CHICAGO, Dec. 12, 2019 /PRNewswire/ -- According to a new market research report "Social Media Analytics Market by Component, Application (Sales and Marketing Management, Customer Experience Management, and Competitive Intelligence), Deployment Model, Organization Size, Industry Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, the global Social Media Analytics Market size is expected to grow from USD 3.0 billion in 2019 to USD 9.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 25.4% during the forecast period.
Major factors fueling the market growth are the increasing user engagement of social media using smartphones and increased focus on competitive intelligence .
Browse in-depth TOC on "Social Media Analytics Market"
The large enterprises segment to hold a larger market size during the forecast period
The Social Media Analytics Market is segmented into large enterprises and Small and Medium-sized Enterprises (SMEs) by organization size. The large enterprises segment is expected to have a larger market size during the forecast period, owing to large volumes of data being generated by large enterprises and the increasing demand for real-time social media analytics software and services.
However, the SMEs segment is expected to grow at a higher CAGR during the forecast period. Due to the high availability of timesaving cloud solutions, social media analytics software and services are expected to witness a prominent growth rate among SMEs during the forecast period. Moreover, easy availability of social media analytics solutions as well as real-time support services are factors projected to drive the demand for such solutions across SMEs.
By vertical, healthcare and life sciences to grow at the highest CAGR during the forecast period
The Social Media Analytics Market by vertical has been segmented into Banking, Financial Services and Insurance (BFSI), telecommunications and Information Technology (IT), retail and eCommerce, healthcare and life sciences, media and entertainment, government and defense, travel and hospitality, and others (education and research, transportation and logistics, and energy and utilities). A rise in the number of competitors and the emergence of a number of social media players in the online social platform are factors projected to contribute to the growth of this segment.
North America to hold the largest market size during the forecast period
North America is the most significant revenue contributor to the Social Media Analytics Market. The region is witnessing significant developments in the Social Media Analytics Market. Several social media analytics solution providers in North America are experimenting in the market by integrating advanced technologies, such as Artificial Intelligence (AI) and Internet of Things (IoT), with their existing social media analytics solutions. They are also adopting various growth strategies to strengthen their positions in the overall market.
Major vendors in the Social Media Analytics Market are Oracle (US), Salesforce (US), IBM (US), SAS Institute (US), Adobe (US), Clarabridge (US), NetBase Solutions (US), Brandwatch (UK), Talkwalker (UK), Digimind (US), Meltwater (US), SpreadFast (US), Cision(US), Simplify360 (India), and Hootsuite(Canada).
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