New York City, NY, 06 December, 2019/ 24 Market Reports: It is estimated for the global social media analytics market to reach USD 9.5 billion by 2024 from that of USD 3.3 billion in 2019 registering the growth at a CAGR of 25.6% during the forecast period of 2019 to 2024. Increased focus on competitive intelligence and increasing user engagement of social media using smartphones are the prime factors that are boosting the growth of the market during the forecast period.
Customer segmentation & targeting, competitor benchmarking, multichannel campaign, customer behaviour analysis and others are the various features of the social media analytics market. Among both, large enterprises and SMEs there is a growing need for customer segmentation and targeting to build a marketing strategy and brand planning.
Risk management and fraud detection segment to witness the growth at the highest CAGR
Sales and marketing management, customer experience management, competitive intelligence, risk management and fraud detection public safety and law enforcement, and others are the segmentation for the social media analytics market based on application. Owing to the ability of analytics tools to extract and analyze data from multiple data sources, which provides opportunities for the identification and mitigation of fraudulent activities, the risk management and fraud detection application is expected to be the fastest-growing application in the market during the forecast period.
Cloud-based solutions to drive maximum revenue to the social media analytics market
To gain maximum profits and automate their equipment maintenance process effectively, cloud-based solutions are been offered by most of the vendors in the social media analytics market. Scalability and cost-effectiveness are the benefits offered by the cloud segment and thus due to those benefits the segment is expected to witness huge growth in the market.
North American region to dominate the global social media analytics market during the forecast period
North America is expected to witness the largest share in the social media analytics market during the forecast period whereas, the Asia Pacific is estimated to be the fastest-growing region. Due to rising investments in the process of digitalization across potential economies, the region is becoming a new hotspot in the market.
North America is the largest contributor to the social media analytics market, globally. The increasing use of the big data technology, the growing amount of data across verticals, and rising investments by companies in real-time analytics are the factors due to which the region is witnessing significant developments in the social media analytics market.
The following are the major objectives of the study:
- To define, describe, and forecast the global social media analytics market on the basis of product, application and region.
- To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities).
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players.
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
- To strategically profile the key market players and comprehensively analyze their market shares and core competencies.
- To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in the global social media analytics market.
Critical Questions which the report answers:
- What are the major vendor/manufacturers in the market? What is their growth potential during next decade?
- What are the key revenue generating pockets for global social media analytics market and their future potential during next decade?
- How competitive landscape is evolving in global social media analytics market?
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