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.
Social Media analytics market is estimated to exhibit high growth potential during the forecast period owing to increasing popularity of data analytics and rapid growth in the use of smartphones and digital platforms. Major driving factor in the growth of social media analytics market is the increasing user base on social media platform. Increasing adoption of cloud services and solutions is another reason responsible for driving the growth of social media analytics market.
Social media analytics market has been segmented on the basis of type, deployment, organization size, application and vertical. The type segment is classified into solution and service segments. The service segment is further bifurcated into support and maintenance, consulting service, training and education. Social media analytics has become a necessity in order to improve operational performance and decision outcomes.
The organization size is classified into large enterprises and small and medium enterprises. Out of these, the small and medium enterprises is expected to grow at the highest CAGR owing to the rapid adoption of social media analytics services in small and medium enterprises. This is owing to the increasing adoption of cloud based solutions and services.
The major restraining factor in the growth of social media analytics market is the lack of skilled expertise. Complex analytical workflow is another restraining factor in the growth of social media analytics market. Complexities in workflow can be time consuming and can be a major factor causing hindrance in the growth of social media analytics market.
According to Market Research Future Analysis, social media analytics market has been valued at approx. USD 7 Billion by the end of forecast period with 28% of CAGR during forecast period 2017 to 2023
Market Research Future (MRFR) recognizes the following companies as the key players in the Social Media analytics market – 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.
Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:
Social media analytics market can be segmented on the basis of type, deployment, organization size, application and vertical. The vertical segment is further bifurcated into BFSI, healthcare, education, media and entertainment, IT and telecommunication, retail and government. Social media analytics solutions and services are being rapidly adopted by many verticals in order to achieve customer satisfaction by gaining their behavioral patterns.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Global Social Media Analytics Market is estimated to grow at a CAGR of 28% by Forecast to 2023,…
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