The social media analytics market is set to grow by USD 14.52 billion accelerating at a CAGR of over 32%, during the period spanning over 2020-2024. One of the key factors driving growth is the use of social media to increase brand recognition. Social media analytics tools are enabling brands to engage more with customers and thus increase sales. The increasing use of social media for blogging is a significant trend that will further stimulate market growth. The growing popularity of blogging has increased the use of social media analytics tools to gauge the reach of the shared content.
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Technavio has announced its latest market research report titled Global Social Media Analytics (SMA) Market 2020-2024 (Graphic: Business Wire).
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Parent Market Analysis
Technavio categorizes the global social media analytics market as a part of the global application software market. The application software comprises of software and solution developers, resellers, and end-users. It also includes other stakeholders involved in the research, design, process development, marketing, and promotion of IT infrastructure and services. Growth of the global application software market will be driven by the increasing demand for software, platforms, and related services from enterprises.
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Social Media Analytics Market: Geographic segmentation
The report segments the market by geography: North America, APAC, Europe, South America, and MEA. About 40% of the market’s growth will originate from North America during the forecast period. The growing awareness about the use of social media analytics tools among organizations is fueling market growth in the region. The US and Canada are the key markets for social media analytics in North America.
Social Media Analytics Market: Segmentation by End-user
The retail segment was leading the market in 2019. Retailers are increasing the use of social media tools to attract audiences and increase brand awareness. Social media tools also help retailers in bridging the gap in the sales cycles and improve overall operational efficiency. These factors have increased the use of social media analytics in the retail segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the social media analytics market size.
Social Media Analytics Market: Growth Drivers
The market is driven by the rising use of social media to increase brand awareness. The growing popularity of social media has created new opportunities for organizations to enhance the visibility of their brands. Organizations are adopting social media analytics tools to display advertisements based on the browsing habits of individuals. This enables vendors to expand their customer base and drive sales. Social media tools also act as an interface between brands and customers, which helps in improving customer engagement. Therefore, the rising use of social media by businesses is expected to boost the growth of the market during the forecast period.
Social Media Analytics Market: Challenges to overcome
Social media analytics tools require significant initial investments and are time-consuming. It also requires an experienced professional with sufficient knowledge to handle the social media operations of the company. Also, many small organizations do not invest in social media analytics tools due to budget constraints.
Social Media Analytics Market: Vendor landscape
This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading social media analytics companies, including:
- Adobe Inc.
- Agorapulse SAS
- Hootsuite Inc.
- International Business Machines Corp.
- Oracle Corp.
- Salesforce.com Inc.
- SAP SE
- SAS Institute Inc.
- Sprout Social Inc.
- Tableau Software LLC
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Technavio reports cover the following key research areas:
- Detailed Analysis of Market Eco System
- Market favorability index
- Market opportunity by segments
- Analysis of drivers of price sensitivity
- Key purchase criteria
- Customer purchase basket
- Impact of drivers and Challenges
- Factors of differentiation
- Landscape disruption
- Key industry risks
- Market position of vendors
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