media platforms such as Instagram, Snapchat, Linkedin, etc are expected to boost the demand for social media analytics due to high data generation. According to statistics, on an average Twitter records 500 million tweets per day, Facebook has 2.07 billion users across the globe. These calls for deployment of social media analytics tools. Therefore, the global social media analytics market to expand during the forecast period. Moreover, social media analytics is an effective way to manage data traffic. Hence, the global social media analytics market is projected to grow at a staggering rate in the forthcoming years.
Further, rising number of blog posts on various websites and other social media platforms to bolster the demand for social media analytics. Increasing use of IPhones, IPads, and smartphones to surge the demand for social media analytics tools. Thus, the global social media is projected to witness extensive growth in the upcoming years.
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Technological Advancements to Promote Global Social Media Analytics Market
Increasing trend of technological advancements is projected to create growth opportunities by providing easy accessibility of social media analytics tools to small and medium-sized companies across the world.
Some abnormalities arising out of less implementation of data processing may hinder the growth. Further, complexities associated with media analytics such as time consuming and cumbersome process may also hamper the growth in the global social media analytics market.
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Nonetheless, the extensive research and development may lead to growth opportunities due to innovation and new launches. Thus, the global social media analytics market is projected to grow substantially in the coming years.
This review is based upon the TMR report titled, "Social Media Analytics Market (Components - Software (On-premise based and Cloud Based) and Services (Professional Services and Support & Maintenance); End-use Industry - BFSI, Retail, Telecommunication & IT, Transportation & Logistics, and Media & Entertainment)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025."
The global social media analytics market is segmented into:
- Components- Software
- On- Premise Based
- Cloud Based
- Professional Services
- Support & Maintenance
- End-use Industry
- Telecommunication & IT
- Transportation & Logistics
- Media & Entertainment
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America
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