Global Social Media Analytics Market Size, Share, Trends, Latest Innovations, Drivers, Dynamics And Strategic Analysis, Challenges By 2024

This report helps to analyze competitive developments such as Joint Ventures, Strategic Alliances, Mergers and Acquisitions, New Product Developments, And Research and Developments in the “Global Social Media Analytics Market”.

What does this “Social Media Analytics Market “report offers:
– The market estimate (ME) sheet in Excel format
– Report customization as per the client’s requirements
– 3 months of analyst support

Market Overview

The Social Media Analytics Market was estimated at USD 4.73 billion in 2018 and is expected to register a CAGR of 28.20% during the forecast period (2019 – 2024). Social media analytics is widely considered to be a significant business and marketing tool in the present day business scenario. In order to gain actionable insights on consumer perceptions and improve their services and products portfolio, businesses across the globe are using social media analytics.

– The rise of mobile phones and tablets with access to the internet, coupled with ever-growing user volume on social media platforms is boosting the growth of the social media analytics market over the forecast period.

– Incremental technological advancements will pave the way for several growth opportunities by making social analytics tools more accessible to the small/medium scale organizations all over the globe.

– The demand for social analytics tools has been bolstered by the increased emphasis on consumer feedback, as they exhibit greater bargaining power in the market. Facebook has more than 2..07 billion active users. Twitter, on average, records 500 million tweets every day. These statistics, combined with the millions of blog posts on the Internet, and discussions that happen by the minute on forums and social networking sites. (Source: Facebook, Twitter)

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Scope of the Report

Social media analytics combines monitoring, measurement, and analysis tools to uncover user sentiments, and identify key trends in the studied market. The deployment of social media analytics allows users to mine and decipher vast amount of data from various social media platforms, such as Facebook, Twitter, and Instagram, among others. It help the companies to discover customer sentiment about brands, trends, customers concerns, and the efficacy of the organization’s marketing campaigns, as well as competitor intelligence.

Key Market Trends

Retail to Hold Major Share

– Retailers are focussing on developing strategies to improve both customer loyalty and customer traffic by mining large volumes of data and using analytics to uncover valuable insights, turning them into loyalty-inducing strategies.

– Loyalty programs in the current market are expected to go beyond mere rewards, points, and general discounts, and need to move towards creating a personalized shopping experience that recognizes individual customers, and offers personalized treatment to cater to individual customer needs.

– According to a study, the probability of selling to an existing customer is nearly 65%, while the probability of selling the products to a new prospect is very low (5%-15%).

– In countries like China, more than 55% of consumers connect with brands through social media. Businesses in Hong Kong, especially e-commerce businesses, social media platforms like Facebook and WeChat are used for advertising purposes.

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North America to Hold Major Share

– Social media is one of the most popular means of communication in the United States. About 89% of the population from the age group of 18-28 is active on social media, generating a significant amount of content.

– Furthermore, about 80% of the population lies within the age group of 30-49 and 64% in the 50-64 age group. These age groups are also found to be active across different social media platforms.

– Owing to such high participation of the population in different social media, companies, such as Amazon, IBM, and Oracle, have been deploying social media analytics to generate insights and gain a better understanding of the consumer behavior, which further guides their business and strategic decision making.

Competitive Landscape

The marketing analytics market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.

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– September 2018 – Adobe unveiled a new virtual analyst in Adobe Analytics that builds on existing technologies to automatically uncover insights without the user having to ask.

– August 2018 – Clarabridge Inc. announced it is an official solution provider for WhatsApp Business. Selected brands using CX Social, a dedicated social media management product from Clarabridge, can now extend their customer service by communicating with their consumers via WhatsApp messaging.

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