Social Media Analytics Market (SMAM) is going to increase by 2025.
This was disclosed by MarketsandMarket (M&M) who said the global SMAM is expected to grow from $3.6 billion in 2020 to $15.6 billion.
This will be at a Compound Annual Growth Rate (CAGR) of 34.1% during the forecast period.
The report by M&M showed that market growth will be fueled by an increase in user engagement ver social media using smartphones.
It also revealed that an increased focus on competitive intelligence would be a driver of the market’s growth.
Prominent key players
Prominent key players in the global media analytics market include Oracle (US), Salesforce (US), IBM (US), SAS Institute (US), Clarabridge (US).
Others are NetBase Solutions (US), Brandwatch (UK), Talkwaller (UK), Digimind (US), Meltwater (US), etc.
The M&M report categorized social media analytics by the following:
- Component (software and services)
- Deployment Model (on-premises and cloud)
- Organization Size (large enterprises, small and medium-sized enterprises)
- Application (sales and marketing, customer experience, competitive intelligence, etc.)
- Industry Vertical (retail and eCommerce, media and entertainment, etc.)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)
According to the report, social media analytics is still in a budding phase.
Due to its high costs, only large enterprises can adopt it.
In the meantime, SMEs are looking for more affordable options.
This is due to cloud deployment benefits like cost-effectiveness and scalability.
Moreover, there is an increasing demand for real-time social media analytics software and services.
As timesaving cloud solutions increase, social media analytics software and services are expected to witness a prominent growth rate among SMEs.
SMAM major challenge
However, a major challenge is the possibility of the analyzed data being unreliable and not valid.
The availability of social media analytics solutions and real-time support services are factors projected to drive the demand for such solutions.
From the report, the most significant revenue contributor to the social media analytics market is North America.
It will hold the largest market size during the forecast period.
Surprisingly, Canada is expected to be the fastest-growing country in the region.
Among the uses of social media analytics, risk management, and fraud detection are expected to be the fastest-growing applications.
Several social media analytics providers in North America have been experimenting using advanced technologies.
Such include Artificial Intelligence (AI) and the Internet of Things (IoT)..