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The goal of any business analytic tool is to analyze data and extract actionable and commercially relevant information that you can use to increase results or performance. Social media analytics is the process of gathering data from social media sites, blogs and other stakeholder conversations on digital media and processing into structured insights leading to more information-driven business decisions and increased customer centrality for brands and businesses. This process goes beyond the usual monitoring or a basic analysis of retweets or "likes" to develop an in-depth idea of the social consumer.
Depending on the business objectives, social media analytics can take four different forms, namely, descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics.
Social media analytics is considered the basic foundation for enabling an enterprises to:
Execute focused engagements like one-to-one and one-to-many
Enhance social collaboration over a variety of business functions, such as customer service, marketing, support, etc.
Maximize the customer experience
Social media is a good medium to understand real-time consumer choices, intentions and sentiments. The most prevalent application of social media analytics is to get to know the customer base on a more emotional level to help better target customer service and marketing.
Scope of the Report:
In terms of market share, North America is expected to continue its dominance during the forecast period. The early adoption of new and emerging technologies and the emergence of many social media analytics vendors in the region is expected to consolidate a majority of the revenues in the market. The Asia Pacific (APAC) region is expected to grow at the highest CAGR during the forecast period. The growing technology expenditures in countries, such as Australia, China, and India, and the demand for cost-effective analytical software and services among the Small and Medium-Sized Enterprises (SMEs) are expected to drive the market growth during the forecast period.
The global Social Media Analytics market is valued at xx million USD in 2018 and is expected to reach xx million USD by the end of 2024, growing at a CAGR of xx% between 2019 and 2024.
The Asia-Pacific will occupy for more market share in following years, especially in China, also fast growing India and Southeast Asia regions.
North America, especially The United States, will still play an important role which cannot be ignored. Any changes from United States might affect the development trend of Social Media Analytics.
Europe also play important roles in global market, with market size of xx million USD in 2019 and will be xx million USD in 2024, with a CAGR of xx%.
This report studies the Social Media Analytics market status and outlook of Global and major regions, from angles of players, countries, product types and end industries; this report analyzes the top players in global market, and splits the Social Media Analytics market by product type and applications/end industries.
Market Segment by Companies, this report covers
- Adobe Systems
- SAS Institute
- Netbase Solutions
- Crimson Hexagon
- Simply Measured
- Cision US
Market Segment by Regions, regional analysis covers
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Market Segment by Type, covers
- Customer Segmentation and Targeting
- Multichannel Campaign Management
- Competitor Benchmarking
- Customer Behavioral Analysis
- Marketing Measurement
Market Segment by Applications, can be divided into
- Banking, Financial Services and Insurance (BFSI)
- Telecommunications and IT
- Media and Entertainment
- Transportation and Logistics