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 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.
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.
Global Social Media Analytics Market is estimated to grow at a CAGR of 28% by Forecast to 2023,…
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
Market Research Future
+1 646 845 9312