The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Social Media Analytics Market Research. The growth sectors of the Social Media Analytics Market Research are identified with precision for a better growth perspective.
In this rapidly changing world of technology, social media analytics market is projected to show major growth prospects during the forecast period. The continuous developments and increasing technological advancements are major factors leading to rapid adoption of social media analytics services.
As compared to other regions, the social media analytics market in North America is expected to witness significant growth. North America is expected to hold the largest market share and dominate the market of the social media analytics market during the forecast period. U.S and Canada are anticipated to drive the growth of social media analytics market. This is owing to the developed economies in that region. In addition to this, the region also has a well-established infrastructure and allows high penetration of devices, while the developed economies in these regions is another reason for the growth of social media analytics market.
The social media analytics market is growing rapidly over 28% of CAGR and is expected to reach at approx. USD 7 billion by the end of forecast period.
Social Media Analytics Market Segmentation
The social media analytics market has been segmented on the basis of type, deployment, organization size, application and vertical. The application segment is further bifurcated into customer segmentation & targeting, multichannel campaign management, competitor bench marking, customer behavioral analysis, marketing measurement and others. Out of these, the customer behavioral segment is expected to hold the largest market share for the social media analytics market during the forecast period. This is owing to the growing need for customer satisfaction by analyzing their needs.
The prominent players in the social media analytics market are – SAS Institute (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Adobe Systems (U.S.), SAP SE (Germany), Salesforce.com (U.S), GoodData (U.S), HootSuite Media (U.S), Tableau Software (U.S), NetBase Solutions (U.S), among others.
Market Research Analysis:
The global social media analytics as a service market, by geography, has been segmented into North America, Europe, Asia Pacific and Others. In the global social media analytics market, Asia Pacific is anticipated to witness relatively faster adoption and hence is expected to grow at the highest CAGR during the forecast period. Within Asia Pacific, social media analytics market is projected to contribute faster to the growth of revenue backed by increasing number of users on social media platform in countries such as Japan, China and India.
Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of social media analytics market. In Europe, the presence of advanced infrastructure and with the increasing adoption of technology and technological advancements in numerous countries is driving the market growth of social media analytics market. Early adoption of emerging and advanced technologies and increased business needs are other major factors driving the growth of social media analytics market.
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