The report comprises of key market statistics such as market size quantified in value terms (USD Million), forecast data, detailed market segmentation on the basis of several categories and subcategories, with their market shares. In addition, the report provides detailed market analysis, qualitative insights, future market outlook, growth drivers, challenges, market and technology trends, opportunities for social media analytics providers, etc.
According to MarkNtel Advisors’ research report “Global Social Media Analytics Market Analysis, 2020”, the market size of the Global Social Media Analytics market is anticipated to grow at a CAGR of around 26% during 2020-25. The growth of the market is attributed to the growing customer traffic on the online social platforms, proliferating E-Commerce websites and the growing focus of the corporates towards market intelligence. As of March 2020, the social media users across the globe stood at around 2 billion, which are projected to soar to around 3 billion by 2025. This massive rise in the number of users would induce the demand for social media analytics solutions.
The global social media analytics market has been facing a constraint with increasing volume raw data along with the user traffic, which could not be managed by a single solution. Moreover, the lack of available technical workforce and supporting technologies is creating a hindrance to the social media analytics market.
Growing Penetration of Cloud-Services Augmenting the Service Segment Market
Based on the component segmentation, the services segment is projected to attain the highest market growth during 2020-25, as revealed by MarkNtel Advisors’ research report “Global Social Media Analytics Market Analysis, 2020”. The market share of services is forecast to register an increase during 2020-25. The proliferation of cloud-based services by the operators in the analytics market is expected to drive the segment growth. The services segment has been further segmented into training and education, and Consultation services. The growth in the volume of data is generating the need for advance analytical tools, that require advance knowledge and expertise for maintenance and operation handling.
According to MarkNtel Advisors’, some the of key competitors operating in the Global Social Media Analytics market include Oracle, IBM, Clarabridge, Talkwalker, Adobe, SAS Institute, NetBase, Digimind, and others. The market for social media analytics is highly fragmented with the presence of a large number of local and international companies, and most of the players specialized in particular verticals. Several start-ups have also been sprouted during 2015-19 to cater to the growing needs of end-users across various industries. Also, numerous venture capital investments are expected to pour into the social media analytics market during the forecast period.
The competitors in the global social media analytics market are undertaking mergers and acquisitions, entering into the partnership, along with product development by the premium leading players. For instance, Datorama developed a real-time analytics platform in 2018. Moreover, Social intelligence firms, Brandwatch and Crimson Hexagon declared the mergers of the two firms in 2018. The merger agreement would result in the development of a new platform with the integration of social media listening and research of markets, brands, and customers.