According to the latest market study released by Technavio, the global social media analytics marketis expected to grow at a CAGR of more than 30% during the forecast period.
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Technavio has published a new report on the global social media analytics market from 2017-2021. (Graphic: Business Wire)
This research report titled 'Global Social Media Analytics Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
"Social media analytics involves the process of collating vast amounts of unstructured data and deriving meaningful business insights. These insights help the manufacturers in increasing sales, improving R&D, and formulating strategies for product differentiation. It also promotes brand loyalty and helps manufacturers to develop their products," says Ujjwal Doshi, a lead analyst at Technavio for media and entertainment services research.
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The market research analysis categorizes the global social media analytics market into the following industry segments. They are:
- Retail industry
- Government
- Media and entertainment industry
- Travel and tourism industry
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Global social media analytics market by retail industry
Social media analytics is an effective marketing tool that helps the retailers in studying and analyzing the sales at various stages. The tools used by the retailers help in connecting with the audience and creating brand awareness. Social media analytics help in formulating business strategies.
"As of 2016, more than 90% of the retailers across the world were active on social media networking websites such as Facebook, Twitter, and Google+. The retailers have realized the immense potential of the tools and include them in their marketing strategies," says Ujjwal.
Global social media analytics market by government
Government agencies use social media analytic tools to gather data from social networking websites such as Twitter, Facebook, blogs, and online reviews. These tools help governments in the continuous monitoring of data on a real-time basis.
The social media analytical tools help in monitoring and optimizing traffic. These tools also help in the commissioning of the traffic police. Local politicians use social media analytics to gauge people's response toward budget and policy proposals. The government also uses it to monitor sensitive regions vulnerable to social disruptions.
Global social media analytics market by media and entertainment industry
The media and entertainment industry uses social media analytical tools to improve marketing techniques, product promotions, and customer engagement. Customer engagement was not focused upon prior to the emergence of social media analytics. Social media analytical tools derive meaningful business insights from vast amounts of unstructured data.
The industry leverages social networks to deliver innovative content and interact with viewers beyond the regularly featured television shows. For instance, the fans of Game of Thrones can visit the Wiki page and contribute content. The popularity of social networking websites during 2006-2016 helped actors, athletes, and musicians in connecting with their fans.
Global social media analytics market by travel and tourism industry
Social media analytics is widely used for analyzing and interpreting travel experiences. Public opinions posted on social media and blogs help the stakeholders in understanding the changing customer needs. The travel industry utilizes online conversations that are extracted with the help of social media analytical tools. In addition, social media analytics help performs an audience analysis that allows marketers to have a better understanding of the sentiments of the travelers and the investment pattern of the users. It also determines the growth of the industry by demography.
The top vendors highlighted by Technavio's market research analysts in this report are:
- IBM
- Oracle
- Salesforce.com
- SAP
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